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 |
Emerging Growth 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; |
◦ | 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 |
March 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Land and land improvements | $ | 1,180,071 | $ | 1,138,337 | |||
Building and improvements | 4,448,883 | 4,358,264 | |||||
Less accumulated depreciation | (962,688 | ) | (933,173 | ) | |||
Operating real estate | 4,666,266 | 4,563,428 | |||||
Development in progress | 373,154 | 333,437 | |||||
Land held for development | 316,226 | 330,748 | |||||
Net real estate | 5,355,646 | 5,227,613 | |||||
Cash and cash equivalents | 30,380 | 11,882 | |||||
Restricted cash | 9,366 | 13,803 | |||||
Accounts receivable, net | 12,767 | 11,231 | |||||
Deferred rent receivable, net | 117,776 | 113,282 | |||||
Deferred financing and leasing costs, net of accumulated amortization (March 31, 2018, $168,754; December 31, 2017, $164,755) | 151,530 | 152,471 | |||||
Investments in and advances to unconsolidated joint ventures | 350,458 | 288,456 | |||||
Assets held for sale | 238,199 | 330,186 | |||||
Prepaid expenses and other assets | 148,509 | 290,833 | |||||
Total assets | $ | 6,414,631 | $ | 6,439,757 | |||
LIABILITIES | |||||||
Mortgage loans, net | $ | 264,906 | $ | 267,093 | |||
Unsecured notes, net | 2,284,197 | 2,283,513 | |||||
Credit facilities | 257,175 | 358,939 | |||||
Accounts payable | 68,499 | 77,625 | |||||
Accrued interest | 34,855 | 21,796 | |||||
Dividend and distributions payable | 60,518 | 60,330 | |||||
Other liabilities | 186,807 | 205,055 | |||||
Liabilities held for sale | 1,849 | 9,503 | |||||
Total liabilities | 3,158,806 | 3,283,854 | |||||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2018 and December 31, 2017 | 7,537 | 7,537 | |||||
EQUITY | |||||||
Liberty Property Trust shareholders’ equity | |||||||
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 147,773,141 and 147,450,691 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively | 148 | 147 | |||||
Additional paid-in capital | 3,683,660 | 3,674,978 | |||||
Accumulated other comprehensive loss | (29,674 | ) | (37,797 | ) | |||
Distributions in excess of net income | (468,883 | ) | (549,970 | ) | |||
Total Liberty Property Trust shareholders’ equity | 3,185,251 | 3,087,358 | |||||
Noncontrolling interest – operating partnership | |||||||
3,520,205 common units outstanding as of March 31, 2018 and December 31, 2017 | 58,186 | 56,159 | |||||
Noncontrolling interest – consolidated joint ventures | 4,851 | 4,849 | |||||
Total equity | 3,248,288 | 3,148,366 | |||||
Total liabilities, noncontrolling interest - operating partnership and equity | $ | 6,414,631 | $ | 6,439,757 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 125,203 | $ | 116,868 | |||
Operating expense reimbursement | 38,610 | 37,413 | |||||
Development service fee income | 26,352 | 11,485 | |||||
Total operating revenue | 190,165 | 165,766 | |||||
OPERATING EXPENSE | |||||||
Rental property | 15,931 | 17,535 | |||||
Real estate taxes | 23,498 | 21,906 | |||||
General and administrative | 18,628 | 16,993 | |||||
Expensed pursuit costs | 324 | 32 | |||||
Systems implementation expense | 706 | — | |||||
Depreciation and amortization | 43,686 | 43,092 | |||||
Development service fee expense | 28,067 | 11,004 | |||||
Total operating expense | 130,840 | 110,562 | |||||
Operating income | 59,325 | 55,204 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 2,486 | 1,862 | |||||
Interest expense | (22,750 | ) | (21,634 | ) | |||
Total other income (expense) | (20,264 | ) | (19,772 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 39,061 | 35,432 | |||||
Gain on property dispositions | 4,121 | 807 | |||||
Income taxes | (554 | ) | (622 | ) | |||
Equity in earnings of unconsolidated joint ventures | 6,764 | 5,731 | |||||
Income from continuing operations | 49,392 | 41,348 | |||||
Discontinued operations (including net gain on property dispositions of $90.0 million for the three months ended March 31, 2018) | 94,333 | 2,896 | |||||
Net income | 143,725 | 44,244 | |||||
Noncontrolling interest – operating partnership | (3,457 | ) | (1,149 | ) | |||
Noncontrolling interest – consolidated joint ventures | (87 | ) | (63 | ) | |||
Net income available to common shareholders | $ | 140,181 | $ | 43,032 | |||
Net income | $ | 143,725 | $ | 44,244 | |||
Other comprehensive income - foreign currency translation | 7,932 | 3,177 | |||||
Other comprehensive income - derivative instruments | 385 | 313 | |||||
Other comprehensive income | 8,317 | 3,490 | |||||
Total comprehensive income | 152,042 | 47,734 | |||||
Less: comprehensive income attributable to noncontrolling interest | (3,738 | ) | (1,293 | ) | |||
Comprehensive income attributable to common shareholders | $ | 148,304 | $ | 46,441 | |||
Earnings per common share | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.33 | $ | 0.27 | |||
Income from discontinued operations | 0.62 | 0.02 | |||||
Income per common share – basic | $ | 0.95 | $ | 0.29 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.33 | $ | 0.27 | |||
Income from discontinued operations | 0.62 | 0.02 | |||||
Income per common share – diluted | $ | 0.95 | $ | 0.29 | |||
Distributions per common share | $ | 0.40 | $ | 0.40 | |||
Weighted average number of common shares outstanding | |||||||
Basic | 147,060 | 146,471 | |||||
Diluted | 147,873 | 147,221 | |||||
Amounts attributable to common shareholders | |||||||
Income from continuing operations | $ | 48,043 | $ | 40,204 | |||
Discontinued operations | 92,138 | 2,828 | |||||
Net income available to common shareholders | $ | 140,181 | $ | 43,032 |
NUMBER OF COMMON SHARES | COMMON SHARES OF BENEFICIAL INTEREST | ADDITIONAL PAID-IN CAPITAL | ACCUMULATED OTHER COMPREHENSIVE LOSS | DISTRIBUTIONS IN EXCESS OF NET INCOME | TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’ EQUITY | NONCONTROLLING INTEREST - OPERATING PARTNERSHIP | NONCONTROLLING INTEREST - CONSOLIDATED JOINT VENTURES | TOTAL EQUITY | NONCONTROLLING INTEREST - OPERATING PARTNERSHIP (MEZZANINE) | ||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 147,450,691 | $ | 147 | $ | 3,674,978 | $ | (37,797 | ) | $ | (549,970 | ) | $ | 3,087,358 | $ | 56,159 | $ | 4,849 | $ | 3,148,366 | $ | 7,537 | ||||||||||||||||||
Net proceeds from the issuance of common shares | 322,450 | 1 | 3,266 | — | — | 3,267 | — | — | 3,267 | — | |||||||||||||||||||||||||||||
Net income | — | — | — | — | 140,181 | 140,181 | 3,339 | 87 | 143,607 | 118 | |||||||||||||||||||||||||||||
Distributions | — | — | — | — | (59,094 | ) | (59,094 | ) | (1,506 | ) | (85 | ) | (60,685 | ) | (118 | ) | |||||||||||||||||||||||
Share-based compensation net of shares related to tax withholdings | — | — | 5,416 | — | — | 5,416 | — | — | 5,416 | — | |||||||||||||||||||||||||||||
Other comprehensive income - foreign currency translation | — | — | — | 7,747 | — | 7,747 | 185 | — | 7,932 | — | |||||||||||||||||||||||||||||
Other comprehensive income - derivative instruments | — | — | — | 376 | — | 376 | 9 | — | 385 | — | |||||||||||||||||||||||||||||
Balance at March 31, 2018 | 147,773,141 | $ | 148 | $ | 3,683,660 | $ | (29,674 | ) | $ | (468,883 | ) | $ | 3,185,251 | $ | 58,186 | $ | 4,851 | $ | 3,248,288 | $ | 7,537 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 143,725 | $ | 44,244 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 45,144 | 45,992 | |||||
Amortization of deferred financing costs | 967 | 937 | |||||
Expensed pursuit costs | 324 | 32 | |||||
Equity in earnings of unconsolidated joint ventures | (6,764 | ) | (5,731 | ) | |||
Gain on property dispositions | (94,170 | ) | (807 | ) | |||
Share-based compensation | 9,633 | 7,971 | |||||
Other | 2,206 | (844 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (706 | ) | 36 | ||||
Deferred rent receivable | (4,944 | ) | (5,566 | ) | |||
Prepaid expenses and other assets | 20,312 | 6,824 | |||||
Accounts payable | (9,003 | ) | (7,136 | ) | |||
Accrued interest | 13,059 | 12,972 | |||||
Other liabilities | (26,084 | ) | (14,444 | ) | |||
Net cash provided by operating activities | 93,699 | 84,480 | |||||
INVESTING ACTIVITIES | |||||||
Investment in properties – acquisitions | (95,027 | ) | — | ||||
Investment in properties – other | (3,603 | ) | (12,422 | ) | |||
Investments in and advances to unconsolidated joint ventures | (66,420 | ) | (13,278 | ) | |||
Distributions from unconsolidated joint ventures | 11,521 | 9,427 | |||||
Net proceeds from disposition of properties/land | 184,233 | 1,874 | |||||
Investment in development in progress | (51,932 | ) | (64,661 | ) | |||
Investment in land held for development | (18,234 | ) | (53,660 | ) | |||
Payment of deferred leasing costs | (2,183 | ) | (7,544 | ) | |||
Release of escrows and other | 126,745 | 9,016 | |||||
Net cash provided by (used in) investing activities | 85,100 | (131,248 | ) | ||||
FINANCING ACTIVITIES | |||||||
Net proceeds from issuance of common shares | 3,267 | 852 | |||||
Share repurchases, including shares related to tax withholdings | (4,402 | ) | (4,624 | ) | |||
Repayments of mortgage loans | (1,714 | ) | (1,930 | ) | |||
Proceeds from credit facility | 312,993 | 159,000 | |||||
Repayments on credit facility | (414,757 | ) | (44,000 | ) | |||
Distribution paid on common shares | (58,980 | ) | (69,823 | ) | |||
Distribution to partners/noncontrolling interest holders | (1,651 | ) | (1,987 | ) | |||
Net cash (used in) provided by financing activities | (165,244 | ) | 37,488 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 13,555 | (9,280 | ) | ||||
Increase in cash, cash equivalents and restricted cash related to foreign currency translation | 506 | 470 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 25,685 | 56,025 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 39,746 | $ | 47,215 |
March 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Real estate: | |||||||
Land and land improvements | $ | 1,180,071 | $ | 1,138,337 | |||
Building and improvements | 4,448,883 | 4,358,264 | |||||
Less accumulated depreciation | (962,688 | ) | (933,173 | ) | |||
Operating real estate | 4,666,266 | 4,563,428 | |||||
Development in progress | 373,154 | 333,437 | |||||
Land held for development | 316,226 | 330,748 | |||||
Net real estate | 5,355,646 | 5,227,613 | |||||
Cash and cash equivalents | 30,380 | 11,882 | |||||
Restricted cash | 9,366 | 13,803 | |||||
Accounts receivable, net | 12,767 | 11,231 | |||||
Deferred rent receivable, net | 117,776 | 113,282 | |||||
Deferred financing and leasing costs, net of accumulated amortization (March 31, 2018, $168,754; December 31, 2017, $164,755) | 151,530 | 152,471 | |||||
Investments in and advances to unconsolidated joint ventures | 350,458 | 288,456 | |||||
Assets held for sale | 238,199 | 330,186 | |||||
Prepaid expenses and other assets | 148,509 | 290,833 | |||||
Total assets | $ | 6,414,631 | $ | 6,439,757 | |||
LIABILITIES | |||||||
Mortgage loans, net | $ | 264,906 | $ | 267,093 | |||
Unsecured notes, net | 2,284,197 | 2,283,513 | |||||
Credit facilities | 257,175 | 358,939 | |||||
Accounts payable | 68,499 | 77,625 | |||||
Accrued interest | 34,855 | 21,796 | |||||
Distributions payable | 60,518 | 60,330 | |||||
Other liabilities | 186,807 | 205,055 | |||||
Liabilities held for sale | 1,849 | 9,503 | |||||
Total liabilities | 3,158,806 | 3,283,854 | |||||
Limited partners’ equity - 301,483 preferred units outstanding as of March 31, 2018, and December 31, 2017 | 7,537 | 7,537 | |||||
OWNERS’ EQUITY | |||||||
General partner’s equity - 147,773,141 and 147,450,691 common units outstanding as of March 31, 2018 and December 31, 2017, respectively | 3,185,251 | 3,087,358 | |||||
Limited partners’ equity – 3,520,205 common units outstanding as of March 31, 2018 and December 31, 2017 | 58,186 | 56,159 | |||||
Noncontrolling interest – consolidated joint ventures | 4,851 | 4,849 | |||||
Total owners’ equity | 3,248,288 | 3,148,366 | |||||
Total liabilities, limited partners’ equity and owners’ equity | $ | 6,414,631 | $ | 6,439,757 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
OPERATING REVENUE | |||||||
Rental | $ | 125,203 | $ | 116,868 | |||
Operating expense reimbursement | 38,610 | 37,413 | |||||
Development service fee income | 26,352 | 11,485 | |||||
Total operating revenue | 190,165 | 165,766 | |||||
OPERATING EXPENSE | |||||||
Rental property | 15,931 | 17,535 | |||||
Real estate taxes | 23,498 | 21,906 | |||||
General and administrative | 18,628 | 16,993 | |||||
Expensed pursuit costs | 324 | 32 | |||||
Systems implementation expense | 706 | — | |||||
Depreciation and amortization | 43,686 | 43,092 | |||||
Development service fee expense | 28,067 | 11,004 | |||||
Total operating expense | 130,840 | 110,562 | |||||
Operating income | 59,325 | 55,204 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest and other income | 2,486 | 1,862 | |||||
Interest expense | (22,750 | ) | (21,634 | ) | |||
Total other income (expense) | (20,264 | ) | (19,772 | ) | |||
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 39,061 | 35,432 | |||||
Gain on property dispositions | 4,121 | 807 | |||||
Income taxes | (554 | ) | (622 | ) | |||
Equity in earnings of unconsolidated joint ventures | 6,764 | 5,731 | |||||
Income from continuing operations | 49,392 | 41,348 | |||||
Discontinued operations (including net gain on property dispositions of $90.0 million for the three months ended March 31, 2018) | 94,333 | 2,896 | |||||
Net income | 143,725 | 44,244 | |||||
Noncontrolling interest – consolidated joint ventures | (87 | ) | (63 | ) | |||
Preferred unit distributions | (118 | ) | (118 | ) | |||
Net income available to common unitholders | $ | 143,520 | $ | 44,063 | |||
Net income | $ | 143,725 | $ | 44,244 | |||
Other comprehensive income - foreign currency translation | 7,932 | 3,177 | |||||
Other comprehensive income - derivative instruments | 385 | 313 | |||||
Other comprehensive income | 8,317 | 3,490 | |||||
Total comprehensive income | $ | 152,042 | $ | 47,734 | |||
Earnings per common unit | |||||||
Basic: | |||||||
Income from continuing operations | $ | 0.33 | $ | 0.27 | |||
Income from discontinued operations | 0.62 | 0.02 | |||||
Income per common unit - basic | $ | 0.95 | $ | 0.29 | |||
Diluted: | |||||||
Income from continuing operations | $ | 0.33 | $ | 0.27 | |||
Income from discontinued operations | 0.62 | 0.02 | |||||
Income per common unit - diluted | $ | 0.95 | $ | 0.29 | |||
Distributions per common unit | $ | 0.40 | $ | 0.40 | |||
Weighted average number of common units outstanding | |||||||
Basic | 150,580 | 150,000 | |||||
Diluted | 151,393 | 150,750 | |||||
Net income allocated to general partners | $ | 140,181 | $ | 43,032 | |||
Net income allocated to limited partners | $ | 3,457 | $ | 1,149 |
GENERAL PARTNER'S COMMON UNITS | LIMITED PARTNERS' COMMON UNITS | GENERAL PARTNER’S EQUITY | LIMITED PARTNERS’ EQUITY – COMMON UNITS | NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES | TOTAL OWNERS’ EQUITY | LIMITED PARTNERS' EQUITY - PREFERRED | |||||||||||||||||||
Balance at January 1, 2018 | 147,450,691 | 3,520,205 | $ | 3,087,358 | $ | 56,159 | $ | 4,849 | $ | 3,148,366 | $ | 7,537 | |||||||||||||
Contributions from partners | 322,450 | — | 8,683 | — | — | 8,683 | — | ||||||||||||||||||
Distributions to partners | — | — | (59,094 | ) | (1,506 | ) | (85 | ) | (60,685 | ) | (118 | ) | |||||||||||||
Other comprehensive income - foreign currency translation | — | — | 7,747 | 185 | — | 7,932 | — | ||||||||||||||||||
Other comprehensive income - derivative instruments | — | — | 376 | 9 | — | 385 | — | ||||||||||||||||||
Net income | — | — | 140,181 | 3,339 | 87 | 143,607 | 118 | ||||||||||||||||||
Balance at March 31, 2018 | 147,773,141 | 3,520,205 | $ | 3,185,251 | $ | 58,186 | $ | 4,851 | $ | 3,248,288 | $ | 7,537 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 143,725 | $ | 44,244 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 45,144 | 45,992 | |||||
Amortization of deferred financing costs | 967 | 937 | |||||
Expensed pursuit costs | 324 | 32 | |||||
Equity in earnings of unconsolidated joint ventures | (6,764 | ) | (5,731 | ) | |||
Gain on property dispositions | (94,170 | ) | (807 | ) | |||
Noncash compensation | 9,633 | 7,971 | |||||
Other | 2,206 | (844 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (706 | ) | 36 | ||||
Deferred rent receivable | (4,944 | ) | (5,566 | ) | |||
Prepaid expenses and other assets | 20,312 | 6,824 | |||||
Accounts payable | (9,003 | ) | (7,136 | ) | |||
Accrued interest | 13,059 | 12,972 | |||||
Other liabilities | (26,084 | ) | (14,444 | ) | |||
Net cash provided by operating activities | 93,699 | 84,480 | |||||
INVESTING ACTIVITIES | |||||||
Investment in properties – acquisitions | (95,027 | ) | — | ||||
Investment in properties – other | (3,603 | ) | (12,422 | ) | |||
Investments in and advances to unconsolidated joint ventures | (66,420 | ) | (13,278 | ) | |||
Distributions from unconsolidated joint ventures | 11,521 | 9,427 | |||||
Net proceeds from disposition of properties/land | 184,233 | 1,874 | |||||
Investment in development in progress | (51,932 | ) | (64,661 | ) | |||
Investment in land held for development | (18,234 | ) | (53,660 | ) | |||
Payment of deferred leasing costs | (2,183 | ) | (7,544 | ) | |||
Release of escrows and other | 126,745 | 9,016 | |||||
Net cash provided by (used in) investing activities | 85,100 | (131,248 | ) | ||||
FINANCING ACTIVITIES | |||||||
Repayments of mortgage loans | (1,714 | ) | (1,930 | ) | |||
Proceeds from credit facility | 312,993 | 159,000 | |||||
Repayments on credit facility | (414,757 | ) | (44,000 | ) | |||
Capital contributions | 3,267 | 852 | |||||
Distributions to partners/noncontrolling interests | (65,033 | ) | (76,434 | ) | |||
Net cash (used in) provided by financing activities | (165,244 | ) | 37,488 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 13,555 | (9,280 | ) | ||||
Increase in cash, cash equivalents and restricted cash related to foreign currency translation | 506 | 470 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 25,685 | 56,025 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 39,746 | $ | 47,215 |
Three months ended | |||
March 31, 2017 | |||
Net cash provided by operating activities (prior to adoption of ASU 2016-18) | $ | 86,382 | |
Impact of including restricted cash with cash and cash equivalents | (1,902 | ) | |
Net cash provided by operating activities (after adoption of ASU 2016-18) | $ | 84,480 |
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||
March 31, 2018 | March 31, 2017 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | Income (Numerator) | Weighted Average Shares (Denominator) | Per Share | ||||||||||||||||
Income from continuing operations net of noncontrolling interest - basic | $ | 48,043 | 147,060 | $ | 0.33 | $ | 40,204 | 146,471 | $ | 0.27 | |||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Income from continuing operations net of noncontrolling interest - diluted | $ | 48,043 | 147,873 | $ | 0.33 | $ | 40,204 | 147,221 | $ | 0.27 | |||||||||||
Discontinued operations net of noncontrolling interest - basic | $ | 92,138 | 147,060 | $ | 0.62 | $ | 2,828 | 146,471 | $ | 0.02 | |||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Discontinued operations net of noncontrolling interest - diluted | $ | 92,138 | 147,873 | $ | 0.62 | $ | 2,828 | 147,221 | $ | 0.02 | |||||||||||
Net income available to common shareholders - basic | $ | 140,181 | 147,060 | $ | 0.95 | $ | 43,032 | 146,471 | $ | 0.29 | |||||||||||
Dilutive shares for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Net income available to common shareholders - diluted | $ | 140,181 | 147,873 | $ | 0.95 | $ | 43,032 | 147,221 | $ | 0.29 | |||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||
March 31, 2018 | March 31, 2017 | ||||||||||||||||||||
Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | Income (Numerator) | Weighted Average Units (Denominator) | Per Unit | ||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 49,305 | $ | 41,285 | |||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (118 | ) | |||||||||||||||||
Income from continuing operations available to common unitholders - basic | $ | 49,187 | 150,580 | $ | 0.33 | $ | 41,167 | 150,000 | $ | 0.27 | |||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Income from continuing operations available to common unitholders - diluted | $ | 49,187 | 151,393 | $ | 0.33 | $ | 41,167 | 150,750 | $ | 0.27 | |||||||||||
Income from discontinued operations - basic | $ | 94,333 | 150,580 | $ | 0.62 | $ | 2,896 | 150,000 | $ | 0.02 | |||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Income from discontinued operations - diluted | $ | 94,333 | 151,393 | $ | 0.62 | $ | 2,896 | 150,750 | $ | 0.02 | |||||||||||
Income available to common unitholders - basic | $ | 143,520 | 150,580 | $ | 0.95 | $ | 44,063 | 150,000 | $ | 0.29 | |||||||||||
Dilutive units for long-term compensation plans | — | 813 | — | 750 | |||||||||||||||||
Income available to common unitholders - diluted | $ | 143,520 | 151,393 | $ | 0.95 | $ | 44,063 | 150,750 | $ | 0.29 | |||||||||||
As of and for the three months ended March 31, | ||||||||
2018 | 2017 | |||||||
Foreign Currency Translation: | ||||||||
Beginning balance | $ | (38,701 | ) | $ | (56,767 | ) | ||
Translation adjustment | 7,932 | 3,177 | ||||||
Ending balance | (30,769 | ) | (53,590 | ) | ||||
Derivative Instruments: | ||||||||
Beginning balance | 150 | (455 | ) | |||||
Unrealized gain | 369 | 127 | ||||||
Reclassification adjustment (1) | 16 | 186 | ||||||
Ending balance | 535 | (142 | ) | |||||
Total accumulated other comprehensive loss | (30,234 | ) | (53,732 | ) | ||||
Less: portion included in noncontrolling interest – operating partnership | 560 | 1,110 | ||||||
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity | $ | (29,674 | ) | $ | (52,622 | ) |
(1) | Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Three Months Ended March 31, 2018 | |||||||||||||
Number of Buildings | Acres of Developable Land | Leaseable Square Feet | Purchase Price (in thousands) | ||||||||||
United Kingdom | — | 7.1 | — | $ | 4,240 | ||||||||
Other: | |||||||||||||
Southern California | 1 | 0.8 | 400,169 | 92,700 | |||||||||
1 | 7.9 | 400,169 | $ | 96,940 |
Three Months Ended March 31, 2018 | |||||||||||||
Number of Buildings | Acres of Developable Land | Leaseable Square Feet | Gross Proceeds (in thousands) | ||||||||||
Carolinas/Richmond | 1 | 1.5 | 80,000 | $ | 7,094 | ||||||||
Chicago/Minneapolis | — | 8.3 | — | 2,714 | |||||||||
Southeastern PA | 23 | — | 1,420,515 | 183,808 | |||||||||
24 | 9.8 | 1,500,515 | $ | 193,616 |
• | Carolinas/Richmond; |
• | Chicago/Minneapolis; |
• | Florida; |
• | Houston; |
• | Lehigh/Central PA; |
• | Philadelphia; |
• | Southeastern PA; and |
• | United Kingdom. |
Three Months | ||||||||||
Ended March 31, | ||||||||||
2018 | 2017 | |||||||||
Operating revenue | ||||||||||
Carolinas/Richmond | $ | 19,793 | $ | 18,056 | ||||||
Chicago/Minneapolis | 16,517 | 15,875 | ||||||||
Florida | 15,408 | 14,248 | ||||||||
Houston | 15,862 | 14,774 | ||||||||
Lehigh/Central PA | 38,085 | 41,535 | ||||||||
Philadelphia | 12,345 | 11,436 | ||||||||
Southeastern PA | 10,182 | 14,615 | ||||||||
United Kingdom | 4,273 | 3,168 | ||||||||
Other | 39,623 | 30,372 | ||||||||
Segment-level operating revenue | 172,088 | 164,079 | ||||||||
Reconciliation to total operating revenues | ||||||||||
Development service fee income | 26,352 | 11,485 | ||||||||
Discontinued operations | (8,179 | ) | (9,600 | ) | ||||||
Other | (96 | ) | (198 | ) | ||||||
Total operating revenue | $ | 190,165 | $ | 165,766 | ||||||
SNOI | ||||||||||
Carolinas/Richmond | $ | 14,047 | $ | 12,982 | ||||||
Chicago/Minneapolis | 9,901 | 9,349 | ||||||||
Florida | 10,819 | 9,511 | ||||||||
Houston | 9,597 | 6,801 | ||||||||
Lehigh/Central PA | 27,767 | 29,578 | ||||||||
Philadelphia | 10,154 | 8,759 | ||||||||
Southeastern PA | 6,890 | 8,113 | ||||||||
United Kingdom | 2,429 | 1,858 | ||||||||
Other | 26,550 | 20,256 | ||||||||
SNOI | 118,154 | 107,207 | ||||||||
Reconciliation to income from continuing operations | ||||||||||
Interest expense (1) | (23,459 | ) | (22,343 | ) | ||||||
Depreciation/amortization expense (1) (2) | (33,408 | ) | (33,193 | ) | ||||||
Gain on property dispositions | 4,121 | 807 | ||||||||
Equity in earnings of unconsolidated joint ventures | 6,764 | 5,731 | ||||||||
General and administrative expense (1) (2) | (15,009 | ) | (12,222 | ) | ||||||
Expensed pursuit costs | (324 | ) | (32 | ) | ||||||
Systems implementation expense | (706 | ) | — | |||||||
Discontinued operations excluding gain on property dispositions | (4,284 | ) | (2,896 | ) | ||||||
Income taxes (2) | (12 | ) | (280 | ) | ||||||
Other | (2,445 | ) | (1,431 | ) | ||||||
Income from continuing operations | $ | 49,392 | $ | 41,348 |
(1) | Includes activity on discontinued operations. |
(2) | Excludes costs that are included in determining SNOI. |
March 31, 2018 | December 31, 2017 | ||||||
Carolinas/Richmond | $ | 521,272 | $ | 543,922 | |||
Chicago/Minnesota | 603,220 | 615,186 | |||||
Florida | 523,239 | 533,861 | |||||
Houston | 499,433 | 498,584 | |||||
Lehigh/Central PA | 1,203,574 | 1,210,746 | |||||
Philadelphia | 720,323 | 665,843 | |||||
Southeastern PA | 139,625 | 241,128 | |||||
United Kingdom | 239,605 | 251,824 | |||||
Other | 1,902,192 | 1,807,653 | |||||
Segment-level total assets | 6,352,483 | 6,368,747 | |||||
Corporate Other | 62,148 | 71,010 | |||||
Total assets | $ | 6,414,631 | $ | 6,439,757 |
Held for Sale as of March 31, 2018 | Sold during the three months ended March 31, 2018 | Sold during the year ended December 31, 2017 | Total | |||||||||
Properties included in discontinued operations | 5 | 23 | 2 | 30 | ||||||||
Properties included in continuing operations | 2 | 1 | 8 | 11 | ||||||||
Properties sold or classified as held for sale | 7 | 24 | 10 | 41 |
Three Months Ended | |||||||||
March 31, 2018 | March 31, 2017 | ||||||||
Revenues | $ | 8,179 | $ | 9,600 | |||||
Operating expenses | (1,972 | ) | (3,641 | ) | |||||
Depreciation and amortization | (1,219 | ) | (2,368 | ) | |||||
Interest and other income | 5 | 14 | |||||||
Interest expense | (709 | ) | (709 | ) | |||||
Income from discontinued operations before gain on property dispositions | 4,284 | 2,896 | |||||||
Gain on property dispositions | 90,049 | — | |||||||
Income from discontinued operations | 94,333 | 2,896 | |||||||
Noncontrolling interest - operating partnership | (2,195 | ) | (68 | ) | |||||
Income from discontinued operations available to common shareholders | $ | 92,138 | $ | 2,828 |
March 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Included in Continuing Operations | Included in Discontinued Operations | Total | Included in Continuing Operations | Included in Discontinued Operations | Total | ||||||||||||||||||
Land and land improvements | $ | 3,199 | $ | 20,404 | $ | 23,603 | $ | 3,476 | $ | 41,191 | $ | 44,667 | |||||||||||
Buildings and improvements | 80,738 | 141,416 | 222,154 | 80,738 | 248,514 | 329,252 | |||||||||||||||||
Development in progress | — | — | — | — | 45,035 | 45,035 | |||||||||||||||||
Land held for development | — | — | — | 863 | — | 863 | |||||||||||||||||
Accumulated depreciation | (11,760 | ) | (15,318 | ) | (27,078 | ) | (11,785 | ) | (105,786 | ) | (117,571 | ) | |||||||||||
Deferred financing and leasing costs, net | 2,210 | 6,964 | 9,174 | 2,210 | 10,280 | 12,490 | |||||||||||||||||
Other assets | 5,265 | 5,081 | 10,346 | 5,137 | 10,313 | 15,450 | |||||||||||||||||
Total assets held for sale | $ | 79,652 | $ | 158,547 | $ | 238,199 | $ | 80,639 | $ | 249,547 | $ | 330,186 | |||||||||||
Total liabilities held for sale | $ | 332 | $ | 1,517 | $ | 1,849 | $ | 1,153 | $ | 8,350 | $ | 9,503 |
ISSUE | AMOUNT | UNITS | LIQUIDATION PREFERENCE | DIVIDEND RATE | ||||||||
(in 000’s) | ||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % |
Mortgage Loans | Unsecured Notes | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
As of December 31, 2017 | $ | 267,093 | $ | 267,298 | $ | 2,283,513 | $ | 2,359,998 | ||||||||
As of March 31, 2018 | $ | 264,906 | $ | 264,076 | $ | 2,284,197 | $ | 2,296,375 |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Amount of gain related to the effective portion recognized in other comprehensive income (loss) | $ | 402 | $ | 138 | |||
Amount of loss related to the effective portion subsequently reclassified to interest expense | $ | (16 | ) | $ | (186 | ) | |
Amount of (loss) gain related to the ineffective portion recognized in interest expense | $ | (27 | ) | $ | 22 | ||
Year | Amount | |||
2018 (remaining) | $ | 1,431 | ||
2019 | 1,968 | |||
2020 | 1,963 | |||
2021 | 1,963 | |||
2022 | 1,917 | |||
2023 and thereafter | 33,776 | |||
Total | $ | 43,018 |
2018 | 2017 | ||||||
Write-off of fully depreciated/amortized property and deferred costs - properties included in continuing operations | $ | 6,903 | $ | 8,090 | |||
Write-off of fully depreciated/amortized property and deferred costs - properties included in discontinued operations | $ | 6 | $ | 4,190 | |||
Write-off of depreciated property and deferred costs due to sale - properties included in continuing operations | $ | 3,045 | $ | 2,506 | |||
Write-off of depreciated property and deferred costs due to sale - properties included in discontinued operations | $ | 96,936 | $ | — | |||
Changes in accrued development capital expenditures - properties included in continuing operations | $ | (153 | ) | $ | 5,048 | ||
Changes in accrued development capital expenditures - properties included in discontinued operations | $ | (1,889 | ) | $ | 2,373 | ||
Unrealized gain on cash flow hedge | $ | 385 | $ | 313 | |||
Capitalized equity-based compensation | $ | 185 | $ | 604 | |||
Redemption of noncontrolling interests - common units | $ | — | $ | 27 |
2018 | 2017 | ||||||
Cash and cash equivalents at beginning of period | $ | 11,882 | $ | 43,642 | |||
Restricted cash at beginning of period | 13,803 | 12,383 | |||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 25,685 | $ | 56,025 | |||
Cash and cash equivalents at end of period | $ | 30,380 | $ | 36,535 | |||
Restricted cash at end of period | 9,366 | 10,680 | |||||
Cash and cash equivalents and restricted cash at end of period | $ | 39,746 | $ | 47,215 |
Net Rent Per Square Foot(1) | GAAP Rent and Operating Expense Reimbursement Per Square Foot(2) | Total Square Feet Occupied | Percent Occupied | ||||||||||||||||||||||||
March 31 | March 31 | March 31 | March 31 | ||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Wholly Owned Properties in Operation: | |||||||||||||||||||||||||||
Industrial | $ | 5.11 | $ | 4.93 | $ | 6.96 | $ | 6.69 | 81,006 | 78,154 | 97.1 | % | 96.7 | % | |||||||||||||
Office | $ | 20.51 | $ | 19.37 | $ | 27.35 | $ | 28.18 | 3,222 | 3,717 | 97.2 | % | 85.0 | % | |||||||||||||
$ | 5.70 | $ | 5.59 | $ | 7.74 | $ | 7.67 | 84,228 | 81,871 | 97.1 | % | 96.1 | % | ||||||||||||||
JV Properties in Operation: (3) | |||||||||||||||||||||||||||
Industrial | $ | 4.50 | $ | 4.40 | $ | 6.26 | $ | 6.09 | 10,343 | 10,424 | 93.9 | % | 95.9 | % | |||||||||||||
Office | $ | 33.04 | $ | 32.64 | $ | 52.27 | $ | 44.90 | 3,344 | 2,091 | 94.7 | % | 95.3 | % | |||||||||||||
$ | 11.47 | $ | 9.12 | $ | 17.50 | $ | 12.58 | 13,687 | 12,515 | 94.1 | % | 95.8 | % | ||||||||||||||
Properties in Operation: | |||||||||||||||||||||||||||
Industrial | $ | 5.04 | $ | 4.87 | $ | 6.88 | $ | 6.62 | 91,349 | 88,578 | 96.7 | % | 96.6 | % | |||||||||||||
Office | $ | 26.89 | $ | 24.14 | $ | 40.04 | $ | 34.20 | 6,566 | 5,808 | 95.9 | % | 88.4 | % | |||||||||||||
$ | 6.50 | $ | 6.05 | $ | 9.11 | $ | 8.32 | 97,915 | 94,386 | 96.7 | % | 96.1 | % |
Total Square Feet | |||||||||||
Wholly Owned Properties in Operation | JV Properties in Operation | Properties in Operation | |||||||||
Vacancy Activity | |||||||||||
Vacancy at January 1, 2018 | 2,602,056 | 501,544 | 3,103,600 | ||||||||
Completed development vacant space | 518,711 | 249,784 | 768,495 | ||||||||
Disposition vacant space | (147,596 | ) | — | (147,596 | ) | ||||||
Expirations | 4,570,965 | 1,186,770 | 5,757,735 | ||||||||
Property structural changes/other | 2,280 | 4,557 | 6,837 | ||||||||
Leasing activity | (5,044,029 | ) | (1,079,312 | ) | (6,123,341 | ) | |||||
Vacancy at March 31, 2018 | 2,502,387 | 863,343 | 3,365,730 | ||||||||
Capital expenditures - turnover costs per square foot (1) | $ | 2.15 | $ | 1.72 | $ | 2.07 |
Three Months Ended | Percentage Increase (Decrease) | ||||||||||
March 31 | |||||||||||
2018 | 2017 | ||||||||||
Carolinas/Richmond | $ | 14,047 | $ | 12,982 | 8.2 | % | (1) | ||||
Chicago/Minneapolis | 9,901 | 9,349 | 5.9 | % | (2) | ||||||
Florida | 10,819 | 9,511 | 13.8 | % | (1) | ||||||
Houston | 9,597 | 6,801 | 41.1 | % | (3) | ||||||
Lehigh/Central PA | 27,767 | 29,578 | (6.1 | %) | (4) | ||||||
Philadelphia | 10,154 | 8,759 | 15.9 | % | (5) | ||||||
Southeastern PA | 6,890 | 8,113 | (15.1 | %) | (4) | ||||||
United Kingdom | 2,429 | 1,858 | 30.7 | % | (6) | ||||||
Other | 26,550 | 20,256 | 31.1 | % | (1) | ||||||
Total SNOI | $ | 118,154 | $ | 107,207 | 10.2 | % |
(1) | The increase was primarily due to an increase in rental rates and average gross investment in operating real estate. |
(2) | The increase was primarily due to an increase in occupancy. |
(3) | The increase was primarily due to an increase in occupancy and a decrease in operating expenses which relate directly to the management and operation of the assets. |
(4) | The decrease was primarily due to a decrease in average gross investment in operating real estate. |
(5) | The increase was primarily due to an increase in occupancy and average gross investment in operating real estate. |
(6) | The increase was primarily due to an increase in rental rates, average gross investment in operating real estate and in the foreign exchange rate. |
Three Months Ended | ||||||||
March 31 | ||||||||
2018 | 2017 | |||||||
Average occupancy % | 97.3 | % | 96.7 | % | ||||
Average rental rate - cash basis (1) | $ | 5.11 | $ | 4.83 | ||||
Average rental rate - GAAP rent and operating expense reimbursement (2) | $ | 6.79 | $ | 6.53 |
(1) | Represents the average cash rent per square foot for the three months ended March 31, 2018 or 2017 for tenants in occupancy in the Industrial Same Store properties. Cash basis rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant was within a free rent period its rent would equal zero for purposes of this metric. |
(2) | Represents the average GAAP rent including operating expense recoveries per square foot for the three months ended March 31, 2018 or 2017 for tenants in occupancy in the Industrial Same Store properties. |
Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
Reconciliation of non-GAAP financial measure – Industrial Same Store: | |||||||
Net income | $ | 143,725 | $ | 44,244 | |||
Discontinued operations | (94,333 | ) | (2,896 | ) | |||
Equity in earnings of unconsolidated joint ventures | (6,764 | ) | (5,731 | ) | |||
Income taxes | 554 | 622 | |||||
Gain on property dispositions | (4,121 | ) | (807 | ) | |||
Interest expense | 22,750 | 21,634 | |||||
Interest and other income | (2,486 | ) | (1,862 | ) | |||
Development service fee expense | 28,067 | 11,004 | |||||
Depreciation and amortization expense | 43,686 | 43,092 | |||||
Systems implementation expense | 706 | — | |||||
Expensed pursuit costs | 324 | 32 | |||||
General and administrative expense | 18,628 | 16,993 | |||||
Development service fee income | (26,352 | ) | (11,485 | ) | |||
Termination fees | (1,506 | ) | (1,016 | ) | |||
Non-same store properties NOI | (22,596 | ) | (18,314 | ) | |||
Industrial Same store property level operating income | 100,282 | 95,510 | |||||
Straight line rent adjustment | (2,493 | ) | (4,144 | ) | |||
Industrial Same store cash basis property level operating income | $ | 97,789 | $ | 91,366 | |||
Industrial Same Store: | |||||||
Rental revenue | $ | 100,130 | $ | 96,072 | |||
Operating expenses: | |||||||
Rental property expense | 12,773 | 13,029 | |||||
Real estate taxes | 18,407 | 17,803 | |||||
Operating expense recovery | (31,332 | ) | (30,270 | ) | |||
Unrecovered operating expenses | (152 | ) | 562 | ||||
Industrial Same Store property level operating income | 100,282 | 95,510 | |||||
Less straight line rent adjustment | 2,493 | 4,144 | |||||
Industrial Same Store cash basis property level operating income | $ | 97,789 | $ | 91,366 |
For the Three Months Ended | |||||||||
March 31, 2018 | March 31, 2017 | ||||||||
Revenues | $ | 8,179 | $ | 9,600 | |||||
Operating expenses | (1,972 | ) | (3,641 | ) | |||||
Depreciation and amortization | (1,219 | ) | (2,368 | ) | |||||
Interest and other income | 5 | 14 | |||||||
Interest expense | (709 | ) | (709 | ) | |||||
Income from discontinued operations before gain on property dispositions | 4,284 | 2,896 | |||||||
Gain on property dispositions | 90,049 | — | |||||||
Income from discontinued operations | $ | 94,333 | $ | 2,896 |
Weighted | |||||||||||||||||||||||
Mortgages | Average | ||||||||||||||||||||||
Principal | Principal | Unsecured | Credit | Interest | |||||||||||||||||||
Amortization | Maturities | Notes | Facilities | Total | Rate | ||||||||||||||||||
2018 (remaining) | $ | 4,852 | $ | 26,995 | $ | — | $ | — | $ | 31,847 | 3.1 | % | |||||||||||
2019 | 6,504 | 50,043 | — | — | 56,547 | 4.0 | % | ||||||||||||||||
2020 | 3,539 | 67,361 | 350,000 | — | 420,900 | 4.7 | % | ||||||||||||||||
2021 | 2,504 | 65,009 | — | 257,175 | 324,688 | 2.9 | % | ||||||||||||||||
2022 | 2,172 | — | 400,000 | — | 402,172 | 4.1 | % | ||||||||||||||||
2023 | 2,281 | — | 300,000 | — | 302,281 | 3.4 | % | ||||||||||||||||
2024 | 2,395 | — | 450,000 | — | 452,395 | 4.4 | % | ||||||||||||||||
2025 | 2,503 | — | 400,000 | — | 402,503 | 3.8 | % | ||||||||||||||||
2026 | 2,494 | 1,946 | 400,000 | — | 404,440 | 3.3 | % | ||||||||||||||||
2027 and thereafter | 19,800 | — | — | — | 19,800 | 4.8 | % | ||||||||||||||||
Subtotal | 49,044 | 211,354 | 2,300,000 | 257,175 | 2,817,573 | 3.8 | % | ||||||||||||||||
Reconciling items (1) | 4,508 | — | (15,803 | ) | — | (11,295 | ) | ||||||||||||||||
Total for consolidated balance sheet | $ | 53,552 | $ | 211,354 | $ | 2,284,197 | $ | 257,175 | $ | 2,806,278 |
(1) | Includes deferred financing costs, premium/discount and market adjustments. |
Three Months Ended | ||||||||
March 31, 2018 | March 31, 2017 | |||||||
Reconciliation of net income available to common shareholders to NAREIT FFO available to common shareholders: | ||||||||
Net income available to common shareholders | $ | 140,181 | $ | 43,032 | ||||
Adjustments: | ||||||||
Depreciation and amortization of unconsolidated joint ventures | 3,202 | 2,325 | ||||||
Depreciation and amortization | 44,490 | 45,078 | ||||||
Gain on property dispositions / impairment - depreciable real estate assets continuing operations | (2,596 | ) | (807 | ) | ||||
Gain on property dispositions / impairment - depreciable real estate assets discontinued operations | (90,049 | ) | — | |||||
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment - depreciable real estate assets | 1,046 | (1,090 | ) | |||||
NAREIT Funds from operations available to common shareholders – basic | $ | 96,274 | $ | 88,538 | ||||
Noncontrolling interest share in addback for depreciation and amortization and gain on property dispositions / impairment charges - real estate assets | (1,046 | ) | 1,090 | |||||
Noncontrolling interest less preferred share distributions | 3,339 | 1,031 | ||||||
NAREIT Funds from operations available to common shareholders – diluted | $ | 98,567 | $ | 90,659 | ||||
Basic NAREIT Funds from operations available to common shareholders per weighted average share | $ | 0.65 | $ | 0.60 | ||||
Diluted NAREIT Funds from operations available to common shareholders per weighted average share | $ | 0.65 | $ | 0.60 | ||||
Reconciliation of weighted average shares: | ||||||||
Weighted average common shares | 147,060 | 146,471 | ||||||
Dilutive shares for long term compensation plans | 813 | 750 | ||||||
Diluted shares for net income | 147,873 | 147,221 | ||||||
Weighted average common units | 3,520 | 3,529 | ||||||
Diluted shares for NAREIT Funds from operations | 151,393 | 150,750 |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
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* | ||
31.1* | ||
31.2* | ||
31.3* | ||
31.4* | ||
32.1** | ||
32.2** | ||
32.3** | ||
32.4** | ||
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 | May 2, 2018 | |
William P. Hankowsky | Date | |
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer) | ||
/s/ CHRISTOPHER J. PAPA | May 2, 2018 | |
Christopher J. Papa | Date | |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
BY: | Liberty Property Trust | ||
General Partner | |||
/s/ WILLIAM P. HANKOWSKY | May 2, 2018 | ||
William P. Hankowsky | Date | ||
Chairman of the Board of Trustees, President and Chief Executive Officer (Principal Executive Officer) | |||
/s/ CHRISTOPHER J. PAPA | May 2, 2018 | ||
Christopher J. Papa | Date | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
EXHIBIT NO. | ||
12.1 | ||
31.1 | ||
31.2 | ||
31.3 | ||
31.4 | ||
32.1 | ||
32.2 | ||
32.3 | ||
32.4 | ||
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) | ||||||
Three Months Ended March 31, 2018 | ||||||
Earnings before fixed charges: | ||||||
Income from operations before income taxes and equity in earnings of unconsolidated joint ventures and after distribution of earnings from unconsolidated joint ventures | $ | 54,149 | ||||
Add: | Interest expense | 21,812 | ||||
Depreciation expense on capitalized interest | 543 | |||||
Amortization of deferred financing costs | 938 | |||||
Earnings before fixed charges | $ | 77,442 | ||||
Fixed charges: | ||||||
Interest expense | $ | 21,812 | ||||
Amortization of deferred financing costs | 938 | |||||
Capitalized interest | 5,727 | |||||
Fixed charges | 28,477 | |||||
Preferred unit distributions | 118 | |||||
Combined fixed charges | $ | 28,595 | ||||
Ratio of earnings to fixed charges | 2.72 | |||||
Ratio of earnings to combined fixed charges | 2.71 |
Date: | May 2, 2018 | By: /s/ WILLIAM P. HANKOWSKY |
William P. Hankowsky | ||
Chairman, President and Chief Executive Officer |
Date: | May 2, 2018 | By: /s/ CHRISTOPHER J. PAPA |
Christopher J. Papa | ||
Executive Vice President and Chief Financial Officer |
Date: | May 2, 2018 | 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: | May 2, 2018 | By: /s/ CHRISTOPHER J. PAPA |
Christopher J. Papa | ||
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: | May 2, 2018 |
/s/ CHRISTOPHER J. PAPA | |
Christopher J. Papa | |
Executive Vice President and Chief Financial Officer | |
Date: | May 2, 2018 |
/s/ WILLIAM P. HANKOWSKY | |
William P. Hankowsky | |
Chairman, President and Chief Executive Officer of Liberty Property Trust, the Company’s sole general partner | |
Date: | May 2, 2018 |
/s/ CHRISTOPHER J. PAPA | |
Christopher J. Papa | |
Executive Vice President and Chief Financial Officer of Liberty Property Trust, the Company’s sole general partner | |
Date: | May 2, 2018 |
Document and Entity Information Document - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 30, 2018 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY TRUST | |
Entity Central Index Key | 0000921112 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 147,787,823 | |
Liberty Property Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 0000921113 |
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Gain on property dispositions in discontinued operations | $ (90,049) | $ 0 |
Liberty Property Limited Partnership [Member] | ||
Gain on property dispositions in discontinued operations | $ (90,049) | $ 0 |
Consolidated Statement of Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Accumulated Distributions in Excess of Net Income [Member] |
Parent [Member] |
Noncontrolling interest operating partnership Common [Member] |
Noncontrolling interest-consolidated joint ventures [Member] |
Liberty Property Limited Partnership [Member] |
Liberty Property Limited Partnership [Member]
General Partner [Member]
|
Liberty Property Limited Partnership [Member]
Limited Partner [Member]
|
Liberty Property Limited Partnership [Member]
Noncontrolling interest-consolidated joint ventures [Member]
|
Common shares [Member] |
Common Units [Member]
Liberty Property Limited Partnership [Member]
General Partner [Member]
|
Common Units [Member]
Liberty Property Limited Partnership [Member]
Limited Partner [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Other comprehensive income - foreign currency translation activity | $ 3,177 | $ 3,177 | |||||||||||||
Other comprehensive income - derivative instruments activity | $ 313 | $ 313 | |||||||||||||
Common shares outstanding - Beginning Balance (shares) at Dec. 31, 2017 | 147,450,691 | 147,450,691 | 147,450,691 | ||||||||||||
Beginning Balance at Dec. 31, 2017 | $ 3,148,366 | $ 147 | $ 3,674,978 | $ (37,797) | $ (549,970) | $ 3,087,358 | $ 56,159 | $ 4,849 | $ 3,148,366 | $ 3,087,358 | $ 56,159 | $ 4,849 | |||
General Partner's units outstanding - Beginning Balance (units) at Dec. 31, 2017 | 147,450,691 | ||||||||||||||
Limited Partners' units outstanding - Beginning Balance (units) at Dec. 31, 2017 | 3,520,205 | 3,520,205 | 3,520,205 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net proceeds from the issuance of common shares | $ 3,267 | 1 | 3,266 | 3,267 | |||||||||||
Net proceeds from issuance of common shares (shares) | 322,450 | ||||||||||||||
Net income | 143,607 | 140,181 | 140,181 | 3,339 | 87 | $ 143,607 | 140,181 | 3,339 | 87 | ||||||
Contributions from partners | 8,683 | 8,683 | |||||||||||||
Contributions from partners (units) | 322,450 | ||||||||||||||
Distributions | (60,685) | (59,094) | (59,094) | (1,506) | (85) | ||||||||||
Distributions to partners | (60,685) | (59,094) | (1,506) | (85) | |||||||||||
Share-based compensation | 5,416 | 5,416 | 5,416 | ||||||||||||
Other comprehensive income - foreign currency translation activity | 7,932 | 7,747 | 7,747 | 185 | 7,932 | 7,747 | 185 | ||||||||
Other comprehensive income - derivative instruments activity | $ 385 | 376 | 376 | 9 | $ 385 | 376 | 9 | ||||||||
Common shares outstanding - Ending Balance (shares) at Mar. 31, 2018 | 147,773,141 | 147,773,141 | 147,773,141 | ||||||||||||
General Partner's units outstanding - Ending Balance (units) at Mar. 31, 2018 | 147,773,141 | ||||||||||||||
Limited Partners' units outstanding - Ending Balance (units) at Mar. 31, 2018 | 3,520,205 | 3,520,205 | 3,520,205 | ||||||||||||
Ending Balance at Mar. 31, 2018 | $ 3,248,288 | $ 148 | $ 3,683,660 | $ (29,674) | $ (468,883) | $ 3,185,251 | $ 58,186 | $ 4,851 | $ 3,248,288 | $ 3,185,251 | $ 58,186 | $ 4,851 | |||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Beginning Balance at Dec. 31, 2017 | 7,537 | 7,537 | |||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (Mezzanine) | 118 | 118 | |||||||||||||
Distributions (Mezzanine) | (118) | (118) | |||||||||||||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Ending Balance at Mar. 31, 2018 | $ 7,537 | $ 7,537 |
Organization and Basis of Presentation |
3 Months Ended | ||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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 97.7% of the common equity of the Operating Partnership at March 31, 2018. The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in 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. The Operating Partnership is a variable interest entity (“VIE”) of the Trust as the limited partners do not have substantive kick-out or participating rights. The Trust is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 97.7% of the net income of the Operating Partnership. The Trust has no significant assets or liabilities other than its investment in the Operating Partnership. As the Operating Partnership is already consolidated in the balance sheets of the Trust, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Trust. In addition, the Company holds a 20% interest in Liberty/Comcast 1701 JFK Boulevard, LP which was determined to be a VIE. The Company determined that it is not the primary beneficiary as the Company and its third party partner share control of the joint venture. The Company's maximum exposure to loss is equal to its equity investment in the joint venture which was $77.1 million and $17.3 million as of March 31, 2018 and December 31, 2017, respectively. See Note 12 for further discussion of Liberty/Comcast 1701 JFK Boulevard, LP. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. 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 U.S. 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, 2017. 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. Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; ASU 2017-05, Gains and losses from the derecognition of nonfinancial assets (Topic 610-20), and ASU 2017-13, Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (collectively, the “New Revenue Standards”). The New Revenue Standards provide a unified model to determine how revenue is recognized. In accordance with the New Revenue Standards, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. The Company evaluated each of its revenue streams: lease agreement revenue, development service fee revenue, deferred land sale revenue and gain or loss on sale of nonfinancial assets and adopted the New Revenue Standards effective January 1, 2018 using the modified retrospective approach. The Company concluded that there are no revenue streams from its lease agreements that are covered by the New Revenue Standards with the possible exception of non-lease components as further discussed below. The New Revenue Standards did not have an impact on the amount and timing of recognizing the Company's development service fee income. The Company recognizes development service fee income on a variable basis as a percentage of costs incurred on third party development contracts. Property development services, which are a single performance obligation, continue to be satisfied and recognized over time. The Company measures its progress toward completing the performance obligation under each arrangement. The measurement of the transfer of value to the customer for these services utilizes the input method (actual costs incurred against anticipated project costs) since this method best depicts the actual transfer of value promised to the customer. The total amount of consideration to be received from these projects is assessed on a quarterly basis. Based on existing contracts, completion is anticipated by the end of 2018. The Company recognizes revenues from improving land sites and selling the underlying land on behalf of its development partner to home builders in the United Kingdom. These agreements contain a pre-emption clause and a seller's call option. The Company recognizes revenue as the pre-emption period or seller's call option lapses utilizing the output method. There was no revenue recognized for such contracts during the three months ended March 31, 2018 or March 31, 2017. The New Revenue Standards did not have an impact on the gain or loss of sale of nonfinancial assets. The New Revenue Standards require the Company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in-substance nonfinancial asset. Additionally, when the Company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the Company is required to measure any noncontrolling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. See Notes 5 and 7 for further discussion of sales of nonfinancial assets during the three months ended March 31, 2018. Estimated gross revenue related to the remaining performance obligations under existing contracts (before allocation of related costs and expenses) as of March 31, 2018 that will be recognized as revenue in future periods was approximately $85.9 million, which is expected to be recognized substantially in 2018 and the remainder through 2020. The Company adopted the practical expedient to assess the recognition of revenue for open contracts during the transition period. There was no adjustment to the opening balance of retained earnings recorded at January 1, 2018. Development Fee Contracts From time to time, the Company enters into contracts to develop properties on a fee basis for joint ventures in which the Company holds an interest or for unrelated third parties. In these cases the Company typically agrees to be responsible for all aspects of the development of the project (and, in certain instances, related infrastructure) and to guarantee the timely lien-free completion of construction of the project and the payment, subject to certain exceptions, of cost overruns incurred in the development of the project. If the Company encounters construction delays or unexpected costs in the development of these projects or is otherwise unable to recover the costs it incurs, the resulting unrecovered costs and potential payments to customers could generate losses that would adversely affect the Company's cash flow and net income. On a quarterly basis, the Company applies reasonable estimates and judgments to assess whether or not it is necessary to accrue any estimated future losses with respect to such contracts. The Company recognized an aggregate net loss of $1.7 million on these contracts during the three months ended March 31, 2018 and an aggregate net profit of $481,000 during the three months ended March 31, 2017. Should external or internal circumstances change requiring the Company to adjust the estimated future cash flows from these development contracts or in a manner that indicates that such development contracts may result in a loss, the Company could be required to record additional losses in the future. See Note 12 where certain fee development matters relating specifically to the Comcast Technology Center are discussed in further detail. Systems Implementation Expense The Company is incurring costs associated with its efforts to implement new financial and operating systems in certain cloud computing arrangements. The Company evaluated the arrangements in accordance with ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” and concluded that such arrangements are service contracts under the standard. Accordingly, the Company expenses substantially all costs as incurred. Certain costs that relate to the software service agreements received over time are set up as prepaid and expensed over the applicable service period. These costs include license costs incurred during the implementation period as well as consulting, personnel and other direct costs related to the implementation. The Company incurred $706,000 of systems implementation expense for the three months ended March 31, 2018. There were no such costs for the three months ended March 31, 2017. Expensed Pursuit Costs The Company capitalizes pre-development and pre-acquisition costs incurred in pursuit of new development, land or operating property opportunities for which the Company currently believes future development or asset acquisition is probable. Future development and the consummation of acquisitions is dependent upon various factors, including, as appropriate, due diligence, zoning and regulatory approval, rental market conditions and construction costs. Initial pre-development and pre-acquisition costs incurred on future development, land or operating property acquisitions that is not considered probable are expensed as incurred. In addition, if the status of a future development, land or operating property acquisitions by the Company is no longer probable, any capitalized pre-development or pre-acquisition costs are written off. The Company expensed costs related to pursuit costs of $324,000 and $32,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. In the third quarter of 2017, the Company began to separately classify expensed pursuit costs in the Consolidated Statements of Comprehensive Income. These costs, which were reclassified retrospectively for all periods, were formerly classified as general and administrative expense. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Revenue related to the lease component of the contract will be recognized on a straight-line basis, while revenue related to the non-lease component will be recognized under the provisions of the New Revenue Standards. For lease agreements longer than one year in which the Company is the lessee, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet. In addition, the new standard states that only direct leasing costs may be capitalized. The Company has assembled a project team that is working to analyze and evaluate the impact of the guidance on its consolidated financial statements. The team is monitoring activity with respect to possible amendments to ASU 2016-02, particularly the amendment that provides a practical expedient to lessors by removing the requirement to separate lease and non-lease components. The Company expects to adopt the new lease standard on January 1, 2019. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 became effective for the Company beginning January 1, 2018. The standard requires retrospective application. The adoption of the ASU 2016-15 did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”) , which requires that restricted cash and cash equivalents be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. The Company adopted ASU 2016-18 as of December 31, 2017. The impact of the implementation of ASU 2016-18 was as follows:
In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2017-05 is designed to provide guidance on how to recognize gain and losses on sales, including partial sale, of nonfinancial assets to noncustomers. The Company adopted ASU 2017-05 effective January 1, 2018 on a modified retrospective method and the adoption did not have an effect on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 became effective for the Company beginning January 1, 2018. The new guidance will be applied prospectively to awards modified on or after the adoption date. The adoption of the ASU 2017-09 did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is designed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for the Company beginning January 1, 2019. Early adoption is permitted using a modified retrospective transition method. This adoption method will require the Company to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company is evaluating the impact ASU 2017-12 will have on the Company's financial position and results of operations. |
Income per Common Share of the Trust |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three months ended March 31, 2018 as compared to 188,000 for the same period in 2017. During the three months ended March 31, 2018, 89,000 common shares were issued upon the exercise of options. During the year ended December 31, 2017, 193,000 common shares were issued upon the exercise of options. Share Repurchase The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three months ended March 31, 2018. |
Income per Common Unit of the Operating Partnership |
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Earnings Per Unit, Basic and Diluted [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. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three months ended March 31, 2018 as compared to 188,000 for the same period in 2017. During the three months ended March 31, 2018, 89,000 common shares were issued upon the exercise of options. During the year ended December 31, 2017, 193,000 common shares were issued upon the exercise of options. Share Repurchase The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three months ended March 31, 2018. |
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Liberty Property Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit, Basic and Diluted [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. There were no anti-dilutive options excluded from the computation of diluted income per common unit for the three months ended March 31, 2018 as compared to 188,000 for the same period in 2017. During the three months ended March 31, 2018, 89,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2017, 193,000 common units were issued upon the exercise of options. Unit Repurchase The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three months ended March 31, 2018. |
Accumulated Other Comprehensive Income |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands):
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Real Estate |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Real Estate Information on the Operating Properties and land parcels the Company acquired during the three months ended March 31, 2018 is as follows:
Information on the Operating Properties and land parcels the Company sold or conveyed during the three months ended March 31, 2018 is as follows:
7: Impairment or Disposal of Long-Lived Assets In 2017, the Company initiated a strategic shift whereby it plans to divest of its remaining suburban office properties. The Company determined that the strategic shift would have a major effect on its operations and financial results. As such, properties sold or those that meet the criteria to be classified as held for sale within the new corporate strategy were classified within discontinued operations. Consistent with the held for sale criteria these properties are expected to be sold within one year. As the result of the classification within discontinued operations, the in-service assets and liabilities of this portfolio are required to be presented as held for sale for all prior periods presented in our Consolidated Balance Sheets. Operating results pertaining to these properties were reclassified to discontinued operations for all prior periods presented in our Consolidated Statements of Comprehensive Income. The following table illustrates the number of sold or held for sale properties included in, or excluded from, discontinued operations in this report:
The five properties held for sale in discontinued operations as of March 31, 2018 were located in the Company's Arizona reportable segment. The 23 properties in discontinued operations that were sold during the three months ended March 31, 2018 were located in the Company's Southeastern PA reportable segment. A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):
Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale to the sum of total net assets plus consolidated debt. Capital expenditures on a cash basis for the three months ended March 31, 2018 and 2017 were $274,000 and $7.3 million, respectively, related to properties within discontinued operations. Assets Held for Sale As of March 31, 2018, seven properties were classified as held for sale, of which five properties met the criteria to be classified within discontinued operations and two Operating Properties were classified within continuing operations. The following table illustrates aggregate balance sheet information for all held for sale properties (in thousands):
Impairment Charges - Real Estate Assets The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. There were no impairment charges recognized during the three months ended March 31, 2018 or March 31, 2017. The Company has applied reasonable estimates and judgments in evaluating each of its properties and land held for development and has determined that there were no valuation adjustments necessary at March 31, 2018. Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record impairment charges in the future. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. At March 31, 2018, the Company's reportable segments were based on the Company's method of internal reporting and were as follows:
Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; Cincinnati/Columbus/Indianapolis; Dallas; DC Metro; New Jersey; and Southern California. The Company evaluates the performance of its reportable segments based on segment net operating income (“SNOI”). SNOI is defined as net operating income (rental revenue and operating expense reimbursements less rental property and real estate tax expenses) less amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment. The Company's accounting policies for the segments are the same as those used in the Company's consolidated financial statements. There are no material inter-segment transactions. The operating information by reportable segment is as follows (in thousands):
The Company's total assets by reportable segment as of March 31, 2018 and December 31, 2017 is as follows (in thousands):
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Impairment and Disposal of Long-Lived Assets |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Real Estate Information on the Operating Properties and land parcels the Company acquired during the three months ended March 31, 2018 is as follows:
Information on the Operating Properties and land parcels the Company sold or conveyed during the three months ended March 31, 2018 is as follows:
7: Impairment or Disposal of Long-Lived Assets In 2017, the Company initiated a strategic shift whereby it plans to divest of its remaining suburban office properties. The Company determined that the strategic shift would have a major effect on its operations and financial results. As such, properties sold or those that meet the criteria to be classified as held for sale within the new corporate strategy were classified within discontinued operations. Consistent with the held for sale criteria these properties are expected to be sold within one year. As the result of the classification within discontinued operations, the in-service assets and liabilities of this portfolio are required to be presented as held for sale for all prior periods presented in our Consolidated Balance Sheets. Operating results pertaining to these properties were reclassified to discontinued operations for all prior periods presented in our Consolidated Statements of Comprehensive Income. The following table illustrates the number of sold or held for sale properties included in, or excluded from, discontinued operations in this report:
The five properties held for sale in discontinued operations as of March 31, 2018 were located in the Company's Arizona reportable segment. The 23 properties in discontinued operations that were sold during the three months ended March 31, 2018 were located in the Company's Southeastern PA reportable segment. A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):
Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale to the sum of total net assets plus consolidated debt. Capital expenditures on a cash basis for the three months ended March 31, 2018 and 2017 were $274,000 and $7.3 million, respectively, related to properties within discontinued operations. Assets Held for Sale As of March 31, 2018, seven properties were classified as held for sale, of which five properties met the criteria to be classified within discontinued operations and two Operating Properties were classified within continuing operations. The following table illustrates aggregate balance sheet information for all held for sale properties (in thousands):
Impairment Charges - Real Estate Assets The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. There were no impairment charges recognized during the three months ended March 31, 2018 or March 31, 2017. The Company has applied reasonable estimates and judgments in evaluating each of its properties and land held for development and has determined that there were no valuation adjustments necessary at March 31, 2018. Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record impairment charges in the future. |
Noncontrolling Interests of the Trust |
3 Months Ended |
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Mar. 31, 2018 | |
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 of the Operating Partnership not held by the Trust outstanding as of March 31, 2018 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership 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 3.5 million outstanding common units based on the closing price of the common shares of the Trust at March 31, 2018 was $139.9 million. |
Limited Partners' Equity of the Operating Partnership |
3 Months Ended |
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Mar. 31, 2018 | |
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 of the Operating Partnership not held by the Trust outstanding as of March 31, 2018 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership 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 3.5 million outstanding common units based on the closing price of the common shares of the Trust at March 31, 2018 was $139.9 million. |
Liberty Property Limited Partnership [Member] | |
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 The common units outstanding have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units as of March 31, 2018 not held by the Trust are the limited partners' equity - common units held by persons and entities other than the Trust. 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 3.5 million outstanding common units at March 31, 2018 based on the closing price of the common shares of the Trust at March 31, 2018 was $139.9 million. |
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units |
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Stockholders' Equity Note Disclosure [Text Block] | Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units As of March 31, 2018, the Company had outstanding the following cumulative preferred units of the Operating Partnership:
The preferred units are putable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash. |
Disclosure of Fair Value of Financial Instruments |
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Debt Instrument, Fair Value Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820, Fair Value Measurements and Disclosures, provides guidance on the fair value measurement of a financial asset or liability. Inputs used to develop fair value are classified in one of three categories: Level 1 inputs (quoted prices (unadjusted) in active markets for identical assets or liabilities), Level 2 inputs (inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly) and Level 3 inputs (unobservable inputs for the asset or liability). The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at March 31, 2018 and December 31, 2017. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the outstanding amounts under the Company's credit facilities is a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. See Note 13 - Derivative Instruments. The Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2018 and December 31, 2017. This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions. The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2017 and March 31, 2018 (in thousands):
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Unconsolidated Joint Ventures |
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Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Joint Ventures Liberty Property 18th & Arch LP and Liberty Property 18th & Arch Hotel, LP On June 30, 2014, the Company entered into two joint ventures for the purpose of developing and owning the Comcast Technology Center (the “Project”) located in Philadelphia, Pennsylvania as part of a mixed-use development. The 60-story building will include 1.3 million square feet of leasable office space (the “Office”) and a 217-room Four Seasons Hotel (the “Hotel”) (collectively, “Liberty Property 18th and Arch”). Project costs for the development of the Project, exclusive of tenant-funded interior improvements, are anticipated to be approximately $955.3 million. The Company's investment in the Project is expected to be approximately $191.1 million with 20% ownership interests in both joint ventures. As of March 31, 2018, the Company's investment in these joint ventures was $179.2 million and is reflected in investments in and advances to unconsolidated joint ventures in the Company's consolidated balance sheet. These joint ventures are part of the Company's Philadelphia reportable segment. During the three months ended March 31, 2018, the joint ventures for Liberty Property 18th & Arch brought into service 250,000 square feet of office space representing a Total Investment of $138.3 million. The 217-room Four Seasons hotel representing an aggregate Total Investment of $217.4 million continued to be developed by one of the joint ventures as of March 31, 2018. The two joint ventures have engaged the Company as the developer of the Project pursuant to a Development Agreement by which the Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the Project and to guarantee the timely lien-free completion of construction of the Project as well as the payment, subject to certain exceptions, of any cost overruns incurred in the development of the Project. To mitigate its risk, the Company entered into guaranteed maximum price contracts with a third-party contractor (the “GMP Contracts”) to construct the Project. The Company is accounting for the project under the New Revenue Standards on a variable basis as a percentage of costs incurred, formerly referred to as the percentage of completion method. The Company believes it has applied reasonable estimates and judgments in determining the amount of estimated development costs for the Project. The Company has been notified by its third-party contractor, however, that the contractor has incurred cost overruns and expects to incur additional construction costs in connection with completing the Project. Recently, the contractor advised the Company that it currently believes that these costs could total as much as $67 million in excess of the guaranteed maximum price payable to the contractor under the GMP Contracts (as that guaranteed maximum price has been adjusted pursuant to change orders accepted to date). The Company intends to vigorously pursue all remedies to enforce the third-party contractor’s obligations under the GMP Contracts and to seek to recover any amounts expended by the Company or the joint ventures in excess of their contractual obligations. Until such time as the Company receives from the third-party contractor further information concerning the amount and nature of the excess costs that the contractor recently quantified and has an opportunity to investigate them, it is not possible to estimate the amount of any possible additional expenses that the Company may incur in connection with its development cost guarantee to the joint ventures. If the Company were to incur additional expenses in connection with its development cost guarantee, such amounts could be material to its results of operations in future periods. Liberty/Comcast 1701 JFK Boulevard, LP During the three months ended March 31, 2018, Liberty/Comcast 1701 JFK Boulevard LP (a joint venture in which the Company holds a 20% interest) paid in full the $305.2 million mortgage loan. The payment was funded through loans from the joint venture partners in proportion to their ownership interests. The Company's portion of the loan to the joint venture is included in investments in, and advances to, unconsolidated joint ventures in the Company's consolidated balance sheets. Cambridge Medipark Ltd During the three months ended March 31, 2018, Cambridge Medipark, Ltd (a joint venture in which the Company holds a 50% interest) recognized gains on the sale of land leasehold interests. The Company's share of these gains was $2.0 million for the three months ended March 31, 2018 compared to $3.0 million for the same period in 2017. |
Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps [Text Block] | Derivative Instruments The Company borrows funds at a combination of fixed and variable rates. Borrowings under the Company's revolving credit facility and certain bank mortgage loans bear interest at variable rates. Our long-term debt typically bears interest at fixed rates. The Company's interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower the Company's overall borrowing costs. To achieve these objectives, from time to time, the Company enters into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. The Company generally does not hold or issue these derivative contracts for trading or speculative purposes. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss (for the Trust) and general partner's equity and limited partners’ equity - common units (for the Operating Partnership) and is subsequently reclassified into interest expense in the period that the hedged forecasted transaction affects earnings. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. The Company holds an interest in three interest rate swap contracts (“Swaps”) that eliminate the impact of changes in interest rates on the payments required under variable rate mortgages. The Swaps had aggregate notional amounts of $95.5 million and $96.2 million at March 31, 2018 and December 31, 2017, respectively, and expire at various dates between 2018 and 2020. One interest rate swap contract and related mortgage loan were repaid in April 2018 on the maturity date. The Company accounts for the effective portion of changes in the fair value of a derivative in accumulated other comprehensive loss and subsequently reclassifies the effective portion to earnings over the term that the hedged transaction affects earnings. The Company accounts for the ineffective portion of changes in the fair value of a derivative directly in earnings. The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three months ended March 31, 2018 and 2017 (in thousands):
The fair value of the Swaps in the amounts of $1.4 million and $2.2 million as of March 31, 2018 and December 31, 2017, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company estimates that $0.3 million will be reclassified from accumulated other comprehensive loss as a decrease to interest expense over the next 12 months. The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest, which totaled approximately $1.4 million as of March 31, 2018. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Environmental Matters Substantially all of the Company's properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”) obtained in contemplation of their acquisition by the Company or obtained by predecessor owners prior to the sale of the property or land to the Company. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. Operating Ground Lease Agreements Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2018, were as follows (in thousands):
Operating ground lease expense for the three months ended March 31, 2018 was $409,000 as compared to $311,000 for the same period in 2017. Legal Matters From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. As of March 31, 2018 there were no legal proceedings, claims or assessments that the Company expects to have a material adverse effect on the Company’s business or financial statements. See Note 12 for discussion of Comcast Technology Center. Other As of March 31, 2018, the Company had letter of credit obligations of $5.1 million. As of March 31, 2018, the Company had 23 buildings under development. These buildings are expected to contain, when completed, a total of 6.9 million square feet of leasable space and represent an anticipated aggregate investment of $560.8 million. At March 31, 2018, development in progress totaled $373.2 million. In addition, as of March 31, 2018, the Company had invested $9.5 million in deferred leasing costs related to these development buildings. As of March 31, 2018, the Company was committed to $12.4 million in improvements on certain buildings and land parcels. As of March 31, 2018, the Company was committed to $68.0 million in future land acquisitions. The Company expects to complete these purchases during the years ended December 31, 2018 and 2019. As of March 31, 2018, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $19.1 million. The Company is currently developing three properties for its unconsolidated joint ventures which represent an anticipated aggregate investment by the joint ventures of $248.7 million. As of March 31, 2018, the Company was also committed to approximately $179.3 million in costs related to its agreement to develop, on a fee basis, an office building and infrastructure improvements for American Water Works in Camden, New Jersey. As of March 31, 2018, $125.9 million of these costs had been incurred. The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant. |
Supplemental Disclosure to Statements of Cash Flows |
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Supplemental Disclosure to Statements of Cash Flows | Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 (amounts in thousands):
Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s consolidated statements of cash flows. The following is a reconciliation of the Company's cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2018 and 2017 (amounts in thousands):
Restricted cash includes tenant security deposits and escrow funds that the Company maintains pursuant to certain mortgage loans. Restricted cash also includes the undistributed proceeds from the sale of land in Kent County, United Kingdom. |
Organization and Basis of Presentation (Policy) |
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Selling, General and Administrative Expenses, Policy [Policy Text Block] | The Company capitalizes pre-development and pre-acquisition costs incurred in pursuit of new development, land or operating property opportunities for which the Company currently believes future development or asset acquisition is probable. Future development and the consummation of acquisitions is dependent upon various factors, including, as appropriate, due diligence, zoning and regulatory approval, rental market conditions and construction costs. Initial pre-development and pre-acquisition costs incurred on future development, land or operating property acquisitions that is not considered probable are expensed as incurred. In addition, if the status of a future development, land or operating property acquisitions by the Company is no longer probable, any capitalized pre-development or pre-acquisition costs are written off. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; ASU 2017-05, Gains and losses from the derecognition of nonfinancial assets (Topic 610-20), and ASU 2017-13, Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (collectively, the “New Revenue Standards”). The New Revenue Standards provide a unified model to determine how revenue is recognized. In accordance with the New Revenue Standards, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. The Company evaluated each of its revenue streams: lease agreement revenue, development service fee revenue, deferred land sale revenue and gain or loss on sale of nonfinancial assets and adopted the New Revenue Standards effective January 1, 2018 using the modified retrospective approach. The Company concluded that there are no revenue streams from its lease agreements that are covered by the New Revenue Standards with the possible exception of non-lease components as further discussed below. The New Revenue Standards did not have an impact on the amount and timing of recognizing the Company's development service fee income. The Company recognizes development service fee income on a variable basis as a percentage of costs incurred on third party development contracts. Property development services, which are a single performance obligation, continue to be satisfied and recognized over time. The Company measures its progress toward completing the performance obligation under each arrangement. The measurement of the transfer of value to the customer for these services utilizes the input method (actual costs incurred against anticipated project costs) since this method best depicts the actual transfer of value promised to the customer. The total amount of consideration to be received from these projects is assessed on a quarterly basis. Based on existing contracts, completion is anticipated by the end of 2018. The Company recognizes revenues from improving land sites and selling the underlying land on behalf of its development partner to home builders in the United Kingdom. These agreements contain a pre-emption clause and a seller's call option. The Company recognizes revenue as the pre-emption period or seller's call option lapses utilizing the output method. There was no revenue recognized for such contracts during the three months ended March 31, 2018 or March 31, 2017. The New Revenue Standards did not have an impact on the gain or loss of sale of nonfinancial assets. The New Revenue Standards require the Company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in-substance nonfinancial asset. Additionally, when the Company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the Company is required to measure any noncontrolling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. See Notes 5 and 7 for further discussion of sales of nonfinancial assets during the three months ended March 31, 2018. Estimated gross revenue related to the remaining performance obligations under existing contracts (before allocation of related costs and expenses) as of March 31, 2018 that will be recognized as revenue in future periods was approximately $85.9 million, which is expected to be recognized substantially in 2018 and the remainder through 2020. The Company adopted the practical expedient to assess the recognition of revenue for open contracts during the transition period. There was no adjustment to the opening balance of retained earnings recorded at January 1, 2018. Development Fee Contracts From time to time, the Company enters into contracts to develop properties on a fee basis for joint ventures in which the Company holds an interest or for unrelated third parties. In these cases the Company typically agrees to be responsible for all aspects of the development of the project (and, in certain instances, related infrastructure) and to guarantee the timely lien-free completion of construction of the project and the payment, subject to certain exceptions, of cost overruns incurred in the development of the project. If the Company encounters construction delays or unexpected costs in the development of these projects or is otherwise unable to recover the costs it incurs, the resulting unrecovered costs and potential payments to customers could generate losses that would adversely affect the Company's cash flow and net income. On a quarterly basis, the Company applies reasonable estimates and judgments to assess whether or not it is necessary to accrue any estimated future losses with respect to such contracts. The Company recognized an aggregate net loss of $1.7 million on these contracts during the three months ended March 31, 2018 and an aggregate net profit of $481,000 during the three months ended March 31, 2017. Should external or internal circumstances change requiring the Company to adjust the estimated future cash flows from these development contracts or in a manner that indicates that such development contracts may result in a loss, the Company could be required to record additional losses in the future. See Note 12 where certain fee development matters relating specifically to the Comcast Technology Center are discussed in further detail. Systems Implementation Expense The Company is incurring costs associated with its efforts to implement new financial and operating systems in certain cloud computing arrangements. The Company evaluated the arrangements in accordance with ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” and concluded that such arrangements are service contracts under the standard. Accordingly, the Company expenses substantially all costs as incurred. Certain costs that relate to the software service agreements received over time are set up as prepaid and expensed over the applicable service period. These costs include license costs incurred during the implementation period as well as consulting, personnel and other direct costs related to the implementation. The Company incurred $706,000 of systems implementation expense for the three months ended March 31, 2018. There were no such costs for the three months ended March 31, 2017. Expensed Pursuit Costs The Company capitalizes pre-development and pre-acquisition costs incurred in pursuit of new development, land or operating property opportunities for which the Company currently believes future development or asset acquisition is probable. Future development and the consummation of acquisitions is dependent upon various factors, including, as appropriate, due diligence, zoning and regulatory approval, rental market conditions and construction costs. Initial pre-development and pre-acquisition costs incurred on future development, land or operating property acquisitions that is not considered probable are expensed as incurred. In addition, if the status of a future development, land or operating property acquisitions by the Company is no longer probable, any capitalized pre-development or pre-acquisition costs are written off. The Company expensed costs related to pursuit costs of $324,000 and $32,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. In the third quarter of 2017, the Company began to separately classify expensed pursuit costs in the Consolidated Statements of Comprehensive Income. These costs, which were reclassified retrospectively for all periods, were formerly classified as general and administrative expense. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Revenue related to the lease component of the contract will be recognized on a straight-line basis, while revenue related to the non-lease component will be recognized under the provisions of the New Revenue Standards. For lease agreements longer than one year in which the Company is the lessee, the Company will measure the present value of the future lease payments and recognize a right-of-use asset and corresponding lease liability on its balance sheet. In addition, the new standard states that only direct leasing costs may be capitalized. The Company has assembled a project team that is working to analyze and evaluate the impact of the guidance on its consolidated financial statements. The team is monitoring activity with respect to possible amendments to ASU 2016-02, particularly the amendment that provides a practical expedient to lessors by removing the requirement to separate lease and non-lease components. The Company expects to adopt the new lease standard on January 1, 2019. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 became effective for the Company beginning January 1, 2018. The standard requires retrospective application. The adoption of the ASU 2016-15 did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”) , which requires that restricted cash and cash equivalents be included with cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. The Company adopted ASU 2016-18 as of December 31, 2017. The impact of the implementation of ASU 2016-18 was as follows:
In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2017-05 is designed to provide guidance on how to recognize gain and losses on sales, including partial sale, of nonfinancial assets to noncustomers. The Company adopted ASU 2017-05 effective January 1, 2018 on a modified retrospective method and the adoption did not have an effect on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. ASU 2017-09 became effective for the Company beginning January 1, 2018. The new guidance will be applied prospectively to awards modified on or after the adoption date. The adoption of the ASU 2017-09 did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is designed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for the Company beginning January 1, 2019. Early adoption is permitted using a modified retrospective transition method. This adoption method will require the Company to recognize the cumulative effect of initially applying ASU 2017-12 as an adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the update. The Company is evaluating the impact ASU 2017-12 will have on the Company's financial position and results of operations. |
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Systems Implementation Expense [Policy Text Block] | The Company is incurring costs associated with its efforts to implement new financial and operating systems in certain cloud computing arrangements. The Company evaluated the arrangements in accordance with ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” and concluded that such arrangements are service contracts under the standard. Accordingly, the Company expenses substantially all costs as incurred. Certain costs that relate to the software service agreements received over time are set up as prepaid and expensed over the applicable service period. These costs include license costs incurred during the implementation period as well as consulting, personnel and other direct costs related to the implementation. |
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Revenue Recognition, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients; ASU 2017-05, Gains and losses from the derecognition of nonfinancial assets (Topic 610-20), and ASU 2017-13, Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (collectively, the “New Revenue Standards”). The New Revenue Standards provide a unified model to determine how revenue is recognized. In accordance with the New Revenue Standards, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. The Company evaluated each of its revenue streams: lease agreement revenue, development service fee revenue, deferred land sale revenue and gain or loss on sale of nonfinancial assets and adopted the New Revenue Standards effective January 1, 2018 using the modified retrospective approach. The Company concluded that there are no revenue streams from its lease agreements that are covered by the New Revenue Standards with the possible exception of non-lease components as further discussed below. The New Revenue Standards did not have an impact on the amount and timing of recognizing the Company's development service fee income. The Company recognizes development service fee income on a variable basis as a percentage of costs incurred on third party development contracts. Property development services, which are a single performance obligation, continue to be satisfied and recognized over time. The Company measures its progress toward completing the performance obligation under each arrangement. The measurement of the transfer of value to the customer for these services utilizes the input method (actual costs incurred against anticipated project costs) since this method best depicts the actual transfer of value promised to the customer. The total amount of consideration to be received from these projects is assessed on a quarterly basis. Based on existing contracts, completion is anticipated by the end of 2018. The Company recognizes revenues from improving land sites and selling the underlying land on behalf of its development partner to home builders in the United Kingdom. These agreements contain a pre-emption clause and a seller's call option. The Company recognizes revenue as the pre-emption period or seller's call option lapses utilizing the output method. There was no revenue recognized for such contracts during the three months ended March 31, 2018 or March 31, 2017. The New Revenue Standards did not have an impact on the gain or loss of sale of nonfinancial assets. The New Revenue Standards require the Company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in-substance nonfinancial asset. Additionally, when the Company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the Company is required to measure any noncontrolling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. See Notes 5 and 7 for further discussion of sales of nonfinancial assets during the three months ended March 31, 2018. |
Segment Information (Policies) |
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Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company evaluates the performance of its reportable segments based on segment net operating income (“SNOI”). SNOI is defined as net operating income (rental revenue and operating expense reimbursements less rental property and real estate tax expenses) less amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment. |
Impairment and Disposal of Long-Lived Assets Impairment and Disposal of Long-Lived Assets (Policies) |
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Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Policy [Policy Text Block] | The Company determined that the strategic shift would have a major effect on its operations and financial results. As such, properties sold or those that meet the criteria to be classified as held for sale within the new corporate strategy were classified within discontinued operations. Consistent with the held for sale criteria these properties are expected to be sold within one year. As the result of the classification within discontinued operations, the in-service assets and liabilities of this portfolio are required to be presented as held for sale for all prior periods presented in our Consolidated Balance Sheets. Operating results pertaining to these properties were reclassified to discontinued operations for all prior periods presented in our Consolidated Statements of Comprehensive Income. |
Disclosure of Fair Value of Financial Instruments Fair Value of Financial Instruments (Policies) |
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Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ASC 820, Fair Value Measurements and Disclosures, provides guidance on the fair value measurement of a financial asset or liability. Inputs used to develop fair value are classified in one of three categories: Level 1 inputs (quoted prices (unadjusted) in active markets for identical assets or liabilities), Level 2 inputs (inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly) and Level 3 inputs (unobservable inputs for the asset or liability). The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at March 31, 2018 and December 31, 2017. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the outstanding amounts under the Company's credit facilities is a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. See Note 13 - Derivative Instruments. The Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2018 and December 31, 2017. This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions. |
Organization and Basis of Presentation Basis of Presentation (Tables) |
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Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||
Schedule of Adjustments to Previously Reported Financial Statements | The impact of the implementation of ASU 2016-18 was as follows:
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Income per Common Share of the Trust (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):
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Income per Common Unit of the Operating Partnership (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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):
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Accumulated Other Comprehensive Income (Tables) |
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands):
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Real Estate (Tables) |
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions [Table Text Block] | Information on the Operating Properties and land parcels the Company acquired during the three months ended March 31, 2018 is as follows:
Information on the Operating Properties and land parcels the Company sold or conveyed during the three months ended March 31, 2018 is as follows:
A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):
The following table illustrates aggregate balance sheet information for all held for sale properties (in thousands):
The following table illustrates the number of sold or held for sale properties included in, or excluded from, discontinued operations in this report:
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Segment Information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Assets by Segment and Reconciliation to Consolidated [Table Text Block] | The Company's total assets by reportable segment as of March 31, 2018 and December 31, 2017 is as follows (in thousands):
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Impairment and Disposal of Long-Lived Assets Impairment and Disposal of Long-Lived Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Information on the Operating Properties and land parcels the Company acquired during the three months ended March 31, 2018 is as follows:
Information on the Operating Properties and land parcels the Company sold or conveyed during the three months ended March 31, 2018 is as follows:
A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands):
The following table illustrates aggregate balance sheet information for all held for sale properties (in thousands):
The following table illustrates the number of sold or held for sale properties included in, or excluded from, discontinued operations in this report:
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Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Temporary Equity [Table Text Block] | As of March 31, 2018, the Company had outstanding the following cumulative preferred units of the Operating Partnership:
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Disclosure of Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2017 and March 31, 2018 (in thousands):
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Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three months ended March 31, 2018 and 2017 (in thousands):
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments | Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2018, were as follows (in thousands):
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Supplemental Disclosure to Statements of Cash Flows (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure to Statements of Cash Flows | The following are supplemental disclosures to the consolidated statements of cash flows for the three months ended March 31, 2018 and 2017 (amounts in thousands):
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Organization and Basis of Presentation (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Ownership interest in operating partnership - Limited Partnership | 97.70% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage of equity method investment | 20.00% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity investment in joint venture | $ 77.1 | $ 18.7 |
Maximum exposure to loss | $ 77.1 | $ 17.3 |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | Philadelphia [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage of equity method investment | 20.00% |
Organization and Basis of Presentation Development Fee Contracts (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
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Expensed Pursuit Costs [Abstract] | ||
Loss on Contracts | $ 1,700,000 | $ 481,000 |
Organization and Basis of Presentation Systems Implementation Expense (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Systems Implementation Expense [Abstract] | ||
Systems implementation expense | $ 706,000 | $ 0 |
Organization and Basis of Presentation Expensed Pursuit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Expensed Pursuit Costs [Abstract] | ||
Expensed pursuit costs | $ 324 | $ 32 |
Organization and Basis of Presentation Prior period adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Prior Period Adjustments [Line Items] | ||
Net cash provided by operating activities | $ 93,699 | $ 84,480 |
Accounting Standards Update 2016-18 [Member] | ||
Prior Period Adjustments [Line Items] | ||
Net cash provided by operating activities | 84,480 | |
Accounting Standards Update 2016-18 [Member] | Scenario, Previously Reported [Member] | ||
Prior Period Adjustments [Line Items] | ||
Net cash provided by operating activities | 86,382 | |
Accounting Standards Update 2016-18 [Member] | Restatement Adjustment [Member] | ||
Prior Period Adjustments [Line Items] | ||
Net cash provided by operating activities | $ (1,902) |
Organization and Basis of Presentation Revenue Recognition (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 86 |
Remaining performance obligation through years | 2020 |
Income per Common Share of the Trust Income per Common Share of the Trust - Anti-dilutive Options (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Stock Option [Member] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 188,000 |
Income per Common Share of the Trust - Options Exercised (Details) - shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Stock Option [Member] | Common shares [Member] | ||
Stock Option Exercises [Line Items] | ||
Amount of Options Exercises in Period | 89,000 | 193,000 |
Income per Common Share of the Trust Share Repurchase (Details) - 2017 Share Repurchase Program [Member] - Common shares [Member] $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
shares
| |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ | $ 250 |
Stock Repurchased During Period, Shares | shares | 0 |
Income per Common Unit of the Operating Partnership - Anti-dilutive Options (Details) - Stock Option [Member] - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 188,000 |
Liberty Property Limited Partnership [Member] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 0 | 188,000 |
Income per Common Unit of the Operations Partnership - Options Exercised (Details) - shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Liberty Property Limited Partnership [Member] | Stock Option [Member] | Common Units [Member] | ||
Stock Option Exercises [Line Items] | ||
Amount of Options Exercises in Period | 89,000 | 193,000 |
Income per Common Unit of the Operating Partnership Unit Repurchase (Details) - Liberty Property Limited Partnership [Member] - 2017 Share Repurchase Program [Member] - Common Units [Member] $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
shares
| |
Equity, Class of Treasury Stock [Line Items] | |
Stock Repurchase Program, Authorized Amount | $ | $ 250 |
Stock Repurchased During Period, Shares | shares | 0 |
Building Acquisitions and Dispositions (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
ft²
a
bldg
|
Mar. 31, 2017
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||
Gross Proceeds | $ 184,233 | $ 1,874 |
Disposal Group, Not Discontinued Operations [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 24 | |
Leaseable square feet | ft² | 1,500,515 | |
Disposal Group, Not Discontinued Operations [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Proceeds | $ 193,616 | |
Disposal Group, Not Discontinued Operations [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 9.8 | |
Disposal Group, Not Discontinued Operations [Member] | Carolinas Richmond [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 1 | |
Leaseable square feet | ft² | 80,000 | |
Disposal Group, Not Discontinued Operations [Member] | Carolinas Richmond [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Proceeds | $ 7,094 | |
Disposal Group, Not Discontinued Operations [Member] | Carolinas Richmond [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 1.5 | |
Disposal Group, Not Discontinued Operations [Member] | Chicago Minneapolis [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 0 | |
Leaseable square feet | ft² | 0 | |
Disposal Group, Not Discontinued Operations [Member] | Chicago Minneapolis [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Proceeds | $ 2,714 | |
Disposal Group, Not Discontinued Operations [Member] | Chicago Minneapolis [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 8.3 | |
Disposal Group, Not Discontinued Operations [Member] | Southeastern PA [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 23 | |
Leaseable square feet | ft² | 1,420,515 | |
Disposal Group, Not Discontinued Operations [Member] | Southeastern PA [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Proceeds | $ 183,808 | |
Disposal Group, Not Discontinued Operations [Member] | Southeastern PA [Member] | Operating Segments [Member] | 2018 sales current quarter [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 0 | |
2018 acquisitions current quarter [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 1 | |
Leaseable square feet | ft² | 400,169 | |
2018 acquisitions current quarter [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase Price | $ 96,940 | |
2018 acquisitions current quarter [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 7.9 | |
2018 acquisitions current quarter [Member] | United Kingdom [Member] | Operating Segments [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 0 | |
Leaseable square feet | ft² | 0 | |
2018 acquisitions current quarter [Member] | United Kingdom [Member] | Operating Segments [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase Price | $ 4,240 | |
2018 acquisitions current quarter [Member] | United Kingdom [Member] | Operating Segments [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 7.1 | |
2018 acquisitions current quarter [Member] | Southern California [Member] | Operating Segments [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | bldg | 1 | |
Leaseable square feet | ft² | 400,169 | |
2018 acquisitions current quarter [Member] | Southern California [Member] | Operating Segments [Member] | Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase Price | $ 92,700 | |
2018 acquisitions current quarter [Member] | Southern California [Member] | Operating Segments [Member] | Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres of Developable Land | a | 0.8 |
Segment Information - Income Statement (Details) - USD ($) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | $ 190,165,000 | $ 165,766,000 | |||||
Net operating income | 59,325,000 | 55,204,000 | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Interest expense | (22,750,000) | (21,634,000) | |||||
Depreciation and amortization expense | (43,686,000) | (43,092,000) | |||||
Gain on property dispositions | 4,121,000 | 807,000 | |||||
Equity in earnings of unconsolidated joint ventures | 6,764,000 | 5,731,000 | |||||
General and administrative expense | (18,628,000) | (16,993,000) | |||||
Expensed pursuit costs | (324,000) | (32,000) | |||||
Systems implementation expense | 706,000 | 0 | |||||
Income taxes | (554,000) | (622,000) | |||||
Income from continuing operations | 49,392,000 | 41,348,000 | |||||
Intersegment Eliminations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 0 | 0 | |||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 172,088,000 | 164,079,000 | |||||
Net operating income | 118,154,000 | 107,207,000 | |||||
Corporate, Non-Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | (96,000) | (198,000) | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Interest expense | [1] | (23,459,000) | (22,343,000) | ||||
Depreciation and amortization expense | [1],[2] | (33,408,000) | (33,193,000) | ||||
Gain on property dispositions | 4,121,000 | 807,000 | |||||
Equity in earnings of unconsolidated joint ventures | 6,764,000 | 5,731,000 | |||||
General and administrative expense | [1],[2] | (15,009,000) | (12,222,000) | ||||
Expensed pursuit costs | (324,000) | (32,000) | |||||
Systems implementation expense | (706,000) | 0 | |||||
Discontinued operations excluding gain on property dispositions | (4,284,000) | (2,896,000) | |||||
Income taxes | [2] | (12,000) | (280,000) | ||||
Other | (2,445,000) | (1,431,000) | |||||
Discontinued operations | Segment Reconciling Items [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | (8,179,000) | (9,600,000) | |||||
Development Service Fee Income [Member] | Segment Reconciling Items [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 26,352,000 | 11,485,000 | |||||
Carolinas Richmond [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 19,793,000 | 18,056,000 | |||||
Net operating income | 14,047,000 | 12,982,000 | |||||
Chicago Minneapolis [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 16,517,000 | 15,875,000 | |||||
Net operating income | 9,901,000 | 9,349,000 | |||||
Florida [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 15,408,000 | 14,248,000 | |||||
Net operating income | 10,819,000 | 9,511,000 | |||||
Houston [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 15,862,000 | 14,774,000 | |||||
Net operating income | 9,597,000 | 6,801,000 | |||||
Lehigh Central PA [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 38,085,000 | 41,535,000 | |||||
Net operating income | 27,767,000 | 29,578,000 | |||||
Philadelphia [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 12,345,000 | 11,436,000 | |||||
Net operating income | 10,154,000 | 8,759,000 | |||||
Southeastern PA [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 10,182,000 | 14,615,000 | |||||
Net operating income | 6,890,000 | 8,113,000 | |||||
United Kingdom [Member] | Operating Segments [Member] | UNITED KINGDOM | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 4,273,000 | 3,168,000 | |||||
Net operating income | 2,429,000 | 1,858,000 | |||||
Other Segments [Member] | Operating Segments [Member] | North America [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenue | 39,623,000 | 30,372,000 | |||||
Net operating income | $ 26,550,000 | $ 20,256,000 | |||||
|
Segment Information - Total Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 6,414,631 | $ 6,439,757 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,352,483 | 6,368,747 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 62,148 | 71,010 |
North America [Member] | Operating Segments [Member] | Carolinas Richmond [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 521,272 | 543,922 |
North America [Member] | Operating Segments [Member] | Chicago Minneapolis [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 603,220 | 615,186 |
North America [Member] | Operating Segments [Member] | Florida [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 523,239 | 533,861 |
North America [Member] | Operating Segments [Member] | Houston [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 499,433 | 498,584 |
North America [Member] | Operating Segments [Member] | Lehigh Central PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,203,574 | 1,210,746 |
North America [Member] | Operating Segments [Member] | Philadelphia [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 720,323 | 665,843 |
North America [Member] | Operating Segments [Member] | Southeastern PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 139,625 | 241,128 |
North America [Member] | Operating Segments [Member] | Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,902,192 | 1,807,653 |
UNITED KINGDOM | Operating Segments [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 239,605 | $ 251,824 |
Impairment and Disposal of Long-Lived Assets Discontinued Operations (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018
USD ($)
bldg
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017
bldg
|
|
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain on property dispositions | $ (90,049,000) | $ 0 | |
Net income | 94,333,000 | 2,896,000 | |
Income available to common shareholders | $ 92,138,000 | 2,828,000 | |
Discontinued Operations, Held-for-sale [Member] | |||
Discontined Operations Income Statement [Line Items] | |||
Number of Real Estate Properties | bldg | 5 | ||
Discontinued Operations, Disposed of by Sale [Member] | |||
Discontined Operations Income Statement [Line Items] | |||
Number of Real Estate Properties | bldg | 23 | 2 | |
Discontinued Operations [Member] | |||
Discontined Operations Income Statement [Line Items] | |||
Capital expenditures | $ 274,000 | 7,300,000 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Revenues | 8,179,000 | 9,600,000 | |
Operating expenses | 1,972,000 | 3,641,000 | |
Depreciation and amortization | 1,219,000 | 2,368,000 | |
Interest and other income | 5,000 | 14,000 | |
Interest expense | 709,000 | 709,000 | |
Net income before gain on property dispositions | 4,284,000 | 2,896,000 | |
Gain on property dispositions | 90,049,000 | 0 | |
Net income | 94,333,000 | 2,896,000 | |
Noncontrolling interest - operating partnership | 2,195,000 | 68,000 | |
Income available to common shareholders | $ (92,138,000) | $ (2,828,000) | |
Arizona [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Discontined Operations Income Statement [Line Items] | |||
Number of Real Estate Properties | bldg | 5 | ||
Southeastern PA [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Discontined Operations Income Statement [Line Items] | |||
Number of Real Estate Properties | bldg | 23 |
Impairment and Disposal of Long-Lived Assets Assets Held for Sale (Details) $ in Thousands |
Mar. 31, 2018
USD ($)
bldg
|
Dec. 31, 2017
USD ($)
bldg
|
---|---|---|
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Assets held for sale | $ 238,199 | $ 330,186 |
Liabilities held for sale | $ 1,849 | 9,503 |
Properties sold or classified as held for sale in the prior year and current year to date [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 41 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 2 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Land and land improvements | $ 3,199 | 3,476 |
Buildings and improvements | 80,738 | 80,738 |
Development in progress | 0 | 0 |
Land held for development | 0 | 863 |
Accumulated depreciation | (11,760) | (11,785) |
Deferred financing and leasing costs, net | 2,210 | 2,210 |
Other assets | 5,265 | 5,137 |
Assets held for sale | 79,652 | 80,639 |
Liabilities held for sale | $ 332 | 1,153 |
Discontinued Operations, Held-for-sale [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 5 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Land and land improvements | $ 20,404 | 41,191 |
Buildings and improvements | 141,416 | 248,514 |
Development in progress | 0 | 45,035 |
Land held for development | 0 | 0 |
Accumulated depreciation | (15,318) | (105,786) |
Deferred financing and leasing costs, net | 6,964 | 10,280 |
Other assets | 5,081 | 10,313 |
Assets held for sale | 158,547 | 249,547 |
Liabilities held for sale | $ 1,517 | 8,350 |
Held for Sale, Includes Disposal Groups and Discontinued Operations [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 7 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||
Land and land improvements | $ 23,603 | 44,667 |
Buildings and improvements | 222,154 | 329,252 |
Development in progress | 0 | 45,035 |
Land held for development | 0 | 863 |
Accumulated depreciation | (27,078) | (117,571) |
Deferred financing and leasing costs, net | 9,174 | 12,490 |
Other assets | 10,346 | 15,450 |
Assets held for sale | 238,199 | 330,186 |
Liabilities held for sale | $ 1,849 | $ 9,503 |
Discontinued Operations, Disposed of by Sale [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 23 | 2 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 30 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 1 | 8 |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 11 | |
Disposed of by Sale, Discontinued Operations and Not Discontinued Operations [Member] | ||
Balance Sheet Disclosures by Disposal Groups [Line Items] | ||
Number of Real Estate Properties | bldg | 24 | 10 |
Impairment and Disposal of Long-Lived Assets Impairment Charges - Real Estate Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Impairment Charges [Abstract] | ||
Impairment of Real Estate | $ 0 | $ 0 |
Valuation adjustment | $ 0 |
Noncontrolling Interests of the Trust- Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,520,205 | 3,520,205 |
Liberty Property Limited Partnership [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,520,205 | 3,520,205 |
Market value of common units based on closing price | $ 139.9 |
Limited Partners' Equity of the Operating Partnership - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,520,205 | 3,520,205 |
Liberty Property Limited Partnership [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,520,205 | 3,520,205 |
Market value of common units based on closing price | $ 139.9 |
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2018 and December 31, 2017 | $ 7,537 | $ 7,537 |
Series I 2 [Member] | ||
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2018 and December 31, 2017 | $ 7,537 | |
Units | 301,483 | 301,483 |
Liquidation Preference | $ 25 | |
Dividend Rate | 6.25% |
Disclosure of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 264,906 | $ 267,093 |
Unsecured Debt | 2,284,197 | 2,283,513 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 2,296,375 | 2,359,998 |
Mortgage Loans | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 264,076 | $ 267,298 |
Liberty Property 18th & Arch LP and Liberty Property 18th & Arch, Hotel, LP (Details) $ in Thousands |
Mar. 31, 2018
USD ($)
ft²
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2014
ft²
room
investment
story
|
---|---|---|---|
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | $ 350,458 | $ 288,456 | |
Liberty Property 18th & Arch [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated joint ventures | 179,200 | ||
Philadelphia [Member] | Liberty Property 18th & Arch [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of equity method investments | investment | 2 | ||
Anticipated Aggregate Investment | 955,300 | ||
Anticipated investment in joint ventures | $ 191,100 | ||
Ownership percentage of equity method investment | 20.00% | ||
Philadelphia [Member] | Liberty Property 18th & Arch [Member] | Guarantee Obligations [Member] | |||
Loss Contingency [Abstract] | |||
Possible cost overruns | $ 67,000 | ||
Philadelphia [Member] | Construction in Progress [Member] | Liberty Property 18th & Arch [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of stories in a high-rise building | story | 60 | ||
Leaseable square feet | ft² | 1,300,000 | ||
Number of hotel rooms | room | 217 | ||
Anticipated Aggregate Investment | $ 217,400 | ||
Philadelphia [Member] | Building and Building Improvements [Member] | Liberty Property 18th & Arch [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Leaseable square feet | ft² | 250,000 | ||
Anticipated Aggregate Investment | $ 138,300 |
Unconsolidated Joint Ventures Liberty/Comcast 1701 JFK Boulevard, LP (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||
Repayments of mortgage loans | $ 1,714 | $ 1,930 |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of equity method investment | 20.00% | |
Philadelphia [Member] | Liberty Comcast 1701 JFK Boulevard, LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of equity method investment | 20.00% | |
Equity Method Investee [Member] | Liberty Comcast 1701 JFK Boulevard, LP [Member] | Philadelphia [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Repayments of mortgage loans | $ 305,200 |
Unconsolidated Joint Ventures Cambridge Medipark Ltd (Details) - Cambridge Medipark Ltd [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage of equity method investment | 50.00% | |
Joint venture, 2018 sales current quarter [Member] | Leaseholds and Leasehold Improvements [Member] | Other Income [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Gain on sale of leasehold interests | $ 2.0 | |
Joint venture, 2017 sales current quarter [Member] | Leaseholds and Leasehold Improvements [Member] | Other Income [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Gain on sale of leasehold interests | $ 3.0 |
Derivative Instruments (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017
USD ($)
|
Apr. 01, 2018 |
Dec. 31, 2017
USD ($)
|
|
Interest Rate Derivatives [Abstract] | ||||
Number of interest rate swaps | 3 | |||
Fair value | $ 1,400 | $ 2,200 | ||
Aggregate notional amount | 95,500 | $ 96,200 | ||
Reclassification during next 12 months | 300 | |||
Termination value | 1,400 | |||
Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain related to the effective portion recognized in other comprehensive income (loss) | 402 | $ 138 | ||
Interest Rate Swap [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of loss related to the effective portion subsequently reclassified to interest expense | (16) | (186) | ||
Amount of (loss) gain related to the ineffective portion recognized in interest expense | $ (27) | $ 22 | ||
Debt Repayment [Member] | Subsequent Event [Member] | ||||
Interest Rate Derivatives [Abstract] | ||||
Number of interest rate swaps | 1 |
Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
2018 (remaining) | $ 1,431,000 | |
2019 | 1,968,000 | |
2020 | 1,963,000 | |
2021 | 1,963,000 | |
2022 | 1,917,000 | |
2023 and thereafter | 33,776,000 | |
Total | 43,018,000 | |
Other Expenses [Abstract] | ||
Operating ground lease expense | $ 409,000 | $ 311,000 |
Commitments and Contingencies - Loss Contingencies (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
---|---|
Legal Matters [Abstract] | |
Loss Contingency, Pending Claims, Number | 0 |
Other [Abstract] | |
Letter of credit obligations | $ 5.1 |
Commitments and Contingencies - Supply Commitments (Details) $ in Thousands, ft² in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
ft²
bldg
properties
|
Dec. 31, 2017
USD ($)
|
|
Supply Commitment [Line Items] | ||
Development in progress | $ 373,154 | $ 333,437 |
Building and Building Improvements [Member] | American Water Works, Inc [Member] | ||
Supply Commitment [Line Items] | ||
Fee development commitment | 179,300 | |
Costs incurred to date | 125,900 | |
Supply Commitment [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Deferred leasing costs in development | $ 9,500 | |
Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Leaseable square feet | ft² | 6.9 | |
Number of Real Estate Properties | properties | 23 | |
Total anticipated development cost | $ 560,800 | |
Buildings and land parcels [Member] | ||
Supply Commitment [Line Items] | ||
Remaining amount committed or obligated to pay | 12,400 | |
Tenant Improvements [Member] | ||
Supply Commitment [Line Items] | ||
Tenant improvements not yet completed | 19,100 | |
Equity Method Investments [Member] | Supply Commitment [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Remaining amount committed or obligated to pay | $ 248,700 | |
Equity Method Investments [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Number of Real Estate Properties | bldg | 3 |
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions |
Mar. 31, 2018
USD ($)
|
---|---|
Land and Land Improvements [Member] | Land Purchases [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining amount committed to future acquisitions | $ 68.0 |
Supplemental Disclosure to Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Continuing Operations [Member] | ||
Other Significant Noncash Transactions [Line Items] | ||
Write off of fully depreciated property and deferred costs | $ 6,903 | $ 8,090 |
Write Off Of Depreciated Property And Deferred Costs Due To Sale | 3,045 | 2,506 |
Change in accrued development capital expenditures | (153) | 5,048 |
Unrealized gain (loss) on cash flow hedge, non cash transaction | 385 | 313 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 185 | 604 |
Conversion of Stock, Amount Converted | 0 | 27 |
Discontinued Operations [Member] | ||
Other Significant Noncash Transactions [Line Items] | ||
Write off of fully depreciated property and deferred costs | 6 | 4,190 |
Write Off Of Depreciated Property And Deferred Costs Due To Sale | 96,936 | 0 |
Change in accrued development capital expenditures | $ (1,889) | $ 2,373 |
Supplemental Disclosure to Statements of Cash Flows Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 30,380 | $ 11,882 | $ 36,535 | $ 43,642 |
Restricted cash | 9,366 | 13,803 | 10,680 | 12,383 |
Cash and cash equivalents and restricted cash | $ 39,746 | $ 25,685 | $ 47,215 | $ 56,025 |
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