Exhibit 99.3
Liberty Property Trust
December 31, 2008
(In thousands, except share amounts)
December 31, 2008
(In thousands, except share amounts)
December 31, 2008 | December 31, 2007 | |||||||
Assets | ||||||||
Real estate: | ||||||||
Land and land improvements | $ | 813,397 | $ | 792,991 | ||||
Building and improvements | 4,261,770 | 4,408,309 | ||||||
Less: accumulated depreciation | (982,114 | ) | (858,671 | ) | ||||
Operating real estate | 4,093,053 | 4,342,629 | ||||||
Development in progress | 245,463 | 316,985 | ||||||
Land held for development | 209,551 | 247,124 | ||||||
Net real estate | 4,548,067 | 4,906,738 | ||||||
Cash and cash equivalents | 15,794 | 37,989 | ||||||
Restricted cash | 39,726 | 34,567 | ||||||
Accounts receivable | 12,985 | 15,908 | ||||||
Deferred rent receivable | 85,352 | 79,720 | ||||||
Deferred financing and leasing costs, net of accumulated amortization (2008, $140,345; 2007, $119,210) | 134,029 | 144,295 | ||||||
Investment in unconsolidated joint ventures | 251,520 | 278,383 | ||||||
Assets held for sale | 33,662 | 36,908 | ||||||
Prepaid expenses and other assets | 97,549 | 109,429 | ||||||
Total assets | $ | 5,218,684 | $ | 5,643,937 | ||||
Liabilities | ||||||||
Mortgage loans | $ | 198,560 | $ | 243,169 | ||||
Unsecured notes | 2,131,607 | 2,155,000 | ||||||
Credit facility | 260,000 | 622,960 | ||||||
Accounts payable | 32,481 | 44,666 | ||||||
Accrued interest | 36,474 | 39,725 | ||||||
Dividend and distributions payable | 48,858 | 59,849 | ||||||
Other liabilities | 184,198 | 268,926 | ||||||
Total liabilities | 2,892,178 | 3,434,295 | ||||||
Minority interest | 369,771 | 372,621 | ||||||
Shareholders’ Equity | ||||||||
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized, 100,034,404 (includes 1,249,909 in treasury) and 92,817,879 (includes 1,249,909 in treasury) shares issued and outstanding as of December 31, 2008 and December 31, 2007, respectively | 101 | 93 | ||||||
Additional paid-in capital | 2,199,684 | 1,984,141 | ||||||
Accumulated other comprehensive income | (5,378 | ) | 21,378 | |||||
Distributions in excess of net income | (185,721 | ) | (116,640 | ) | ||||
Common shares in treasury, at cost, 1,249,909 shares as of December 31, 2008 and December 31, 2007 | (51,951 | ) | (51,951 | ) | ||||
Total shareholders’ equity | 1,956,735 | 1,837,021 | ||||||
Total liabilities & shareholders’ equity | $ | 5,218,684 | $ | 5,643,937 | ||||