x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
MARYLAND (Liberty Property Trust) | 23-7768996 |
PENNSYLVANIA (Liberty Property Limited Partnership) | 23-2766549 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
500 Chesterfield Parkway Malvern, Pennsylvania | 19355 |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | o |
Non-Accelerated Filer | o (Do not check if a smaller reporting company) | Smaller Reporting Company | o |
• | enhances investors' understanding of the Trust and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Trust and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | consolidated financial statements; |
• | the following notes to the consolidated financial statements; |
◦ | Income per Common Share of the Trust and Income per Common Unit of the Operating Partnership; |
◦ | Other Comprehensive Income (Loss) of the Trust and Other Comprehensive Income (Loss) of the Operating Partnership; and |
◦ | Noncontrolling Interests of the Trust and Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership |
Index | Page | |
PART I. | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. |
Index | Page | |
Item 4. | ||
Item 5. | ||
Item 6. | ||
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A) | ||
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A) | ||
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A) | ||
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A) | ||
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B) | ||
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B) | ||
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B) | ||
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B) | ||
XBRL Instance Document | ||
XBRL Taxonomy Extension Schema Document | ||
XBRL Taxonomy Extension Calculation Linkbase Document | ||
XBRL Taxonomy Extension Definition Linkbase Document | ||
XBRL Extension Labels Linkbase | ||
XBRL Taxonomy Extension Presentation Linkbase Document |
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Land and land improvements | $ | 978,101 | $ | 899,801 | |||
Building and improvements | 4,407,799 | 4,341,125 | |||||
Less accumulated depreciation | (1,190,670 | ) | (1,164,756 | ) | |||
Operating real estate | 4,195,230 | 4,076,170 | |||||
Development in progress | 229,570 | 248,602 | |||||
Land held for development | 226,399 | 258,324 | |||||
Net real estate | 4,651,199 | 4,583,096 | |||||
Cash and cash equivalents | 61,679 | 38,356 | |||||
Restricted cash | 27,376 | 33,147 | |||||
Accounts receivable | 8,122 | 8,988 | |||||
Deferred rent receivable | 110,966 | 108,576 | |||||
Deferred financing and leasing costs, net of accumulated amortization (2013, $137,652; 2012, $132,261) | 142,442 | 137,359 | |||||
Investments in and advances to unconsolidated joint ventures | 175,314 | 169,021 | |||||
Assets held for sale | — | 7,880 | |||||
Prepaid expenses and other assets | 70,694 | 87,756 | |||||
Total assets | $ | 5,247,792 | $ | 5,174,179 | |||
LIABILITIES | |||||||
Mortgage loans | $ | 307,087 | $ | 302,855 | |||
Unsecured notes | 2,259,142 | 2,258,751 | |||||
Credit facility | 145,000 | 92,000 | |||||
Accounts payable | 32,177 | 31,058 | |||||
Accrued interest | 20,006 | 20,164 | |||||
Dividend and distributions payable | 59,493 | 58,038 | |||||
Other liabilities | 156,356 | 185,956 | |||||
Total liabilities | 2,979,261 | 2,948,822 | |||||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of June 30, 2013 and December 31, 2012 | 7,537 | 7,537 | |||||
EQUITY | |||||||
Shareholders’ equity | |||||||
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized; 122,783,015 (includes 1,249,909 in treasury) and 119,720,776 (includes 1,249,909 in treasury) shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively | 123 | 119 | |||||
Additional paid-in capital | 2,802,908 | 2,687,701 | |||||
Accumulated other comprehensive (loss) income | (1,767 | ) | 2,900 | ||||
Distributions in excess of net income | (551,102 | ) | (547,757 | ) | |||
Common shares in treasury, at cost, 1,249,909 shares as of June 30, 2013 and December 31, 2012 | (51,951 | ) | (51,951 | ) | |||
Total shareholders’ equity | 2,198,211 | 2,091,012 | |||||
Noncontrolling interest – operating partnership | |||||||
3,713,851 common units outstanding as of June 30, 2013 and December 31, 2012 | 59,765 | 60,223 | |||||
1,290,000 preferred units outstanding as of December 31, 2012 | — | 63,264 | |||||
Noncontrolling interest – consolidated joint ventures | 3,018 | 3,321 | |||||
Total equity | 2,260,994 | 2,217,820 | |||||
Total liabilities, noncontrolling interest - operating partnership and shareholders' equity | $ | 5,247,792 | $ | 5,174,179 |
Three Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 124,883 | $ | 116,068 | |||
Operating expense reimbursement | 53,221 | 48,426 | |||||
Total operating revenue | 178,104 | 164,494 | |||||
OPERATING EXPENSE | |||||||
Rental property | 32,985 | 30,369 | |||||
Real estate taxes | 21,776 | 19,740 | |||||
General and administrative | 16,491 | 14,589 | |||||
Depreciation and amortization | 44,907 | 39,821 | |||||
Total operating expenses | 116,159 | 104,519 | |||||
Operating income | 61,945 | 59,975 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 2,371 | 2,265 | |||||
Interest expense | (32,003 | ) | (30,328 | ) | |||
Total other income (expense) | (29,632 | ) | (28,063 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 32,313 | 31,912 | |||||
Gain on property dispositions | 3,071 | 335 | |||||
Income taxes | (660 | ) | (146 | ) | |||
Equity in earnings of unconsolidated joint ventures | 1,566 | 769 | |||||
Income from continuing operations | 36,290 | 32,870 | |||||
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 | |||||
Net income | 43,243 | 37,680 | |||||
Noncontrolling interest – operating partnership | (3,134 | ) | (3,569 | ) | |||
Net income available to common shareholders | $ | 40,109 | $ | 34,111 | |||
Net income | $ | 43,243 | $ | 37,680 | |||
Other comprehensive income (loss) | 40 | (1,515 | ) | ||||
Total comprehensive income | 43,283 | 36,165 | |||||
Less: comprehensive income attributable to noncontrolling interest | (3,135 | ) | (3,522 | ) | |||
Comprehensive income attributable to common shareholders | $ | 40,148 | $ | 32,643 | |||
Earnings per common share | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.27 | $ | 0.25 | |||
Income from discontinued operations | 0.06 | 0.04 | |||||
Income per common share – basic | $ | 0.33 | $ | 0.29 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.27 | $ | 0.25 | |||
Income from discontinued operations | 0.06 | 0.04 | |||||
Income per common share – diluted | $ | 0.33 | $ | 0.29 | |||
Distributions per common share | $ | 0.475 | $ | 0.475 | |||
Weighted average number of common shares outstanding | |||||||
Basic | 120,081 | 116,683 | |||||
Diluted | 120,911 | 117,559 | |||||
Amounts attributable to common shareholders | |||||||
Income from continuing operations | $ | 33,362 | $ | 29,449 | |||
Discontinued operations | 6,747 | 4,662 | |||||
Net income available to common shareholders | $ | 40,109 | $ | 34,111 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 247,658 | $ | 232,289 | |||
Operating expense reimbursement | 105,134 | 97,169 | |||||
Total operating revenue | 352,792 | 329,458 | |||||
OPERATING EXPENSE | |||||||
Rental property | 64,533 | 59,906 | |||||
Real estate taxes | 42,900 | 39,651 | |||||
General and administrative | 36,321 | 31,781 | |||||
Depreciation and amortization | 89,524 | 80,187 | |||||
Total operating expenses | 233,278 | 211,525 | |||||
Operating income | 119,514 | 117,933 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 4,993 | 4,715 | |||||
Interest expense | (63,729 | ) | (58,334 | ) | |||
Total other income (expense) | (58,736 | ) | (53,619 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 60,778 | 64,314 | |||||
Gain on property dispositions | 4,871 | 858 | |||||
Income taxes | (1,151 | ) | (324 | ) | |||
Equity in earnings of unconsolidated joint ventures | 3,323 | 1,685 | |||||
Income from continuing operations | 67,821 | 66,533 | |||||
Discontinued operations (including net gain on property dispositions of $49,338 and $4,045 for the six months ended June 30, 2013 and 2012, respectively) | 50,078 | 10,749 | |||||
Net income | 117,899 | 77,282 | |||||
Noncontrolling interest – operating partnership | (6,551 | ) | (6,082 | ) | |||
Net income available to common shareholders | $ | 111,348 | $ | 71,200 | |||
Net income | $ | 117,899 | $ | 77,282 | |||
Other comprehensive (loss) income | (4,812 | ) | 802 | ||||
Total comprehensive income | 113,087 | 78,084 | |||||
Less: comprehensive income attributable to noncontrolling interest | (6,406 | ) | (6,108 | ) | |||
Comprehensive income attributable to common shareholders | $ | 106,681 | $ | 71,976 | |||
Earnings per common share | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.53 | $ | 0.52 | |||
Income from discontinued operations | 0.40 | 0.09 | |||||
Income per common share – basic | $ | 0.93 | $ | 0.61 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.53 | $ | 0.52 | |||
Income from discontinued operations | 0.40 | 0.09 | |||||
Income per common share – diluted | $ | 0.93 | $ | 0.61 | |||
Distributions per common share | $ | 0.95 | $ | 0.95 | |||
Weighted average number of common shares outstanding | |||||||
Basic | 119,416 | 116,359 | |||||
Diluted | 120,229 | 117,165 | |||||
Amounts attributable to common shareholders | |||||||
Income from continuing operations | $ | 62,762 | $ | 60,786 | |||
Discontinued operations | 48,586 | 10,414 | |||||
Net income available to common shareholders | $ | 111,348 | $ | 71,200 |
COMMON SHARES OF BENEFICIAL INTEREST | ADDITIONAL PAID-IN CAPITAL | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | DISTRIBUTIONS IN EXCESS OF NET INCOME | COMMON SHARES HELD IN TREASURY | TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’ EQUITY | NONCONTROLL- ING INTEREST - OPERATING PARTNERSHIP- COMMON UNITS | NONCONTROLL- ING INTEREST - OPERATING PARTNERSHIP – PREFERRED UNITS | NONCONTROLL- ING INTEREST - CONSOLIDATED JOINT VENTURES | TOTAL EQUITY | |||||||||||||||||||||||||||||||
Balance at January 1, 2013 | $ | 119 | $ | 2,687,701 | $ | 2,900 | $ | (547,757 | ) | $ | (51,951 | ) | $ | 2,091,012 | $ | 60,223 | $ | 63,264 | $ | 3,321 | $ | 2,217,820 | ||||||||||||||||||
Net proceeds from the issuance of common shares | 4 | 108,848 | — | — | — | 108,852 | — | — | — | 108,852 | ||||||||||||||||||||||||||||||
Net income | — | — | — | 111,348 | — | 111,348 | 3,432 | 3,119 | — | 117,899 | ||||||||||||||||||||||||||||||
Distributions | — | — | — | (114,693 | ) | — | (114,693 | ) | (3,745 | ) | (1,883 | ) | (303 | ) | (120,624 | ) | ||||||||||||||||||||||||
Share-based compensation | — | 6,359 | — | — | — | 6,359 | — | — | — | 6,359 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | (4,667 | ) | — | — | (4,667 | ) | (145 | ) | — | — | (4,812 | ) | ||||||||||||||||||||||||||
Redemption of noncontrolling interest - preferred units | — | — | — | — | — | — | — | (63,264 | ) | — | (63,264 | ) | ||||||||||||||||||||||||||||
Excess of preferred unit redemption over carrying amount | — | — | — | — | — | — | — | (1,236 | ) | — | (1,236 | ) | ||||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 123 | $ | 2,802,908 | $ | (1,767 | ) | $ | (551,102 | ) | $ | (51,951 | ) | $ | 2,198,211 | $ | 59,765 | $ | — | $ | 3,018 | $ | 2,260,994 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 117,899 | $ | 77,282 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 90,956 | 82,963 | |||||
Amortization of deferred financing costs | 2,348 | 2,397 | |||||
Equity in earnings of unconsolidated joint ventures | (3,323 | ) | (1,685 | ) | |||
Distributions from unconsolidated joint ventures | 470 | 208 | |||||
Gain on property dispositions | (54,209 | ) | (4,903 | ) | |||
Share-based compensation | 6,359 | 6,437 | |||||
Changes in operating assets and liabilities: | |||||||
Restricted cash | 5,478 | 24,101 | |||||
Accounts receivable | 875 | (4,241 | ) | ||||
Deferred rent receivable | (4,197 | ) | (3,398 | ) | |||
Prepaid expenses and other assets | 1,477 | (1,526 | ) | ||||
Accounts payable | 1,161 | 12,196 | |||||
Accrued interest | (158 | ) | 1,049 | ||||
Other liabilities | (18,727 | ) | (30,230 | ) | |||
Net cash provided by operating activities | 146,409 | 160,650 | |||||
INVESTING ACTIVITIES | |||||||
Investment in operating properties - acquisitions | (133,500 | ) | (29,294 | ) | |||
Investment in operating properties - other | (24,104 | ) | (27,898 | ) | |||
Investments in and advances to unconsolidated joint ventures | (8,153 | ) | (2,575 | ) | |||
Distributions from unconsolidated joint ventures | 4,975 | 5,472 | |||||
Net proceeds from disposition of properties/land | 124,453 | 214,877 | |||||
Net proceeds from (advances on) public reimbursement receivable/escrow | 10,845 | (78 | ) | ||||
Investment in development in progress | (47,843 | ) | (97,062 | ) | |||
Investment in land held for development | (13,586 | ) | (10,791 | ) | |||
Investment in deferred leasing costs | (15,166 | ) | (14,448 | ) | |||
Net cash (used in) provided by investing activities | (102,079 | ) | 38,203 | ||||
FINANCING ACTIVITIES | |||||||
Net proceeds from issuance of common shares | 108,852 | 31,234 | |||||
Redemption of preferred units | (64,500 | ) | (221,000 | ) | |||
Proceeds from unsecured notes | — | 400,000 | |||||
Proceeds from mortgage loans | 6,738 | 17,311 | |||||
Repayments of mortgage loans | (2,506 | ) | (26,960 | ) | |||
Proceeds from credit facility | 269,550 | 453,200 | |||||
Repayments on credit facility | (216,550 | ) | (592,600 | ) | |||
Payment of deferred financing costs | (8 | ) | (4,272 | ) | |||
Distribution paid on common shares | (113,241 | ) | (110,731 | ) | |||
Distribution paid on units/to consolidated joint venture partners | (5,827 | ) | (10,130 | ) | |||
Net cash used in financing activities | (17,492 | ) | (63,948 | ) | |||
Net increase in cash and cash equivalents | 26,838 | 134,905 | |||||
(Decrease) increase in cash and cash equivalents related to foreign currency translation | (3,515 | ) | 1,013 | ||||
Cash and cash equivalents at beginning of period | 38,356 | 18,204 | |||||
Cash and cash equivalents at end of period | $ | 61,679 | $ | 154,122 |
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Land and land improvements | $ | 978,101 | $ | 899,801 | |||
Building and improvements | 4,407,799 | 4,341,125 | |||||
Less accumulated depreciation | (1,190,670 | ) | (1,164,756 | ) | |||
Operating real estate | 4,195,230 | 4,076,170 | |||||
Development in progress | 229,570 | 248,602 | |||||
Land held for development | 226,399 | 258,324 | |||||
Net real estate | 4,651,199 | 4,583,096 | |||||
Cash and cash equivalents | 61,679 | 38,356 | |||||
Restricted cash | 27,376 | 33,147 | |||||
Accounts receivable | 8,122 | 8,988 | |||||
Deferred rent receivable | 110,966 | 108,576 | |||||
Deferred financing and leasing costs, net of accumulated amortization (2013, $137,652; 2012, $132,261) | 142,442 | 137,359 | |||||
Investments in and advances to unconsolidated joint ventures | 175,314 | 169,021 | |||||
Assets held for sale | — | 7,880 | |||||
Prepaid expenses and other assets | 70,694 | 87,756 | |||||
Total assets | $ | 5,247,792 | $ | 5,174,179 | |||
LIABILITIES | |||||||
Mortgage loans | $ | 307,087 | $ | 302,855 | |||
Unsecured notes | 2,259,142 | 2,258,751 | |||||
Credit facility | 145,000 | 92,000 | |||||
Accounts payable | 32,177 | 31,058 | |||||
Accrued interest | 20,006 | 20,164 | |||||
Distributions payable | 59,493 | 58,038 | |||||
Other liabilities | 156,356 | 185,956 | |||||
Total liabilities | 2,979,261 | 2,948,822 | |||||
Limited partners' equity - 301,483 preferred units outstanding as of June 30, 2013 and December 31, 2012 | 7,537 | 7,537 | |||||
OWNERS’ EQUITY | |||||||
General partner’s equity - 121,533,106 (net of 1,249,909 treasury units) and 118,470,867 (net of 1,249,909 treasury units) common units outstanding as of June 30, 2013 and December 31, 2012, respectively | 2,198,211 | 2,091,012 | |||||
Limited partners’ equity – 3,713,851 common units outstanding as of June 30, 2013 and December 31, 2012 | 59,765 | 60,223 | |||||
Limited partners’ equity – 1,290,000 preferred units outstanding as of December 31, 2012 | — | 63,264 | |||||
Noncontrolling interest – consolidated joint ventures | 3,018 | 3,321 | |||||
Total owners’ equity | 2,260,994 | 2,217,820 | |||||
Total liabilities, limited partners' equity and owners’ equity | $ | 5,247,792 | $ | 5,174,179 |
Three Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 124,883 | $ | 116,068 | |||
Operating expense reimbursement | 53,221 | 48,426 | |||||
Total operating revenue | 178,104 | 164,494 | |||||
OPERATING EXPENSE | |||||||
Rental property | 32,985 | 30,369 | |||||
Real estate taxes | 21,776 | 19,740 | |||||
General and administrative | 16,491 | 14,589 | |||||
Depreciation and amortization | 44,907 | 39,821 | |||||
Total operating expenses | 116,159 | 104,519 | |||||
Operating income | 61,945 | 59,975 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 2,371 | 2,265 | |||||
Interest expense | (32,003 | ) | (30,328 | ) | |||
Total other income (expense) | (29,632 | ) | (28,063 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 32,313 | 31,912 | |||||
Gain on property dispositions | 3,071 | 335 | |||||
Income taxes | (660 | ) | (146 | ) | |||
Equity in earnings of unconsolidated joint ventures | 1,566 | 769 | |||||
Income from continuing operations | 36,290 | 32,870 | |||||
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 | |||||
Net income | 43,243 | 37,680 | |||||
Preferred unit distributions | (672 | ) | (2,444 | ) | |||
Excess of preferred unit redemption over carrying amount | (1,236 | ) | (40 | ) | |||
Income available to common unitholders | $ | 41,335 | $ | 35,196 | |||
Net income | $ | 43,243 | $ | 37,680 | |||
Other comprehensive income (loss) | 40 | (1,515 | ) | ||||
Total comprehensive income | $ | 43,283 | $ | 36,165 | |||
Earnings per common unit | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.27 | $ | 0.25 | |||
Income from discontinued operations | 0.06 | 0.04 | |||||
Income per common unit - basic | $ | 0.33 | $ | 0.29 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.27 | $ | 0.25 | |||
Income from discontinued operations | 0.06 | 0.04 | |||||
Income per common unit - diluted | $ | 0.33 | $ | 0.29 | |||
Distributions per common unit | $ | 0.475 | $ | 0.475 | |||
Weighted average number of common units outstanding | |||||||
Basic | 123,795 | 120,450 | |||||
Diluted | 124,625 | 121,326 | |||||
Net income allocated to general partners | $ | 40,109 | $ | 34,111 | |||
Net income allocated to limited partners | $ | 3,134 | $ | 3,569 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 247,658 | $ | 232,289 | |||
Operating expense reimbursement | 105,134 | 97,169 | |||||
Total operating revenue | 352,792 | 329,458 | |||||
OPERATING EXPENSE | |||||||
Rental property | 64,533 | 59,906 | |||||
Real estate taxes | 42,900 | 39,651 | |||||
General and administrative | 36,321 | 31,781 | |||||
Depreciation and amortization | 89,524 | 80,187 | |||||
Total operating expenses | 233,278 | 211,525 | |||||
Operating income | 119,514 | 117,933 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 4,993 | 4,715 | |||||
Interest expense | (63,729 | ) | (58,334 | ) | |||
Total other income (expense) | (58,736 | ) | (53,619 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 60,778 | 64,314 | |||||
Gain on property dispositions | 4,871 | 858 | |||||
Income taxes | (1,151 | ) | (324 | ) | |||
Equity in earnings of unconsolidated joint ventures | 3,323 | 1,685 | |||||
Income from continuing operations | 67,821 | 66,533 | |||||
Discontinued operations (including net gain on property dispositions of $49,338 and $4,045 for the six months ended June 30, 2013 and 2012, respectively) | 50,078 | 10,749 | |||||
Net income | 117,899 | 77,282 | |||||
Preferred unit distributions | (1,883 | ) | (7,479 | ) | |||
Excess of preferred unit redemption over carrying amount | (1,236 | ) | 3,689 | ||||
Income available to common unitholders | $ | 114,780 | $ | 73,492 | |||
Net income | $ | 117,899 | $ | 77,282 | |||
Other comprehensive (loss) income | (4,812 | ) | 801 | ||||
Total comprehensive income | $ | 113,087 | $ | 78,083 | |||
Earnings per common unit | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.53 | $ | 0.52 | |||
Income from discontinued operations | 0.40 | 0.09 | |||||
Income per common unit - basic | $ | 0.93 | $ | 0.61 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.53 | $ | 0.52 | |||
Income from discontinued operations | 0.40 | 0.09 | |||||
Income per common unit - diluted | $ | 0.93 | $ | 0.61 | |||
Distributions per common unit | $ | 0.95 | $ | 0.95 | |||
Weighted average number of common units outstanding | |||||||
Basic | 123,130 | 120,147 | |||||
Diluted | 123,943 | 120,953 | |||||
Net income allocated to general partners | $ | 111,348 | $ | 71,200 | |||
Net income allocated to limited partners | $ | 6,551 | $ | 6,082 |
GENERAL PARTNER’S EQUITY | LIMITED PARTNERS’ EQUITY – COMMON UNITS | LIMITED PARTNERS’ EQUITY – PREFERRED UNITS | NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES | TOTAL OWNERS’ EQUITY | |||||||||||||||
Balance at January 1, 2013 | $ | 2,091,012 | $ | 60,223 | $ | 63,264 | $ | 3,321 | $ | 2,217,820 | |||||||||
Contributions from partners | 115,211 | — | — | — | 115,211 | ||||||||||||||
Distributions to partners | (114,693 | ) | (3,745 | ) | (1,883 | ) | (303 | ) | (120,624 | ) | |||||||||
Foreign currency translation adjustment | (4,667 | ) | (145 | ) | — | — | (4,812 | ) | |||||||||||
Net income | 111,348 | 3,432 | 3,119 | — | 117,899 | ||||||||||||||
Redemption of limited partners' preferred units | — | — | (63,264 | ) | — | (63,264 | ) | ||||||||||||
Excess of preferred unit redemption over carrying amount | — | — | (1,236 | ) | — | (1,236 | ) | ||||||||||||
Balance at June 30, 2013 | $ | 2,198,211 | $ | 59,765 | $ | — | $ | 3,018 | $ | 2,260,994 |
Six Months Ended | |||||||
June 30, 2013 | June 30, 2012 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 117,899 | $ | 77,282 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 90,956 | 82,963 | |||||
Amortization of deferred financing costs | 2,348 | 2,397 | |||||
Equity in earnings of unconsolidated joint ventures | (3,323 | ) | (1,685 | ) | |||
Distributions from unconsolidated joint ventures | 470 | 208 | |||||
Gain on property dispositions | (54,209 | ) | (4,903 | ) | |||
Share-based compensation | 6,359 | 6,437 | |||||
Changes in operating assets and liabilities: | |||||||
Restricted cash | 5,478 | 24,101 | |||||
Accounts receivable | 875 | (4,241 | ) | ||||
Deferred rent receivable | (4,197 | ) | (3,398 | ) | |||
Prepaid expenses and other assets | 1,477 | (1,526 | ) | ||||
Accounts payable | 1,161 | 12,196 | |||||
Accrued interest | (158 | ) | 1,049 | ||||
Other liabilities | (18,727 | ) | (30,230 | ) | |||
Net cash provided by operating activities | 146,409 | 160,650 | |||||
INVESTING ACTIVITIES | |||||||
Investment in operating properties - acquisitions | (133,500 | ) | (29,294 | ) | |||
Investment in operating properties - other | (24,104 | ) | (27,898 | ) | |||
Investments in and advances to unconsolidated joint ventures | (8,153 | ) | (2,575 | ) | |||
Distributions from unconsolidated joint ventures | 4,975 | 5,472 | |||||
Net proceeds from disposition of properties/land | 124,453 | 214,877 | |||||
Net proceeds from (advances on) public reimbursement receivable/escrow | 10,845 | (78 | ) | ||||
Investment in development in progress | (47,843 | ) | (97,062 | ) | |||
Investment in land held for development | (13,586 | ) | (10,791 | ) | |||
Investment in deferred leasing costs | (15,166 | ) | (14,448 | ) | |||
Net cash (used in) provided by investing activities | (102,079 | ) | 38,203 | ||||
FINANCING ACTIVITIES | |||||||
Redemption of preferred units | (64,500 | ) | (221,000 | ) | |||
Proceeds from unsecured notes | — | 400,000 | |||||
Proceeds from mortgage loans | 6,738 | 17,311 | |||||
Repayments of mortgage loans | (2,506 | ) | (26,960 | ) | |||
Proceeds from credit facility | 269,550 | 453,200 | |||||
Repayments on credit facility | (216,550 | ) | (592,600 | ) | |||
Payment of deferred financing costs | (8 | ) | (4,272 | ) | |||
Capital contributions | 108,852 | 31,234 | |||||
Distributions to partners | (119,068 | ) | (120,861 | ) | |||
Net cash used in financing activities | (17,492 | ) | (63,948 | ) | |||
Net increase in cash and cash equivalents | 26,838 | 134,905 | |||||
(Decrease) increase in cash and cash equivalents related to foreign currency translation | (3,515 | ) | 1,013 | ||||
Cash and cash equivalents at beginning of period | 38,356 | 18,204 | |||||
Cash and cash equivalents at end of period | $ | 61,679 | $ | 154,122 |
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | ||||||||||||||||
Basic income from continuing operations | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 33,362 | 120,081 | $ | 0.27 | $ | 29,449 | 116,683 | $ | 0.25 | |||||||||||
Dilutive shares for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income from continuing operations | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 33,362 | 120,911 | $ | 0.27 | $ | 29,449 | 117,559 | $ | 0.25 | |||||||||||
Basic income from discontinued operations | |||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 6,747 | 120,081 | $ | 0.06 | $ | 4,662 | 116,683 | $ | 0.04 | |||||||||||
Dilutive shares for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income from discontinued operations | |||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 6,747 | 120,911 | $ | 0.06 | $ | 4,662 | 117,559 | $ | 0.04 | |||||||||||
Basic income per common share | |||||||||||||||||||||
Net income available to common shareholders | $ | 40,109 | 120,081 | $ | 0.33 | $ | 34,111 | 116,683 | $ | 0.29 | |||||||||||
Dilutive shares for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income per common share | |||||||||||||||||||||
Net income available to common shareholders | $ | 40,109 | 120,911 | $ | 0.33 | $ | 34,111 | 117,559 | $ | 0.29 | |||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | ||||||||||||||||
Basic income from continuing operations | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 62,762 | 119,416 | $ | 0.53 | $ | 60,786 | 116,359 | $ | 0.52 | |||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income from continuing operations | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | 62,762 | 120,229 | $ | 0.53 | 60,786 | 117,165 | $ | 0.52 | |||||||||||||
Basic income from discontinued operations | |||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,586 | 119,416 | $ | 0.40 | 10,414 | 116,359 | $ | 0.09 | |||||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income from discontinued operations | |||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,586 | 120,229 | $ | 0.40 | 10,414 | 117,165 | $ | 0.09 | |||||||||||||
Basic income per common share | |||||||||||||||||||||
Net income available to common shareholders | 111,348 | 119,416 | $ | 0.93 | 71,200 | 116,359 | $ | 0.61 | |||||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income per common share | |||||||||||||||||||||
Net income available to common shareholders | $ | 111,348 | 120,229 | $ | 0.93 | $ | 71,200 | 117,165 | $ | 0.61 |
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | ||||||||||||||||
Income from continuing operations | $ | 36,290 | $ | 32,870 | |||||||||||||||||
Less: Preferred unit distributions | (672 | ) | (2,444 | ) | |||||||||||||||||
Excess of preferred unit redemption over carrying amount | (1,236 | ) | (40 | ) | |||||||||||||||||
Basic income from continuing operations | |||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 34,382 | 123,795 | $ | 0.27 | $ | 30,386 | 120,450 | $ | 0.25 | |||||||||||
Dilutive units for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income from continuing operations | |||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 34,382 | 124,625 | $ | 0.27 | $ | 30,386 | 121,326 | $ | 0.25 | |||||||||||
Basic income from discontinued operations | |||||||||||||||||||||
Discontinued operations | $ | 6,953 | 123,795 | $ | 0.06 | $ | 4,810 | 120,450 | $ | 0.04 | |||||||||||
Dilutive units for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income from discontinued operations | |||||||||||||||||||||
Discontinued operations | $ | 6,953 | 124,625 | $ | 0.06 | $ | 4,810 | 121,326 | $ | 0.04 | |||||||||||
Basic income per common unit | |||||||||||||||||||||
Income available to common unitholders | $ | 41,335 | 123,795 | $ | 0.33 | $ | 35,196 | 120,450 | $ | 0.29 | |||||||||||
Dilutive units for long-term compensation plans | — | 830 | — | 876 | |||||||||||||||||
Diluted income per common unit | |||||||||||||||||||||
Income available to common unitholders | $ | 41,335 | 124,625 | $ | 0.33 | $ | 35,196 | 121,326 | $ | 0.29 | |||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | ||||||||||||||||
Income from continuing operations | $ | 67,821 | $ | 66,533 | |||||||||||||||||
Less: Preferred unit distributions | (1,883 | ) | (7,479 | ) | |||||||||||||||||
Excess of preferred unit (redemption over carrying amount) carrying amount over redemption | (1,236 | ) | 3,689 | ||||||||||||||||||
Basic income from continuing operations | |||||||||||||||||||||
Income from continuing operations available to common unitholders | 64,702 | 123,130 | $ | 0.53 | 62,743 | 120,147 | $ | 0.52 | |||||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income from continuing operations | |||||||||||||||||||||
Income from continuing operations available to common unitholders | 64,702 | 123,943 | $ | 0.53 | 62,743 | 120,953 | $ | 0.52 | |||||||||||||
Basic income from discontinued operations | |||||||||||||||||||||
Discontinued operations | 50,078 | 123,130 | $ | 0.40 | 10,749 | 120,147 | $ | 0.09 | |||||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income from discontinued operations | |||||||||||||||||||||
Discontinued operations | 50,078 | 123,943 | $ | 0.40 | 10,749 | 120,953 | $ | 0.09 | |||||||||||||
Basic income per common unit | |||||||||||||||||||||
Income available to common unitholders | 114,780 | 123,130 | $ | 0.93 | 73,492 | 120,147 | $ | 0.61 | |||||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 806 | |||||||||||||||||
Diluted income per common unit | |||||||||||||||||||||
Income available to common unitholders | $ | 114,780 | 123,943 | $ | 0.93 | $ | 73,492 | 120,953 | $ | 0.61 |
REGIONS | MARKETS |
Northeast | Southeastern PA; Lehigh/Central PA; New Jersey; Maryland |
Central | Minnesota; Chicago/Milwaukee; Houston; Arizona |
South | Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa |
Metro | Philadelphia; Metro Washington, D.C. |
United Kingdom | County of Kent; West Midlands; Cambridge |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating revenue | |||||||||||||||||
Northeast - Southeastern PA | $ | 40,389 | $ | 41,690 | $ | 81,443 | $ | 83,885 | |||||||||
Northeast - Lehigh / Central PA | 24,681 | 23,913 | 49,358 | 47,991 | |||||||||||||
Northeast - Other | 14,660 | 14,454 | 30,054 | 31,854 | |||||||||||||
Central | 34,129 | 28,827 | 66,529 | 60,971 | |||||||||||||
South | 53,768 | 51,746 | 107,330 | 105,758 | |||||||||||||
Metro | 9,824 | 8,236 | 19,587 | 16,424 | |||||||||||||
United Kingdom | 1,120 | 1,104 | 2,220 | 2,265 | |||||||||||||
Segment-level operating revenue | 178,571 | 169,970 | 356,521 | 349,148 | |||||||||||||
Reconciliation to total operating revenue | |||||||||||||||||
Discontinued operations | (436 | ) | (5,281 | ) | (3,955 | ) | (19,663 | ) | |||||||||
Other | (31 | ) | (195 | ) | 226 | (27 | ) | ||||||||||
Total operating revenue | $ | 178,104 | $ | 164,494 | $ | 352,792 | $ | 329,458 | |||||||||
Net operating income | |||||||||||||||||
Northeast - Southeastern PA | $ | 22,255 | $ | 24,814 | $ | 44,868 | $ | 49,984 | |||||||||
Northeast - Lehigh / Central PA | 16,550 | 16,558 | 33,218 | 32,753 | |||||||||||||
Northeast - Other | 7,845 | 7,628 | 16,167 | 16,733 | |||||||||||||
Central | 18,384 | 15,544 | 37,307 | 33,291 | |||||||||||||
South | 33,341 | 31,316 | 66,658 | 63,971 | |||||||||||||
Metro | 4,728 | 5,986 | 11,525 | 11,615 | |||||||||||||
United Kingdom | (321 | ) | (121 | ) | (455 | ) | (349 | ) | |||||||||
Segment-level net operating income | 102,782 | 101,725 | 209,288 | 207,998 | |||||||||||||
Reconciliation to income from continuing operations | |||||||||||||||||
Interest expense (1) | (32,138 | ) | (30,911 | ) | (64,220 | ) | (61,815 | ) | |||||||||
Depreciation/amortization expense (2) | (29,061 | ) | (25,812 | ) | (58,368 | ) | (51,464 | ) | |||||||||
Gain on property dispositions | 3,071 | 335 | 4,871 | 858 | |||||||||||||
Equity in earnings of unconsolidated joint ventures | 1,566 | 769 | 3,323 | 1,685 | |||||||||||||
General and administrative expense (2) | (8,945 | ) | (8,936 | ) | (22,821 | ) | (20,486 | ) | |||||||||
Discontinued operations excluding gain on property dispositions | 672 | (1,829 | ) | (740 | ) | (6,704 | ) | ||||||||||
Income taxes (2) | (645 | ) | (109 | ) | (1,136 | ) | (195 | ) | |||||||||
Other | (1,012 | ) | (2,362 | ) | (2,376 | ) | (3,344 | ) | |||||||||
Income from continuing operations | $ | 36,290 | $ | 32,870 | $ | 67,821 | $ | 66,533 |
(1) | Includes interest on discontinued operations. |
(2) | Excludes costs which are included in determining segment-level net operating income. |
June 30, 2013 | December 31, 2012 | |||||||
Total assets | ||||||||
Northeast - Southeastern PA | $ | 803,432 | $ | 816,437 | ||||
Northeast - Lehigh / Central PA | 779,078 | 780,182 | ||||||
Northeast - Other | 382,070 | 388,446 | ||||||
Central | 1,102,707 | 1,073,631 | ||||||
South | 1,435,576 | 1,455,805 | ||||||
Metro | 567,987 | 478,835 | ||||||
United Kingdom | 120,343 | 138,025 | ||||||
Other | 56,599 | 42,818 | ||||||
Total assets | $ | 5,247,792 | $ | 5,174,179 |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Revenues | $ | 436 | $ | 5,281 | $ | 3,955 | $ | 19,663 | |||||||
Operating expenses | (656 | ) | (2,173 | ) | (1,634 | ) | (8,049 | ) | |||||||
Interest and other income | 3 | 304 | 13 | 643 | |||||||||||
Interest expense | (135 | ) | (583 | ) | (491 | ) | (3,481 | ) | |||||||
Depreciation and amortization | (320 | ) | (1,000 | ) | (1,103 | ) | (2,072 | ) | |||||||
Income (loss) before gain on property dispositions | (672 | ) | 1,829 | 740 | 6,704 | ||||||||||
Gain on property dispositions | 7,625 | 2,981 | 49,338 | 4,045 | |||||||||||
Income from discontinued operations | $ | 6,953 | $ | 4,810 | $ | 50,078 | $ | 10,749 |
ISSUE | AMOUNT | UNITS | LIQUIDATION PREFERENCE | DIVIDEND RATE | ||||||||
(in 000’s) | ||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % |
Carrying Value | Fair Value | Fair Value Above (Below) Carrying Value | ||||||||||
Long-term debt at December 31, 2012 (1) | $ | 2,561,606 | $ | 2,841,917 | $ | 280,311 | ||||||
Payoffs and amortization of long-term debt (1) | (2,115 | ) | (2,115 | ) | ||||||||
New long-term debt (1) | 6,738 | 6,738 | ||||||||||
Changes in fair value assumptions (1) | (154,305 | ) | (154,305 | ) | ||||||||
Long-term debt at June 30, 2013 (1) | $ | 2,566,229 | $ | 2,692,235 | $ | 126,006 |
Year | Amount | |||
2013 | $ | 79 | ||
2014 | 158 | |||
2015 | 153 | |||
2016 | 153 | |||
2017 | 153 | |||
2018 through 2054 | 5,085 | |||
Total | $ | 5,781 |
2013 | 2012 | ||||||
Write-off of fully depreciated property and deferred costs | $ | 17,784 | $ | 12,783 | |||
Write-off of depreciated property and deferred costs due to sale | $ | 49,618 | $ | 94,762 | |||
Write-off of origination costs relating to preferred unit redemptions | $ | 1,236 | $ | 2,811 |
Net Rent Per Square Foot(1) | Straight Line Rent and Operating Expense Reimbursement Per Square Foot(2) | Total Square Feet | Percent Occupied | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Wholly Owned Properties in Operation: | |||||||||||||||||||||||||||
Industrial-Distribution | $ | 4.44 | $ | 4.46 | $ | 5.76 | $ | 5.85 | 39,417 | 35,660 | 95.8 | % | 93.8 | % | |||||||||||||
Industrial-Flex | $ | 9.04 | $ | 9.13 | $ | 13.05 | $ | 13.32 | 8,952 | 8,846 | 90.3 | % | 88.6 | % | |||||||||||||
Office | $ | 15.28 | $ | 14.71 | $ | 23.74 | $ | 22.65 | 18,478 | 18,649 | 88.1 | % | 88.7 | % | |||||||||||||
$ | 7.88 | $ | 8.03 | $ | 11.42 | $ | 11.67 | 66,847 | 63,155 | 93.0 | % | 91.6 | % | ||||||||||||||
JV Properties in Operation: (3) | |||||||||||||||||||||||||||
Industrial-Distribution | $ | 3.52 | $ | 3.97 | $ | 5.56 | $ | 5.53 | 9,270 | 9,269 | 94.3 | % | 85.3 | % | |||||||||||||
Industrial-Flex | $ | 24.70 | $ | 26.42 | $ | 22.93 | $ | 28.00 | 151 | 151 | 69.5 | % | 96.0 | % | |||||||||||||
Office | $ | 24.05 | $ | 24.33 | $ | 35.62 | $ | 34.90 | 4,285 | 4,744 | 88.3 | % | 89.3 | % | |||||||||||||
$ | 9.85 | $ | 11.25 | $ | 14.71 | $ | 15.92 | 13,706 | 14,164 | 92.2 | % | 86.7 | % | ||||||||||||||
Properties in Operation: | |||||||||||||||||||||||||||
Industrial-Distribution | $ | 4.27 | $ | 4.37 | $ | 5.72 | $ | 5.79 | 48,687 | 44,929 | 95.6 | % | 92.0 | % | |||||||||||||
Industrial-Flex | $ | 9.24 | $ | 9.45 | $ | 13.18 | $ | 13.59 | 9,103 | 8,997 | 89.9 | % | 88.7 | % | |||||||||||||
Office | $ | 16.94 | $ | 16.67 | $ | 25.98 | $ | 25.15 | 22,763 | 23,393 | 88.1 | % | 88.8 | % | |||||||||||||
$ | 8.21 | $ | 8.59 | $ | 11.98 | $ | 12.41 | 80,553 | 77,319 | 92.8 | % | 90.7 | % |
Six Months Ended | |||
June 30, 2013 | |||
Total Square Feet | |||
Vacancy Activity | |||
Vacancy at January 1, 2013 | 6,449,115 | ||
Acquisition vacant space | 65,693 | ||
Disposition vacant space | (331,941 | ) | |
Expirations | 10,064,390 | ||
Property structural changes/other | (58,399 | ) | |
Leasing activity | (10,410,294 | ) | |
Vacancy at June 30, 2013 | 5,778,564 | ||
Leasing Transactions | |||
Lease transaction costs per square foot (1) | $ | 3.25 |
Three Months Ended | Percentage Increase (Decrease) | Six Months Ended | Percentage Increase (Decrease) | |||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Northeast | ||||||||||||||||||||||||
– Southeastern PA | $ | 22,255 | $ | 24,814 | (10.3 | %) | (1 | ) | $ | 44,868 | $ | 49,984 | (10.2 | %) | (1 | ) | ||||||||
– Lehigh/Central PA | 16,550 | 16,558 | — | % | 33,218 | 32,753 | 1.4 | % | ||||||||||||||||
– Other | 7,845 | 7,628 | 2.8 | % | 16,167 | 16,733 | (3.4 | %) | ||||||||||||||||
Central | 18,384 | 15,544 | 18.3 | % | (2 | ) | 37,307 | 33,291 | 12.1 | % | (2 | ) | ||||||||||||
South | 33,341 | 31,316 | 6.5 | % | 66,658 | 63,971 | 4.2 | % | ||||||||||||||||
Metro | 4,728 | 5,986 | (21.0 | %) | (3 | ) | 11,525 | 11,615 | (0.8 | %) | ||||||||||||||
United Kingdom | (321 | ) | (121 | ) | 165.3 | % | (455 | ) | (349 | ) | 30.4 | % | ||||||||||||
Segment-level net operating income | $ | 102,782 | $ | 101,725 | 1.0 | % | $ | 209,288 | $ | 207,998 | 0.6 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Average occupancy % | 93.2 | % | 91.8 | % | 93.1 | % | 92.0 | % | |||||||
Average rental rate - cash basis (1) | $ | 7.96 | $ | 7.98 | $ | 7.96 | $ | 8.00 | |||||||
Average rental rate - straight line rent and operating expense reimbursement (2) | $ | 11.51 | $ | 11.46 | $ | 11.55 | $ | 11.46 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Same Store: | |||||||||||||||
Rental revenue | $ | 114,997 | $ | 114,945 | $ | 230,450 | $ | 229,373 | |||||||
Operating expenses: | |||||||||||||||
Rental property expense | 31,545 | 30,744 | 62,998 | 61,351 | |||||||||||
Real estate taxes | 19,576 | 19,069 | 38,864 | 38,399 | |||||||||||
Operating expense recovery | (49,969 | ) | (48,203 | ) | (100,061 | ) | (97,131 | ) | |||||||
Unrecovered operating expenses | 1,152 | 1,610 | 1,801 | 2,619 | |||||||||||
Property level operating income | 113,845 | 113,335 | 228,649 | 226,754 | |||||||||||
Less straight line rent | (11 | ) | 1,332 | 537 | 2,273 | ||||||||||
Cash basis property level operating income | $ | 113,856 | $ | 112,003 | $ | 228,112 | $ | 224,481 | |||||||
Reconciliation of non-GAAP financial measure – Same Store: | |||||||||||||||
Cash basis property level operating income | $ | 113,856 | $ | 112,003 | $ | 228,112 | $ | 224,481 | |||||||
Straight line rent | (11 | ) | 1,332 | 537 | 2,273 | ||||||||||
Property level operating income | 113,845 | 113,335 | 228,649 | 226,754 | |||||||||||
Property level operating income (loss) - properties purchased or developed subsequent to January 1, 2012 | 8,762 | 457 | 15,435 | 908 | |||||||||||
Termination fees | 736 | 593 | 1,275 | 2,239 | |||||||||||
General and administrative expense | (16,491 | ) | (14,589 | ) | (36,321 | ) | (31,781 | ) | |||||||
Depreciation and amortization expense | (44,907 | ) | (39,821 | ) | (89,524 | ) | (80,187 | ) | |||||||
Other income (expense) | (29,632 | ) | (28,063 | ) | (58,736 | ) | (53,619 | ) | |||||||
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 | |||||||||||
Discontinued operations (1) | 6,953 | 4,810 | 50,078 | 10,749 | |||||||||||
Net income | $ | 43,243 | $ | 37,680 | $ | 117,899 | $ | 77,282 |
MORTGAGES | WEIGHTED AVERAGE INTEREST RATE | |||||||||||||||||||||
PRINCIPAL AMORTIZATION | PRINCIPAL MATURITIES | UNSECURED NOTES | CREDIT FACILITY | TOTAL | ||||||||||||||||||
2013 | $ | 3,016 | $ | 4,506 | $ | — | $ | — | $ | 7,522 | 5.56 | % | ||||||||||
2014 | 6,701 | 2,696 | 199,915 | — | 209,312 | 5.65 | % | |||||||||||||||
2015 | 6,326 | 44,469 | 315,813 | 145,000 | 511,608 | 3.99 | % | |||||||||||||||
2016 | 5,195 | 182,318 | 299,254 | — | 486,767 | 6.10 | % | |||||||||||||||
2017 | 4,074 | 2,349 | 295,769 | — | 302,192 | 6.60 | % | |||||||||||||||
2018 | 2,074 | — | 99,964 | — | 102,038 | 7.44 | % | |||||||||||||||
2019 | 2,078 | 3,121 | — | — | 5,199 | 3.62 | % | |||||||||||||||
2020 | 2,028 | 2,995 | 349,399 | — | 354,422 | 4.74 | % | |||||||||||||||
2021 | 1,947 | — | — | — | 1,947 | 4.78 | % | |||||||||||||||
2022 & thereafter | 29,248 | 1,946 | 699,028 | — | 730,222 | 3.84 | % | |||||||||||||||
$ | 62,687 | $ | 244,400 | $ | 2,259,142 | $ | 145,000 | $ | 2,711,229 | 4.98 | % |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Reconciliation of net income to FFO - basic: | |||||||||||||||
Net income available to common shareholders | $ | 40,109 | $ | 34,111 | $ | 111,348 | $ | 71,200 | |||||||
Basic - income available to common shareholders | 40,109 | 34,111 | 111,348 | 71,200 | |||||||||||
Basic - income available to common shareholders per weighted average share | $ | 0.33 | $ | 0.29 | $ | 0.93 | $ | 0.61 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization of unconsolidated joint ventures | 3,301 | 3,554 | 6,698 | 7,170 | |||||||||||
Depreciation and amortization | 44,804 | 40,420 | 89,776 | 81,466 | |||||||||||
Gain on property dispositions | (7,658 | ) | (2,979 | ) | (49,364 | ) | (4,083 | ) | |||||||
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions | (1,199 | ) | (1,264 | ) | (1,399 | ) | (2,637 | ) | |||||||
Funds from operations available to common shareholders – basic | $ | 79,357 | $ | 73,842 | $ | 157,059 | $ | 153,116 | |||||||
Basic Funds from operations available to common shareholders per weighted average share | $ | 0.66 | $ | 0.63 | $ | 1.32 | $ | 1.32 | |||||||
Reconciliation of net income to FFO - diluted: | |||||||||||||||
Net income available to common shareholders | $ | 40,109 | $ | 34,111 | $ | 111,348 | $ | 71,200 | |||||||
Diluted - income available to common shareholders | 40,109 | 34,111 | 111,348 | 71,200 | |||||||||||
Diluted - income available to common shareholders per weighted average share | $ | 0.33 | $ | 0.29 | $ | 0.93 | $ | 0.61 | |||||||
Adjustments: | |||||||||||||||
Depreciation and amortization of unconsolidated joint ventures | 3,301 | 3,554 | 6,698 | 7,170 | |||||||||||
Depreciation and amortization | 44,804 | 40,420 | 89,776 | 81,466 | |||||||||||
Gain on property dispositions | (7,658 | ) | (2,979 | ) | (49,364 | ) | (4,083 | ) | |||||||
Noncontrolling interest less preferred share distributions and excess of carrying amount over preferred unit redemption | 1,226 | 1,085 | 3,432 | 2,292 | |||||||||||
Funds from operations available to common shareholders - diluted | $ | 81,782 | $ | 76,191 | $ | 161,890 | $ | 158,045 | |||||||
Diluted Funds from operations available to common shareholders per weighted average share | $ | 0.66 | $ | 0.63 | $ | 1.31 | $ | 1.31 | |||||||
Reconciliation of weighted average shares: | |||||||||||||||
Weighted average common shares - all basic calculations | 120,081 | 116,683 | 119,416 | 116,359 | |||||||||||
Dilutive shares for long term compensation plans | 830 | 876 | 813 | 806 | |||||||||||
Diluted shares for net income calculations | 120,911 | 117,559 | 120,229 | 117,165 | |||||||||||
Weighted average common units | 3,714 | 3,767 | 3,714 | 3,788 | |||||||||||
Diluted shares for Funds from operations calculations | 124,625 | 121,326 | 123,943 | 120,953 |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
• | the requirement that, under certain circumstances, including if the Cabot sellers terminate the agreement because we breach the purchase agreement, we may be required to forfeit a signing deposit of $25 million; |
• | the incurrence of substantial legal, accounting and financial advisory costs relating to the transaction that are payable whether or not the Cabot Acquisition is completed; |
• | we will have issued a significant number of additional common shares without realizing a corresponding increase in earnings and cash flow from acquiring the Cabot properties; |
• | the focus of our management being directed toward the Cabot Acquisition and integration planning instead of on our core business and other opportunities that could have been beneficial to us; and |
• | we will have broad authority to use the net proceeds of the offering of our common shares that we plan to conduct to fund a portion of the purchase price for the Cabot Acquisition for other general corporate purposes, including the acquisition and development of industrial and office properties, other opportunistic investments and the repayment of debt that may not be accretive to our results of operations. |
• | the inability to successfully integrate the operations, maintain consistent standards, controls, policies and procedures, or realize the anticipated benefits of the Cabot Acquisition within the anticipated timeframe or at all; |
• | acquired properties may fail to perform as expected; |
• | certain acquired properties are located in new markets where we face risks associated with an incomplete knowledge or understanding of the local market, a limited number of established business relationships in the area and a relative unfamiliarity with local governmental and permitting procedures; |
• | diversion of our management's attention away from other business concerns; and |
• | the acquired properties may subject us to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow. |
• | requiring us to use a substantial portion of our cash flow from operations to service our indebtedness, which would reduce the available cash flow to fund working capital, capital expenditures, development projects and other general corporate purposes and reduce cash for distributions; |
• | limiting our ability to obtain additional financing to fund our working capital needs, acquisitions, capital expenditures or other debt service requirements or for other purposes; |
• | increasing the costs of incurring additional debt; |
• | increasing our exposure to floating interest rates; |
• | limiting our ability to compete with other companies who are not as highly leveraged, as we may be less capable of responding to adverse economic and industry conditions; |
• | restricting us from making strategic acquisitions, developing properties or exploiting business opportunities; |
• | restricting the way in which we conduct our business because of financial and operating covenants in the agreements governing our existing and future indebtedness; |
• | exposing us to potential events of default (if not cured or waived) under covenants contained in our debt instruments that could have a material adverse effect on our business, financial condition and operating results; |
• | increasing our vulnerability to a downturn in general economic conditions; and |
• | limiting our ability to react to changing market conditions in our industry. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
12.1* | Statement Re: Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges. |
31.1* | Certification of the Chief Executive Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.2* | Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.3* | Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.4* | Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
32.1* | Certification of the Chief Executive Officer of Liberty Property Trust required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.2* | Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.3* | Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.4* | Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
101.INS* | XBRL Instance Document. |
101.SCH* | XBRL Taxonomy Extension Schema Document. |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB* | XBRL Extension Labels Linkbase. |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. |
/s/ WILLIAM P. HANKOWSKY | July 31, 2013 | |
William P. Hankowsky | Date | |
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer) | ||
/s/ GEORGE J. ALBURGER, JR. | July 31, 2013 | |
George J. Alburger, Jr. | Date | |
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
BY: | Liberty Property Trust | ||
General Partner | |||
/s/ WILLIAM P. HANKOWSKY | July 31, 2013 | ||
William P. Hankowsky | Date | ||
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer) | |||
/s/ GEORGE J. ALBURGER, JR. | July 31, 2013 | ||
George J. Alburger, Jr. | Date | ||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
EXHIBIT NO. | |
12.1 | Statement Re: Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges. |
31.1 | Certification of the Chief Executive Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.2 | Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.3 | Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
31.4 | Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under the Securities Exchange Act of 1934. |
32.1 | Certification of the Chief Executive Officer of Liberty Property Trust required under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.2 | Certification of the Chief Financial Officer of Liberty Property Trust required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.3 | Certification of the Chief Executive Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
32.4 | Certification of the Chief Financial Officer of Liberty Property Trust, in its capacity as the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.) |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Extension Labels Linkbase. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO | ||||||
OF EARNINGS TO FIXED CHARGES | ||||||
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES | ||||||
LIBERTY PROPERTY TRUST / LIBERTY PROPERTY LIMITED PARTNERSHIP | ||||||
(Amounts in thousands except ratio amounts) | ||||||
Six Months Ended June 30, 2013 | ||||||
Earnings before fixed charges: | ||||||
Income from continuing operations before equity in earnings of unconsolidated subsidiaries and after distribution of earnings from unconsolidated subsidiaries | $ | 69,943 | ||||
Add: | Interest expense | 61,780 | ||||
Depreciation expense on capitalized interest | 871 | |||||
Amortization of deferred financing costs | 1,949 | |||||
Earnings before fixed charges | $ | 134,543 | ||||
Fixed charges: | ||||||
Interest expense | $ | 61,780 | ||||
Amortization of deferred financing costs | 1,949 | |||||
Capitalized interest | 5,697 | |||||
Fixed charges | 69,426 | |||||
Preferred unit distributions | 1,883 | |||||
Combined fixed charges | $ | 71,309 | ||||
Ratio of earnings to fixed charges | 1.94 | |||||
Ratio of earnings to combined fixed charges | 1.89 |
Date: | July 31, 2013 | By: /s/ WILLIAM P. HANKOWSKY |
William P. Hankowsky | ||
Chairman, President and Chief Executive Officer |
Date: | July 31, 2013 | By: /s/ GEORGE J. ALBURGER, JR. |
George J. Alburger, Jr. | ||
Executive Vice President and Chief Financial Officer |
Date: | July 31, 2013 | By: /s/ WILLIAM P. HANKOWSKY |
William P. Hankowsky | ||
Chairman, President and Chief Executive Officer of | ||
Liberty Property Trust, the Registrant’s sole general partner |
Date: | July 31, 2013 | By: /s/ GEORGE J. ALBURGER, JR. |
George J. Alburger, Jr. | ||
Executive Vice President and Chief Financial Officer of Liberty Property Trust, the Registrant’s sole general partner |
/s/ WILLIAM P. HANKOWSKY | |
William P. Hankowsky | |
Chairman, President and Chief Executive Officer | |
Date: | July 31, 2013 |
/s/ GEORGE J. ALBURGER, JR. | |
George J. Alburger, Jr. | |
Executive Vice President and Chief Financial Officer | |
Date: | July 31, 2013 |
/s/ WILLIAM P. HANKOWSKY | |
William P. Hankowsky | |
Chairman, President and Chief Executive Officer of Liberty Property Trust, the Company’s sole general partner | |
Date: | July 31, 2013 |
/s/ GEORGE J. ALBURGER, JR. | |
George J. Alburger, Jr. | |
Executive Vice President and Chief Financial Officer of Liberty Property Trust, the Company’s sole general partner | |
Date: | July 31, 2013 |
Noncontrolling Interests
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
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Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests of the Trust Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. Common units The common units outstanding of the Operating Partnership not held by the Trust as of June 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,713,851 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,713,851 outstanding common units based on the closing price of the common shares of the Trust at June 30, 2013 was $137.3 million. Preferred units The Trust had no outstanding cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of June 30, 2013. During the three months ended June 30, 2013, the Company redeemed $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions, the Company wrote off $1.2 million in origination costs. These amounts are included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income. |
Subsequent Events (Details) (Subsequent Event [Member], Cabot Industrial Value Fund III [Member], USD $)
|
0 Months Ended |
---|---|
Jul. 31, 2013
sqft
|
|
Subsequent Event [Member] | Cabot Industrial Value Fund III [Member]
|
|
Subsequent Event [Line Items] | |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 1,475,000,000 |
Area of Real Estate Property | 23,000,000 |
Noncash or Part Noncash Acquisition, Debt Assumed | 230,000,000 |
Bridge Loan | $ 1,270,000,000 |
Income per Common Unit of the Operating Partnership
|
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Jun. 30, 2013
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Income Per Common Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Income per Common Share of the Trust The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):
Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and six months ended June 30, 2013 were 625,000 and 773,000, respectively, as compared to 953,000 and 925,000, respectively, for the same periods in 2012. During the three and six months ended June 30, 2013, 120,000 and 477,000 common shares were issued upon the exercise of options. During the year ended December 31, 2012, 841,000 common shares were issued upon the exercise of options. |
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Liberty Property Limited Partnership [Member]
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Income Per Common Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Income per Common Unit of the Operating Partnership The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):
Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common unit for the three and six months ended June 30, 2013 were 625,000 and 773,000, respectively, as compared to 953,000 and 925,000, respectively, for the same periods in 2012. During the three and six months ended June 30, 2013, 120,000 and 477,000 common units were issued upon the exercise of options. During the year ended December 31, 2012, 841,000 common units were issued upon the exercise of options. |
Organization and Basis of Presentation (Policy)
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6 Months Ended |
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Jun. 30, 2013
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Organization and Basis of Presentation [Abstract] | |
Organization | Organization Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.0% of the common equity of the Operating Partnership at June 30, 2013. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated balance sheets and statements of comprehensive income for assets held for sale and discontinued operations. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”). If the entity is deemed a VIE, the Company then determines if the Company is deemed to be the primary beneficiary. The accounting standard for the consolidation of VIEs requires the Company to qualitatively assess if the Company was the primary beneficiary of the VIEs based on whether the Company had (i) the power to direct those matters that most significantly impacted the activities of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company continuously assesses its determination of whether it is the primary beneficiary of a VIE, and whether or not the limited partners in an entity have substantive rights, more particularly if certain events occur that are likely to cause a change in the original determinations. The Company's assessment includes a review of applicable documents such as, but not limited to, applicable partnership agreements and management and leasing agreements to determine whether the Company has the ability to direct the business activities of the entities. The portion of the consolidated entities that is not owned by the Company is presented as non-controlling interest as of and during the periods consolidated. All intercompany accounts and transactions have been eliminated in consolidation. |
Limited Partners' Equity of the Operating Partnership
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6 Months Ended |
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Jun. 30, 2013
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Preferred Units [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests of the Trust Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. Common units The common units outstanding of the Operating Partnership not held by the Trust as of June 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,713,851 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,713,851 outstanding common units based on the closing price of the common shares of the Trust at June 30, 2013 was $137.3 million. Preferred units The Trust had no outstanding cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of June 30, 2013. During the three months ended June 30, 2013, the Company redeemed $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions, the Company wrote off $1.2 million in origination costs. These amounts are included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income. |
Liberty Property Limited Partnership [Member]
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Preferred Units [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership Limited partners' equity in the accompanying financial statements represents the interests of the common and preferred units in the Operating Partnership not held by the Trust. The Operating Partnership's noncontrolling interest includes third-party ownership interests in consolidated joint venture investments. Common units Common units relates to limited partnership interests of the Operating Partnership issued in connection with the formation of the Operating Partnership and certain subsequent acquisitions. The common units outstanding as of June 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,713,851 outstanding common units at such date are the limited partners' equity - common units held by persons and entities other than the Trust, the general partner of the Operating Partnership, which holds a number of common units equal to the number of outstanding common shares of beneficial interest. Both the common units held by the Trust and the common units held by persons and entities other than the Trust are counted in the weighted average number of common units outstanding during any given period. The common units share proportionately in the net income or loss and in any distributions of the Operating Partnership and are exchangeable into the same number of common shares of the Trust. The market value of the 3,713,851 outstanding common units at June 30, 2013 based on the closing price of the common shares of the Company at June 30, 2013 was $137.3 million. Preferred units The Operating Partnership had no outstanding cumulative redeemable preferred units as of June 30, 2013. During the three months ended June 30, 2013, the Company redeemed $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions, the Company wrote off $1.2 million in origination costs. |
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | ||||
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Jun. 30, 2013
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Dec. 31, 2012
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Jun. 30, 2013
Series I-2 [Member]
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Dec. 31, 2012
Series I-2 [Member]
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Jun. 30, 2013
Unredeemed [Member]
Series I-2 [Member]
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Limited Partners' Capital Account - Preferred Units [Line Items] | |||||
Noncontrolling Interest in Operating Partnerships | $ 7,537 | ||||
Preferred Units, Outstanding | 0 | 1,290,000 | 301,483 | 301,483 | 301,000 |
Redeemable Preferred Units Liquidation Preference | $ 25 | ||||
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount | 6.25% |
Segment Information - Performance of the Reportable Segments Based on Property Level Operating Income (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Segment Reporting Information [Line Items] | ||||||||||||
Segment Reporting Information, Intersegment Revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Operating revenue | 178,104,000 | 164,494,000 | 352,792,000 | 329,458,000 | ||||||||
Interest expense (1) | (32,003,000) | (30,328,000) | (63,729,000) | (58,334,000) | ||||||||
Equity in earnings of unconsolidated joint ventures | 1,566,000 | 769,000 | 3,323,000 | 1,685,000 | ||||||||
Income from continuing operations | 36,290,000 | 32,870,000 | 67,821,000 | 66,533,000 | ||||||||
Northeast Southeastern PA [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 40,389,000 | 41,690,000 | 81,443,000 | 83,885,000 | ||||||||
Net operating income | 22,255,000 | 24,814,000 | 44,868,000 | 49,984,000 | ||||||||
Northeast Lehigh Central PA [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 24,681,000 | 23,913,000 | 49,358,000 | 47,991,000 | ||||||||
Net operating income | 16,550,000 | 16,558,000 | 33,218,000 | 32,753,000 | ||||||||
Northeast Other [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 14,660,000 | 14,454,000 | 30,054,000 | 31,854,000 | ||||||||
Net operating income | 7,845,000 | 7,628,000 | 16,167,000 | 16,733,000 | ||||||||
Central Region [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 34,129,000 | 28,827,000 | 66,529,000 | 60,971,000 | ||||||||
Net operating income | 18,384,000 | 15,544,000 | 37,307,000 | 33,291,000 | ||||||||
South Region [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 53,768,000 | 51,746,000 | 107,330,000 | 105,758,000 | ||||||||
Net operating income | 33,341,000 | 31,316,000 | 66,658,000 | 63,971,000 | ||||||||
Metro [Member] | Segment, Geographical, Domestic [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 9,824,000 | 8,236,000 | 19,587,000 | 16,424,000 | ||||||||
Net operating income | 4,728,000 | 5,986,000 | 11,525,000 | 11,615,000 | ||||||||
United Kingdom [Member] | Statement, Geographical, Foreign [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 1,120,000 | 1,104,000 | 2,220,000 | 2,265,000 | ||||||||
Net operating income | (321,000) | (121,000) | (455,000) | (349,000) | ||||||||
Operating Segments [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | 178,571,000 | 169,970,000 | 356,521,000 | 349,148,000 | ||||||||
Net operating income | 102,782,000 | 101,725,000 | 209,288,000 | 207,998,000 | ||||||||
Discontinued Operations [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | (436,000) | (5,281,000) | (3,955,000) | (19,663,000) | ||||||||
Other [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenue | (31,000) | (195,000) | 226,000 | (27,000) | ||||||||
Significant Reconciling Items [Member]
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Segment Reporting Information [Line Items] | ||||||||||||
Interest expense (1) | (32,138,000) | [1] | (30,911,000) | [1] | (64,220,000) | [1] | (61,815,000) | [1] | ||||
Depreciation/amortization expense (2) | (29,061,000) | [2] | (25,812,000) | [2] | (58,368,000) | [2] | (51,464,000) | [2] | ||||
Gain on property dispositions | 3,071,000 | 335,000 | 4,871,000 | 858,000 | ||||||||
Equity in earnings of unconsolidated joint ventures | 1,566,000 | 769,000 | 3,323,000 | 1,685,000 | ||||||||
General and administrative expense (2) | (8,945,000) | [2] | (8,936,000) | [2] | (22,821,000) | [2] | (20,486,000) | [2] | ||||
Discontinued Operations excluding gain on property dispositions | 672,000 | (1,829,000) | (740,000) | (6,704,000) | ||||||||
Income taxes (2) | (645,000) | [2] | (109,000) | [2] | (1,136,000) | [2] | (195,000) | [2] | ||||
Other | $ 1,012,000 | $ 2,362,000 | $ 2,376,000 | $ 3,344,000 | ||||||||
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Segment Information (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Reportable Segments [Table Text Block] |
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Schedule of Segment Reporting Information, by Segment, Revenue and Net Operating Income [Table Text Block] | The operating information by reportable segment is as follows (in thousands):
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
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Income per Common Unit of the Operating Partnership (Tables)
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Jun. 30, 2013
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Income Per Common Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Liberty Property Limited Partnership [Member]
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Income Per Common Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Limited Partners' Equity of the Operating Partnership Limited Partners' Equity of the Operating Partnership - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Limited Partners' Capital Account [Line Items] | ||
market value of the outstanding common units | $ 137.3 | |
Liberty Property Limited Partnership [Member]
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Limited Partners' Capital Account [Line Items] | ||
Limited Partners' Capital Account, Units Issued | 3,713,851 | 3,713,851 |
market value of the outstanding common units | $ 137.3 |
Organization and Basis of Presentation Principles of Consolidation (Details) (Variable Interest Entity, Primary Beneficiary [Member], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
sqft
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Variable Interest Entity, Primary Beneficiary [Member]
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Variable Interest Entity [Line Items] | |
Square Footage of Leasable Space of Buildings | 153,000 |
development total cost | $ 48.4 |
Guarantor Obligations, Current Carrying Value | $ 41.3 |
Accounting for the Impairment or Disposal of Long-Lived Assets - Impairment (Details) (USD $)
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3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended |
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Jun. 30, 2013
South Region [Member]
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Jun. 30, 2013
South Region [Member]
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Jun. 30, 2012
Central Region [Member]
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Jun. 30, 2012
Central Region [Member]
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Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment charges | $ 535,000 | $ 535,000 | $ 537,000 | $ 594,000 |
Commitments and Contingencies (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments |
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Continuous Equity Offering Continuous Equity Offering (Details) (USD $)
Share data in Millions, unless otherwise specified |
6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
Continuous Equity Offering [Member]
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Jun. 30, 2013
Continuous Equity Offering [Member]
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Jun. 30, 2013
Continuous Equity Offering [Member]
Common Stock [Member]
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Jun. 30, 2013
Continuous Equity Offering [Member]
Common Stock [Member]
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Class of Stock [Line Items] | ||||||
Common stock, Continuous equity offering program, Max amount of equity | $ 200,000,000 | $ 200,000,000 | ||||
Stock Issued During Period, Shares, Continuous Equity Offering | 1.2 | 1.9 | ||||
Net proceeds from issuance of common shares | $ 108,852,000 | $ 31,234,000 | $ 50,400,000 | $ 75,000,000 |
Income per Common Share of the Trust (Tables)
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Jun. 30, 2013
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Income per Common Share of the Trust [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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Consolidated Statement of Equity (USD $)
In Thousands |
Total
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Common Shares Of Beneficial Interest [Member]
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Additional Paid-In Capital [Member]
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Accumulated Other Comprehensive Income [Member]
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Distributions in Excess of Net Income [Member]
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Common Shares Held in Treasury [Member]
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Total Liberty Property Trust Shareholders' Equity [Member]
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Noncontrolling interest operating partnership-Common [Member]
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Noncontrolling interest operating partnership-Preferred [Member]
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Noncontrolling interest-consolidated joint ventures [Member]
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Liberty Property Limited Partnership [Member]
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Liberty Property Limited Partnership [Member]
General Partners Equity [Member]
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Liberty Property Limited Partnership [Member]
Noncontrolling interest operating partnership-Common [Member]
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Liberty Property Limited Partnership [Member]
Noncontrolling interest operating partnership-Preferred [Member]
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Liberty Property Limited Partnership [Member]
Noncontrolling interest-consolidated joint ventures [Member]
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Beginning Balance at Dec. 31, 2012 | $ 2,217,820 | $ 119 | $ 2,687,701 | $ 2,900 | $ (547,757) | $ (51,951) | $ 2,091,012 | $ 60,223 | $ 63,264 | $ 3,321 | $ 2,217,820 | $ 2,091,012 | $ 60,223 | $ 63,264 | $ 3,321 |
Net proceeds from the issuance of common shares | 108,852 | 4 | 108,848 | 108,852 | |||||||||||
Net income | 117,899 | 111,348 | 111,348 | 3,432 | 3,119 | 0 | 117,899 | 111,348 | 3,432 | 3,119 | 0 | ||||
Contributions from partners | 115,211 | 115,211 | |||||||||||||
Distributions | (120,624) | (114,693) | (114,693) | (3,745) | (1,883) | (303) | |||||||||
Distributions to partners | (120,624) | (114,693) | (3,745) | (1,883) | (303) | ||||||||||
Share-based compensation | 6,359 | 6,359 | 6,359 | ||||||||||||
Foreign currency translation adjustment | (4,812) | (4,667) | (4,667) | (145) | (4,812) | (4,667) | (145) | ||||||||
Redemption of noncontrolling interest - preferred units | (63,264) | (63,264) | (63,264) | (63,264) | |||||||||||
Preferred stock redemption premium | (1,236) | (1,236) | (1,236) | (1,236) | |||||||||||
Ending Balance at Jun. 30, 2013 | 2,260,994 | 123 | 2,802,908 | (1,767) | (551,102) | (51,951) | 2,198,211 | 59,765 | 0 | 3,018 | 2,260,994 | 2,198,211 | 59,765 | 0 | 3,018 |
Beginning Balance at Mar. 31, 2013 | |||||||||||||||
Net income | 43,243 | 43,243 | |||||||||||||
Foreign currency translation adjustment | 40 | 40 | |||||||||||||
Preferred stock redemption premium | (1,236) | (1,236) | |||||||||||||
Ending Balance at Jun. 30, 2013 | $ 2,260,994 | $ (51,951) | $ 2,260,994 |
Organization and Basis of Presentation
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6 Months Ended |
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Jun. 30, 2013
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Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.0% of the common equity of the Operating Partnership at June 30, 2013. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated balance sheets and statements of comprehensive income for assets held for sale and discontinued operations. Principles of Consolidation When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity (“VIE”). If the entity is deemed a VIE, the Company then determines if the Company is deemed to be the primary beneficiary. The accounting standard for the consolidation of VIEs requires the Company to qualitatively assess if the Company was the primary beneficiary of the VIEs based on whether the Company had (i) the power to direct those matters that most significantly impacted the activities of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company continuously assesses its determination of whether it is the primary beneficiary of a VIE, and whether or not the limited partners in an entity have substantive rights, more particularly if certain events occur that are likely to cause a change in the original determinations. The Company's assessment includes a review of applicable documents such as, but not limited to, applicable partnership agreements and management and leasing agreements to determine whether the Company has the ability to direct the business activities of the entities. The portion of the consolidated entities that is not owned by the Company is presented as non-controlling interest as of and during the periods consolidated. All intercompany accounts and transactions have been eliminated in consolidation. The Company determined that Liberty/Parkway 8th & Walnut, LP is a VIE and should be consolidated as the Company is the primary beneficiary. This determination was based upon the Company's significant control over the final development and construction phases of the development property owned by the joint venture as well as the day to day management and operations of the property. The development property owned by the joint venture is expected to contain 153,000 square feet at a projected cost of $48.4 million. The Company has guaranteed the debt of Liberty/Parkway 8th & Walnut, LP which was approximately $41.3 million at June 30, 2013. |
Other Comprehensive Income of the Trust
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6 Months Ended |
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Jun. 30, 2013
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Other Comprehensive Income of the Trust [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) of the Trust The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. A proportionate amount of gain or loss is allocated to noncontrolling interest - operating partnership - common units. Accumulated other comprehensive income (loss) consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income (loss) and noncontrolling interest - operating partnership - common units. |
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