Exhibit 99.1
Liberty Property Trust
Statement of Operations
December 31, 2008
(In thousands, except per share amounts)
Statement of Operations
December 31, 2008
(In thousands, except per share amounts)
Quarter Ended | Year Ended | |||||||||||||||
December 31, 2008 | December 31, 2007 | December 31, 2008 | December 31, 2007 | |||||||||||||
(Unaudited) | ||||||||||||||||
Operating Revenue | ||||||||||||||||
Rental | $ | 131,919 | $ | 130,062 | $ | 520,301 | $ | 480,107 | ||||||||
Operating expense reimbursement | 57,283 | 55,074 | 228,219 | 206,724 | ||||||||||||
Total operating revenue | 189,202 | 185,136 | 748,520 | 686,831 | ||||||||||||
Operating Expenses | ||||||||||||||||
Rental property | 40,099 | 38,576 | 152,786 | 143,646 | ||||||||||||
Real estate taxes | 20,325 | 19,503 | 86,320 | 72,563 | ||||||||||||
General and administrative | 14,157 | 15,260 | 54,378 | 54,249 | ||||||||||||
Depreciation and amortization | 42,775 | 43,759 | 173,097 | 155,616 | ||||||||||||
Total operating expenses | 117,356 | 117,098 | 466,581 | 426,074 | ||||||||||||
Operating Income | 71,846 | 68,038 | 281,939 | 260,757 | ||||||||||||
Other Income/Expense | ||||||||||||||||
Interest and other | 4,069 | 3,895 | 13,508 | 11,727 | ||||||||||||
Debt extinguishment gain | 2,521 | — | 2,521 | — | ||||||||||||
Interest | (38,712 | ) | (39,433 | ) | (155,675 | ) | (127,058 | ) | ||||||||
Total other income/expense | (32,122 | ) | (35,538 | ) | (139,646 | ) | (115,331 | ) | ||||||||
Income before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures | 39,724 | 32,500 | 142,293 | 145,426 | ||||||||||||
Gain (loss) on property dispositions | 8,633 | (176 | ) | 10,572 | 1,463 | |||||||||||
Income taxes | (273 | ) | 201 | (1,645 | ) | 709 | ||||||||||
Minority interest | (7,171 | ) | (6,447 | ) | (27,062 | ) | (23,598 | ) | ||||||||
Equity in earnings of unconsolidated joint ventures | 948 | (1,252 | ) | 2,805 | (226 | ) | ||||||||||
Income from continuing operations | 41,861 | 24,826 | 126,963 | 123,774 | ||||||||||||
Discontinued operations of net minority interest (including net gain on property) | ||||||||||||||||
dispositions of $9,244 and $25,032 for the quarters ended December 31, 2007 and 2006 dispositions of $9,884 and $9,233 for the quarters ended December 31, 2008 and 2007 and $23,519 and $33,611 for the years ended December 31, 2008 and 2007) | 9,937 | 10,706 | 24,979 | 41,057 | ||||||||||||
Net Income | $ | 51,798 | $ | 35,532 | $ | 151,942 | $ | 164,831 | ||||||||
Basic income per common share | ||||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.27 | $ | 1.35 | $ | 1.36 | ||||||||
Discontinued operations | $ | 0.10 | $ | 0.12 | $ | 0.27 | $ | 0.45 | ||||||||
Total basic income per common share | $ | 0.53 | $ | 0.39 | $ | 1.62 | $ | 1.81 | ||||||||
Diluted income per common share | ||||||||||||||||
Continuing operations | $ | 0.43 | $ | 0.27 | $ | 1.35 | $ | 1.35 | ||||||||
Discontinued operations | $ | 0.10 | $ | 0.12 | $ | 0.27 | $ | 0.45 | ||||||||
Total diluted income per common share | $ | 0.53 | $ | 0.39 | $ | 1.62 | $ | 1.80 | ||||||||
Weighted Average Shares | ||||||||||||||||
Basic | 97,493 | 91,206 | 93,624 | 91,185 | ||||||||||||
Diluted | 97,493 | 91,495 | 93,804 | 91,803 | ||||||||||||