Liberty Property Trust
Statement of Operations
September 30, 2018
(Unaudited and in thousands)
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| Quarter Ended |
| Nine Months Ended |
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| September 30, 2018 |
| September 30, 2017 |
| September 30, 2018 |
| September 30, 2017 |
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Operating Revenue |
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Rental |
| $ | 120,775 |
| $ | 113,889 |
| $ | 357,185 |
| $ | 333,884 |
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Operating expense reimbursement |
| 37,453 |
| 33,522 |
| 110,729 |
| 100,161 |
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Development service fee income |
| 12,956 |
| 24,176 |
| 59,132 |
| 53,920 |
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Total operating revenue |
| 171,184 |
| 171,587 |
| 527,046 |
| 487,965 |
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Operating Expenses |
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Rental property |
| 14,457 |
| 14,833 |
| 44,023 |
| 42,938 |
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Real estate taxes |
| 23,193 |
| 20,427 |
| 67,452 |
| 61,326 |
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General and administrative |
| 13,121 |
| 11,873 |
| 43,406 |
| 44,069 |
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Expensed pursuit costs |
| 1,292 |
| 4,772 |
| 1,675 |
| 4,957 |
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Systems implementation expense |
| 1,177 |
| 142 |
| 3,352 |
| 157 |
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Depreciation and amortization |
| 43,375 |
| 41,754 |
| 127,280 |
| 123,924 |
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Development service fee expense |
| 12,924 |
| 23,665 |
| 120,799 |
| 52,497 |
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Impairment charges - real estate assets |
| — |
| 3,936 |
| 26,000 |
| 3,936 |
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Total operating expenses |
| 109,539 |
| 121,402 |
| 433,987 |
| 333,804 |
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Operating (loss) income |
| 61,645 |
| 50,185 |
| 93,059 |
| 154,161 |
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Other Income/Expense |
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Interest and other income |
| 3,433 |
| 1,734 |
| 8,568 |
| 5,487 |
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Interest expense |
| (23,274 | ) | (21,448 | ) | (66,582 | ) | (62,409 | ) | ||||||||
Total other income/expense |
| (19,841 | ) | (19,714 | ) | (58,014 | ) | (56,922 | ) | ||||||||
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Income before gain on property dispositions, income taxes, and equity in earnings of unconsolidated joint ventures |
| 41,804 |
| 30,471 |
| 35,045 |
| 97,239 |
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Gain on property dispositions |
| 2,002 |
| 23,840 |
| 54,705 |
| 30,542 |
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Income taxes |
| (472 | ) | (582 | ) | (1,967 | ) | (1,528 | ) | ||||||||
Equity in earnings of unconsolidated joint ventures |
| 6,766 |
| 4,305 |
| 20,958 |
| 14,026 |
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Income from continuing operations |
| 50,100 |
| 58,034 |
| 108,741 |
| 140,279 |
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Discontinued operations (including net gain of $94.9 million and a net gain of $184.7 million on property dispositions for the three and nine months ended September 30, 2018, respectively) |
| 103,971 |
| 3,125 |
| 209,945 |
| 17,942 |
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Net Income |
| 154,071 |
| 61,159 |
| 318,686 |
| 158,221 |
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Noncontrolling interest - operating partnerships |
| (3,696 | ) | (1,545 | ) | (7,738 | ) | (4,044 | ) | ||||||||
Noncontrolling interest - consolidated joint ventures |
| (232 | ) | (75 | ) | (1,010 | ) | (195 | ) | ||||||||
Net Income available to common shareholders |
| $ | 150,143 |
| $ | 59,539 |
| $ | 309,938 |
| $ | 153,982 |
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Net income |
| $ | 154,071 |
| $ | 61,159 |
| $ | 318,686 |
| $ | 158,221 |
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Other comprehensive (loss) gain - foreign currency translation |
| (3,015 | ) | 5,634 |
| (9,221 | ) | 16,314 |
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Other comprehensive gain (loss) - derivative instruments |
| 6 |
| 91 |
| 493 |
| 366 |
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Comprehensive income |
| 151,062 |
| 66,884 |
| 309,958 |
| 174,901 |
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Less: comprehensive income attributable to noncontrolling interest |
| (3,858 | ) | (1,754 | ) | (8,545 | ) | (4,629 | ) | ||||||||
Comprehensive income attributable to common shareholders |
| $ | 147,204 |
| $ | 65,130 |
| $ | 301,413 |
| $ | 170,272 |
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Basic income per common share |
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Continuing operations |
| $ | 0.33 |
| $ | 0.39 |
| $ | 0.71 |
| $ | 0.93 |
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Discontinued operations |
| $ | 0.69 |
| $ | 0.02 |
| $ | 1.39 |
| $ | 0.12 |
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Basic income per common share |
| $ | 1.02 |
| $ | 0.41 |
| $ | 2.10 |
| $ | 1.05 |
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Diluted income per common share |
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Continuing operations |
| $ | 0.33 |
| $ | 0.38 |
| $ | 0.71 |
| $ | 0.92 |
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Discontinued operations |
| $ | 0.68 |
| $ | 0.02 |
| $ | 1.38 |
| $ | 0.12 |
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Diluted income per common share |
| $ | 1.01 |
| $ | 0.40 |
| $ | 2.09 |
| $ | 1.04 |
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Weighted average shares |
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Basic |
| 147,324 |
| 146,811 |
| 147,241 |
| 146,678 |
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Diluted |
| 148,271 |
| 147,596 |
| 148,160 |
| 147,430 |
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