Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Entity Registrant Name | 'LIBERTY PROPERTY TRUST | ' |
Entity Central Index Key | '0000921112 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 146,590,000 |
Liberty Property Limited Partnership [Member] | ' | ' |
Entity Registrant Name | 'LIBERTY PROPERTY LIMITED PARTNERSHIP | ' |
Entity Central Index Key | '0000921113 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Land and land improvements | $1,012,247 | $899,801 |
Building and improvements | 4,564,885 | 4,341,125 |
Less accumulated depreciation | -1,224,775 | -1,164,756 |
Operating real estate | 4,352,357 | 4,076,170 |
Development in progress | 136,165 | 248,602 |
Land held for development | 233,091 | 258,324 |
Net real estate | 4,721,613 | 4,583,096 |
Cash and cash equivalents | 1,124,570 | 38,356 |
Restricted cash | 35,705 | 33,147 |
Accounts receivable | 8,784 | 8,988 |
Deferred rent receivable | 112,943 | 108,576 |
Deferred financing and leasing costs, net of accumulated amortization (2013, $145,519; 2012, $132,261) | 149,833 | 137,359 |
Investments in and advances to unconsolidated joint ventures | 177,344 | 169,021 |
Assets held for sale | 0 | 7,880 |
Prepaid expenses and other assets | 120,208 | 87,756 |
Total assets | 6,451,000 | 5,174,179 |
LIABILITIES | ' | ' |
Mortgage loans | 309,279 | 302,855 |
Unsecured notes | 2,707,985 | 2,258,751 |
Credit facility | 0 | 92,000 |
Accounts payable | 46,562 | 31,058 |
Accrued interest | 39,086 | 20,164 |
Dividend and distributions payable | 71,113 | 58,038 |
Other liabilities | 197,265 | 185,956 |
Total liabilities | 3,371,290 | 2,948,822 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2013 and December 31, 2012 | 7,537 | 7,537 |
EQUITY | ' | ' |
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized; 147,274,747 (includes 1,249,909 in treasury) and 119,720,776 (includes 1,249,909 in treasury) shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 147 | 119 |
Additional paid-in capital | 3,650,766 | 2,687,701 |
Accumulated other comprehensive loss | 3,038 | 2,900 |
Distributions in excess of net income | -591,764 | -547,757 |
Common shares in treasury, at cost, 1,249,909 shares as of September 30, 2013 and December 31, 2012 | -51,951 | -51,951 |
Total Liberty Property Trust shareholders' equity | 3,010,236 | 2,091,012 |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - consolidated joint ventures | 3,424 | 3,321 |
Total equity | 3,072,173 | 2,217,820 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,451,000 | 5,174,179 |
Limited partners’ equity – 3,686,609 and 3,713,851 common units outstanding as of September 30, 2013 and December 31, 2012, respectively | ' | ' |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - operating partnerships | 58,513 | 60,223 |
Limited partners’ equity – 1,290,000 preferred units outstanding as of December 31, 2012 | ' | ' |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - operating partnerships | 0 | 63,264 |
Liberty Property Limited Partnership [Member] | ' | ' |
ASSETS | ' | ' |
Land and land improvements | 1,012,247 | 899,801 |
Building and improvements | 4,564,885 | 4,341,125 |
Less accumulated depreciation | -1,224,775 | -1,164,756 |
Operating real estate | 4,352,357 | 4,076,170 |
Development in progress | 136,165 | 248,602 |
Land held for development | 233,091 | 258,324 |
Net real estate | 4,721,613 | 4,583,096 |
Cash and cash equivalents | 1,124,570 | 38,356 |
Restricted cash | 35,705 | 33,147 |
Accounts receivable | 8,784 | 8,988 |
Deferred rent receivable | 112,943 | 108,576 |
Deferred financing and leasing costs, net of accumulated amortization (2013, $145,519; 2012, $132,261) | 149,833 | 137,359 |
Investments in and advances to unconsolidated joint ventures | 177,344 | 169,021 |
Assets held for sale | 0 | 7,880 |
Prepaid expenses and other assets | 120,208 | 87,756 |
Total assets | 6,451,000 | 5,174,179 |
LIABILITIES | ' | ' |
Mortgage loans | 309,279 | 302,855 |
Unsecured notes | 2,707,985 | 2,258,751 |
Credit facility | 0 | 92,000 |
Accounts payable | 46,562 | 31,058 |
Accrued interest | 39,086 | 20,164 |
Dividend and distributions payable | 71,113 | 58,038 |
Other liabilities | 197,265 | 185,956 |
Total liabilities | 3,371,290 | 2,948,822 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2013 and December 31, 2012 | 7,537 | 7,537 |
EQUITY | ' | ' |
General partner’s equity - 146,024,838 (net of 1,249,909 treasury units) and 118,470,867 (net of 1,249,909 treasury units) common units outstanding as of September 30, 2013 and December 31, 2012, respectively | 3,010,236 | 2,091,012 |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - consolidated joint ventures | 3,424 | 3,321 |
Total equity | 3,072,173 | 2,217,820 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,451,000 | 5,174,179 |
Liberty Property Limited Partnership [Member] | Limited partners’ equity – 3,686,609 and 3,713,851 common units outstanding as of September 30, 2013 and December 31, 2012, respectively | ' | ' |
EQUITY | ' | ' |
Limited partners' equity | 58,513 | 60,223 |
Liberty Property Limited Partnership [Member] | Limited partners’ equity – 1,290,000 preferred units outstanding as of December 31, 2012 | ' | ' |
EQUITY | ' | ' |
Limited partners' equity | $0 | $63,264 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accumulated amortization on deferred financing and leasing costs | $145,519,000 | $132,261,000 |
Common shares, par value | $0.00 | $0.00 |
Common shares, shares authorized | 183,987,000 | 183,987,000 |
Common shares, shares issued | 147,274,747 | 119,720,776 |
Common shares, shares outstanding | 147,274,747 | 119,720,776 |
Treasury stock, shares | 1,249,909 | 1,249,909 |
Noncontrolling Interest Operating Partnership Common Units Outstanding | 3,686,609 | 3,713,851 |
Preferred stock, units outstanding | 0 | 1,290,000 |
Liberty Property Limited Partnership [Member] | ' | ' |
Accumulated amortization on deferred financing and leasing costs | $145,519,000 | $132,261,000 |
Common shares, shares outstanding | 146,024,838 | 118,470,867 |
Treasury stock, shares | 1,249,909 | 1,249,909 |
Preferred stock, units outstanding | 0 | 1,290,000 |
Limited Partners' Capital Account, Units Issued | 3,686,609 | 3,713,851 |
Series I-2 [Member] | ' | ' |
Preferred stock, units outstanding | 301,483 | 301,483 |
Series I-2 [Member] | Liberty Property Limited Partnership [Member] | ' | ' |
Preferred stock, units outstanding | 301,483 | 301,483 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING REVENUE | ' | ' | ' | ' |
Rental | $128,044 | $116,666 | $375,702 | $348,955 |
Operating expense reimbursement | 55,342 | 51,017 | 160,476 | 148,187 |
Total operating revenue | 183,386 | 167,683 | 536,178 | 497,142 |
OPERATING EXPENSE | ' | ' | ' | ' |
Rental property | 35,213 | 33,934 | 99,746 | 93,840 |
Real estate taxes | 22,107 | 19,517 | 65,007 | 59,167 |
General and administrative | 17,231 | 14,610 | 53,552 | 46,391 |
Depreciation and amortization | 46,036 | 40,149 | 135,560 | 120,337 |
Total operating expenses | 120,587 | 108,210 | 353,865 | 319,735 |
Operating income | 62,799 | 59,473 | 182,313 | 177,407 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest and other income | 2,620 | 2,340 | 7,612 | 7,055 |
Interest expense | -37,412 | -30,772 | -101,141 | -88,941 |
Total other income (expense) | -34,792 | -28,432 | -93,529 | -81,886 |
Income before gain on property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures | 28,007 | 31,041 | 88,784 | 95,521 |
Gain on property dispositions | 1,958 | 2,001 | 6,829 | 2,859 |
Income taxes | -629 | -321 | -1,780 | -645 |
Equity in earnings (loss) of unconsolidated joint ventures | 650 | -3,082 | 3,973 | -1,397 |
Income from continuing operations | 29,986 | 29,639 | 97,806 | 96,338 |
Discontinued operations (including net gain on property dispositions of $29 for the quarter ended September 30, 2013 and net loss of $1,540 for the quarter ended September 30, 2012) | -38 | 259 | 50,041 | 10,842 |
Net income | 29,948 | 29,898 | 147,847 | 107,180 |
Noncontrolling interest – operating partnership | -843 | -2,092 | -7,394 | -8,174 |
Noncontrolling interest - consolidated joint ventures | -406 | 0 | -406 | 0 |
Preferred stock redemption premium | ' | ' | -1,236 | ' |
Net income available to common shareholders | 28,699 | 27,806 | 140,047 | 99,006 |
Comprehensive income attributable to common shareholders | ' | ' | ' | ' |
Net income | 29,948 | 29,898 | 147,847 | 107,180 |
Other comprehensive income | 4,927 | 2,245 | 115 | 3,047 |
Total comprehensive income | 34,875 | 32,143 | 147,962 | 110,227 |
Less: comprehensive income attributable to noncontrolling interest | -1,370 | -2,161 | -7,777 | -8,269 |
Comprehensive income attributable to common shareholders | 33,505 | 29,982 | 140,185 | 101,958 |
Basic: | ' | ' | ' | ' |
Income from continuing operations | $0.21 | $0.24 | $0.73 | $0.76 |
Income from discontinued operations | $0 | $0 | $0.39 | $0.09 |
Income per common share - basic | $0.21 | $0.24 | $1.12 | $0.85 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations | $0.21 | $0.24 | $0.72 | $0.75 |
Income from discontinued operations | $0 | $0 | $0.39 | $0.09 |
Income per common share - diluted | $0.21 | $0.24 | $1.11 | $0.84 |
Distributions per common share or unit | $0.48 | $0.48 | $1.43 | $1.43 |
Weighted average number of common shares outstanding | ' | ' | ' | ' |
Basic | 135,628 | 117,141 | 124,889 | 116,625 |
Diluted | 136,328 | 118,043 | 125,655 | 117,462 |
Amounts attributable to common shareholders | ' | ' | ' | ' |
Income from continuing operations | 28,736 | 27,555 | 91,442 | 88,500 |
Discontinued operations | -37 | 251 | 48,605 | 10,506 |
Net income available to common shareholders | 28,699 | 27,806 | 140,047 | 99,006 |
Liberty Property Limited Partnership [Member] | ' | ' | ' | ' |
OPERATING REVENUE | ' | ' | ' | ' |
Rental | 128,044 | 116,666 | 375,702 | 348,955 |
Operating expense reimbursement | 55,342 | 51,017 | 160,476 | 148,187 |
Total operating revenue | 183,386 | 167,683 | 536,178 | 497,142 |
OPERATING EXPENSE | ' | ' | ' | ' |
Rental property | 35,213 | 33,934 | 99,746 | 93,840 |
Real estate taxes | 22,107 | 19,517 | 65,007 | 59,167 |
General and administrative | 17,231 | 14,610 | 53,552 | 46,391 |
Depreciation and amortization | 46,036 | 40,149 | 135,560 | 120,337 |
Total operating expenses | 120,587 | 108,210 | 353,865 | 319,735 |
Operating income | 62,799 | 59,473 | 182,313 | 177,407 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest and other income | 2,620 | 2,340 | 7,612 | 7,055 |
Interest expense | -37,412 | -30,772 | -101,141 | -88,941 |
Total other income (expense) | -34,792 | -28,432 | -93,529 | -81,886 |
Income before gain on property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures | 28,007 | 31,041 | 88,784 | 95,521 |
Gain on property dispositions | 1,958 | 2,001 | 6,829 | 2,859 |
Income taxes | -629 | -321 | -1,780 | -645 |
Equity in earnings (loss) of unconsolidated joint ventures | 650 | -3,082 | 3,973 | -1,397 |
Income from continuing operations | 29,986 | 29,639 | 97,806 | 96,338 |
Discontinued operations (including net gain on property dispositions of $29 for the quarter ended September 30, 2013 and net loss of $1,540 for the quarter ended September 30, 2012) | -38 | 259 | 50,041 | 10,842 |
Net income | 29,948 | 29,898 | 147,847 | 107,180 |
Noncontrolling interest - consolidated joint ventures | -406 | 0 | -406 | 0 |
Preferred unit distributions | -118 | -1,211 | -2,001 | -8,690 |
Preferred stock redemption premium | ' | ' | -1,236 | ' |
Preferred stock redemption discount | ' | ' | ' | 3,689 |
Net income available to common shareholders | 29,424 | 28,687 | 144,204 | 102,179 |
Comprehensive income attributable to common shareholders | ' | ' | ' | ' |
Net income | 29,948 | 29,898 | 147,847 | 107,180 |
Other comprehensive income | 4,927 | 2,245 | 115 | 3,047 |
Total comprehensive income | 34,875 | 32,143 | 147,962 | 110,227 |
Basic: | ' | ' | ' | ' |
Income from continuing operations | $0.21 | $0.24 | $0.73 | $0.76 |
Income from discontinued operations | $0 | $0 | $0.39 | $0.09 |
Income per common share - basic | $0.21 | $0.24 | $1.12 | $0.85 |
Diluted: | ' | ' | ' | ' |
Income from continuing operations | $0.21 | $0.24 | $0.72 | $0.75 |
Income from discontinued operations | $0 | $0 | $0.39 | $0.09 |
Income per common share - diluted | $0.21 | $0.24 | $1.11 | $0.84 |
Distributions per common share or unit | $0.48 | $0.48 | $1.43 | $1.43 |
Weighted average number of common shares outstanding | ' | ' | ' | ' |
Basic | 139,320 | 120,880 | 128,595 | 120,396 |
Diluted | 140,020 | 121,782 | 129,361 | 121,233 |
Net income allocated to general partners | 28,699 | 27,806 | 140,047 | 99,006 |
Net income allocated to limited partners | 843 | 2,092 | 7,394 | 8,174 |
Amounts attributable to common shareholders | ' | ' | ' | ' |
Income from continuing operations | 29,580 | 29,639 | 97,400 | 96,338 |
Net income available to common shareholders | $29,424 | $28,687 | $144,204 | $102,179 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net gain on property dispositions included in discontinued operation | $29 | ($1,540) | $49,367 | $2,505 |
Liberty Property Limited Partnership [Member] | ' | ' | ' | ' |
Net gain on property dispositions included in discontinued operation | $29 | ($1,540) | $49,367 | $2,505 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Shares Of Beneficial Interest [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Distributions in Excess of Net Income [Member] | Common Shares Held in Treasury [Member] | Total Liberty Property Trust Shareholders' Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | Noncontrolling interest operating partnership-Preferred [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] |
In Thousands | General Partners Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | Noncontrolling interest operating partnership-Preferred [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Additional Paid-In Capital [Member] | Total Liberty Property Trust Shareholders' Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | |||||||||||
Beginning Balance at Dec. 31, 2012 | $2,217,820 | $119 | $2,687,701 | $2,900 | ($547,757) | ($51,951) | $2,091,012 | $60,223 | $63,264 | $3,321 | $2,217,820 | $2,091,012 | $60,223 | $63,264 | $3,321 | ' | ' | ' |
Net proceeds from the issuance of common shares | 954,481 | 28 | 954,453 | ' | ' | ' | 954,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 147,847 | ' | ' | ' | 140,047 | ' | 140,047 | 4,157 | 3,237 | 406 | 147,847 | 140,047 | 4,157 | 3,237 | 406 | ' | ' | ' |
Contributions from partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 962,655 | 962,655 | ' | ' | ' | ' | ' | ' |
Distributions | -191,764 | ' | ' | ' | -184,054 | ' | -184,054 | -5,406 | -2,001 | -303 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -191,764 | -184,054 | -5,406 | -2,001 | -303 | ' | ' | ' |
Share-based compensation | 8,174 | ' | 8,174 | ' | ' | ' | 8,174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 115 | ' | ' | 138 | ' | ' | 138 | -23 | ' | ' | 115 | 138 | -23 | ' | ' | ' | ' | ' |
Redemption of common units | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 438 | -438 | ' | ' | 438 | 438 | -438 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -63,264 | ' | ' | ' | ' | ' | 0 | ' | -63,264 | ' | -63,264 | 0 | ' | -63,264 | ' | ' | ' | ' |
Preferred stock redemption premium | -1,236 | ' | ' | ' | ' | ' | 0 | ' | -1,236 | ' | -1,236 | 0 | ' | -1,236 | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | 3,072,173 | 147 | 3,650,766 | 3,038 | -591,764 | -51,951 | 3,010,236 | 58,513 | 0 | 3,424 | 3,072,173 | 3,010,236 | 58,513 | 0 | 3,424 | ' | ' | ' |
Beginning Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 29,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,948 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 4,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,927 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $3,072,173 | ' | ' | ' | ' | ($51,951) | ' | ' | ' | ' | $3,072,173 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES | ' | ' |
Net income | $147,847 | $107,180 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 137,302 | 124,420 |
Amortization of deferred financing costs | 3,533 | 3,581 |
Equity in (earnings) loss of unconsolidated joint ventures | -3,973 | 1,397 |
Distributions from unconsolidated joint ventures | 613 | 536 |
Gain on property dispositions | -56,196 | -5,364 |
Share-based compensation | 8,174 | 8,307 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -2,703 | 25,864 |
Accounts receivable | 231 | 1,223 |
Deferred rent receivable | -6,171 | -5,550 |
Prepaid expenses and other assets | -50,389 | -19,626 |
Accounts payable | 15,494 | 35,389 |
Accrued interest | 18,922 | 12,030 |
Other liabilities | 2,352 | -30,356 |
Net cash provided by operating activities | 215,036 | 259,031 |
INVESTING ACTIVITIES | ' | ' |
Investment in operating properties - acquisitions | -161,404 | -35,644 |
Investment in operating properties - other | -40,433 | -45,221 |
Investments in and advances to unconsolidated joint ventures | -11,736 | -3,529 |
Distributions from unconsolidated joint ventures | 6,825 | 6,967 |
Net proceeds from disposition of properties/land | 134,024 | 217,430 |
Net proceeds from (advances on) public reimbursement receivable/escrow | 12,943 | -682 |
Investment in development in progress | -81,736 | -152,523 |
Investment in land held for development | -34,642 | -32,871 |
Investment in deferred leasing costs | -22,996 | -17,470 |
Net cash used in investing activities | -199,155 | -63,543 |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from issuance of common shares | 954,481 | 42,808 |
Redemption of preferred units | -64,500 | -221,000 |
Proceeds from unsecured notes | 448,646 | 399,220 |
Repayments of unsecured notes | 0 | -230,100 |
Proceeds from mortgage loans | 10,401 | 27,481 |
Repayments of mortgage loans | -3,977 | -28,103 |
Proceeds from credit facility | 344,050 | 653,350 |
Repayments on credit facility | -436,050 | -642,750 |
Increase in deferred financing costs | -3,883 | -3,498 |
Distribution paid on common shares | -170,970 | -166,564 |
Distribution paid on units | -7,619 | -13,139 |
Net cash provided by (used in) financing activities | 1,070,579 | -182,295 |
Net increase in cash and cash equivalents | 1,086,460 | 13,193 |
(Decrease) increase in cash and cash equivalents related to foreign currency translation | -246 | 2,672 |
Cash and cash equivalents at beginning of period | 38,356 | 18,204 |
Cash and cash equivalents at end of period | 1,124,570 | 34,069 |
Liberty Property Limited Partnership [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net income | 147,847 | 107,180 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 137,302 | 124,420 |
Amortization of deferred financing costs | 3,533 | 3,581 |
Equity in (earnings) loss of unconsolidated joint ventures | -3,973 | 1,397 |
Distributions from unconsolidated joint ventures | 613 | 536 |
Gain on property dispositions | -56,196 | -5,364 |
Share-based compensation | 8,174 | 8,307 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | -2,703 | 25,864 |
Accounts receivable | 231 | 1,223 |
Deferred rent receivable | -6,171 | -5,550 |
Prepaid expenses and other assets | -50,389 | -19,626 |
Accounts payable | 15,494 | 35,389 |
Accrued interest | 18,922 | 12,030 |
Other liabilities | 2,352 | -30,356 |
Net cash provided by operating activities | 215,036 | 259,031 |
INVESTING ACTIVITIES | ' | ' |
Investment in operating properties - acquisitions | -161,404 | -35,644 |
Investment in operating properties - other | -40,433 | -45,221 |
Investments in and advances to unconsolidated joint ventures | -11,736 | -3,529 |
Distributions from unconsolidated joint ventures | 6,825 | 6,967 |
Net proceeds from disposition of properties/land | 134,024 | 217,430 |
Net proceeds from (advances on) public reimbursement receivable/escrow | 12,943 | -682 |
Investment in development in progress | -81,736 | -152,523 |
Investment in land held for development | -34,642 | -32,871 |
Investment in deferred leasing costs | -22,996 | -17,470 |
Net cash used in investing activities | -199,155 | -63,543 |
FINANCING ACTIVITIES | ' | ' |
Redemption of preferred units | -64,500 | -221,000 |
Proceeds from unsecured notes | 448,646 | 399,220 |
Repayments of unsecured notes | 0 | -230,100 |
Proceeds from mortgage loans | 10,401 | 27,481 |
Repayments of mortgage loans | -3,977 | -28,103 |
Proceeds from credit facility | 344,050 | 653,350 |
Repayments on credit facility | -436,050 | -642,750 |
Increase in deferred financing costs | -3,883 | -3,498 |
Capital contributions | 954,481 | 42,808 |
Distributions to partners | -178,589 | -179,703 |
Net cash provided by (used in) financing activities | 1,070,579 | -182,295 |
Net increase in cash and cash equivalents | 1,086,460 | 13,193 |
(Decrease) increase in cash and cash equivalents related to foreign currency translation | -246 | 2,672 |
Cash and cash equivalents at beginning of period | 38,356 | 18,204 |
Cash and cash equivalents at end of period | $1,124,570 | $34,069 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
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 97.5% of the common equity of the Operating Partnership at September 30, 2013. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated balance sheets and statements of comprehensive income for assets held for sale and discontinued operations. |
Income_per_Common_Share_of_the
Income per Common Share of the Trust | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Income per Common Share of the Trust [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 (loss) per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 135,628 | $ | 0.21 | $ | 27,555 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 136,328 | $ | 0.21 | $ | 27,555 | 118,043 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 135,628 | $ | — | $ | 251 | 117,141 | $ | — | |||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 136,328 | $ | — | $ | 251 | 118,043 | $ | — | |||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 135,628 | $ | 0.21 | $ | 27,806 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 136,328 | $ | 0.21 | $ | 27,806 | 118,043 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 91,442 | 124,889 | $ | 0.73 | $ | 88,500 | 116,625 | $ | 0.76 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | 91,442 | 125,655 | $ | 0.72 | 88,500 | 117,462 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 124,889 | $ | 0.39 | 10,506 | 116,625 | $ | 0.09 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 125,655 | $ | 0.39 | 10,506 | 117,462 | $ | 0.09 | ||||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | 140,047 | 124,889 | $ | 1.12 | 99,006 | 116,625 | $ | 0.85 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 140,047 | 125,655 | $ | 1.11 | $ | 99,006 | 117,462 | $ | 0.84 | ||||||||||||
Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2013 were 994,000 and 959,000, respectively, as compared to 850,000 and 905,000, respectively, for the same periods in 2012. | ||||||||||||||||||||||
During the three and nine months ended September 30, 2013, 1,000 and 478,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2012, 841,000 common shares were issued upon the exercise of options. | ||||||||||||||||||||||
Income_per_Common_Unit_of_the_
Income per Common Unit of the Operating Partnership | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
Income per Common Share of the Trust | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted income (loss) per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 135,628 | $ | 0.21 | $ | 27,555 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 136,328 | $ | 0.21 | $ | 27,555 | 118,043 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 135,628 | $ | — | $ | 251 | 117,141 | $ | — | |||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 136,328 | $ | — | $ | 251 | 118,043 | $ | — | |||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 135,628 | $ | 0.21 | $ | 27,806 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 136,328 | $ | 0.21 | $ | 27,806 | 118,043 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 91,442 | 124,889 | $ | 0.73 | $ | 88,500 | 116,625 | $ | 0.76 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | 91,442 | 125,655 | $ | 0.72 | 88,500 | 117,462 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 124,889 | $ | 0.39 | 10,506 | 116,625 | $ | 0.09 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 125,655 | $ | 0.39 | 10,506 | 117,462 | $ | 0.09 | ||||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | 140,047 | 124,889 | $ | 1.12 | 99,006 | 116,625 | $ | 0.85 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 140,047 | 125,655 | $ | 1.11 | $ | 99,006 | 117,462 | $ | 0.84 | ||||||||||||
Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2013 were 994,000 and 959,000, respectively, as compared to 850,000 and 905,000, respectively, for the same periods in 2012. | ||||||||||||||||||||||
During the three and nine months ended September 30, 2013, 1,000 and 478,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2012, 841,000 common shares were issued upon the exercise of options. | ||||||||||||||||||||||
Liberty Property Limited Partnership [Member] | ' | |||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
Income per Common Unit of the Operating Partnership | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted income (loss) per common unit of the Operating Partnership (in thousands, except per unit amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Loss) (Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 29,580 | $ | 29,639 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (1,211 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 29,462 | 139,320 | $ | 0.21 | $ | 28,428 | 120,880 | $ | 0.24 | ||||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 29,462 | 140,020 | $ | 0.21 | $ | 28,428 | 121,782 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | (38 | ) | 139,320 | $ | — | $ | 259 | 120,880 | $ | — | |||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | (38 | ) | 140,020 | $ | — | $ | 259 | 121,782 | $ | — | |||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 29,424 | 139,320 | $ | 0.21 | $ | 28,687 | 120,880 | $ | 0.24 | ||||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 29,424 | 140,020 | $ | 0.21 | $ | 28,687 | 121,782 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest - consolidated joint ventures | $ | 97,400 | $ | 96,338 | ||||||||||||||||||
Less: Preferred unit distributions | (2,001 | ) | (8,690 | ) | ||||||||||||||||||
Excess of preferred unit (redemption over carrying amount) carrying amount over redemption | (1,236 | ) | 3,689 | |||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | 94,163 | 128,595 | $ | 0.73 | 91,337 | 120,396 | $ | 0.76 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | 94,163 | 129,361 | $ | 0.72 | 91,337 | 121,233 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | 50,041 | 128,595 | $ | 0.39 | 10,842 | 120,396 | $ | 0.09 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | 50,041 | 129,361 | $ | 0.39 | 10,842 | 121,233 | $ | 0.09 | ||||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | 144,204 | 128,595 | $ | 1.12 | 102,179 | 120,396 | $ | 0.85 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 144,204 | 129,361 | $ | 1.11 | $ | 102,179 | 121,233 | $ | 0.84 | ||||||||||||
Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common unit for the three and nine months ended September 30, 2013 were 994,000 and 959,000, respectively, as compared to 850,000 and 905,000, respectively, for the same periods in 2012. | ||||||||||||||||||||||
During the three and nine months ended September 30, 2013, 1,000 and 478,000 common units, respectively, were issued upon the exercise of options. During the year ended December 31, 2012, 841,000 common units were issued upon the exercise of options. |
Other_Comprehensive_Income_of_
Other Comprehensive Income of the Trust | 9 Months Ended |
Sep. 30, 2013 | |
Other Comprehensive Income of the Trust [Abstract] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
Other Comprehensive Income of the Trust | |
The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in accumulated other comprehensive income as a separate component of shareholders' equity. A proportionate amount of gain or loss is allocated to noncontrolling interest - operating partnership - common units. Accumulated other comprehensive income consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income and noncontrolling interest - operating partnership - common units. |
Other_Comprehensive_Income_of_1
Other Comprehensive Income of the Operating Partnership | 9 Months Ended |
Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
Other Comprehensive Income of the Trust | |
The functional currency of the Trust's United Kingdom operations is pounds sterling. The Trust translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in accumulated other comprehensive income as a separate component of shareholders' equity. A proportionate amount of gain or loss is allocated to noncontrolling interest - operating partnership - common units. Accumulated other comprehensive income consists solely of the foreign currency translation adjustments described above. Upon sale or upon complete or substantially complete liquidation of the Trust's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in accumulated other comprehensive income and noncontrolling interest - operating partnership - common units. | |
Liberty Property Limited Partnership [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Comprehensive Income (Loss) Note [Text Block] | ' |
Other Comprehensive Income of the Operating Partnership | |
The functional currency of the Operating Partnership’s United Kingdom operations is pounds sterling. The Operating Partnership translates the financial statements for the United Kingdom operations into US dollars. Gains and losses resulting from this translation are included in general partner’s equity and limited partners’ equity – common units. Upon sale or upon complete or substantially complete liquidation of the Operating Partnership's foreign investment, the gain or loss on the sale will include the cumulative translation adjustments that have been previously recorded in general partner’s equity and limited partners’ equity – common units. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||
Segment Information | ' | |||||||||||||||||
Segment Information | ||||||||||||||||||
The Company operates its portfolio of properties primarily throughout the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States. Additionally, the Company owns certain assets in the United Kingdom. The Company reviews the performance of the portfolio on a geographical basis. As such, the following are considered the Company’s reportable segments: | ||||||||||||||||||
REGIONS | MARKETS | |||||||||||||||||
Northeast | Southeastern PA; Lehigh/Central PA; New Jersey; Maryland | |||||||||||||||||
Central | Minnesota; Chicago/Milwaukee; Houston; Arizona | |||||||||||||||||
South | Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa | |||||||||||||||||
Metro | Philadelphia; Metro Washington, D.C. | |||||||||||||||||
United Kingdom | County of Kent; West Midlands; Cambridge | |||||||||||||||||
The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, 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): | ||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Operating revenue | ||||||||||||||||||
Northeast - Southeastern PA | $ | 41,251 | $ | 42,773 | $ | 122,694 | $ | 126,658 | ||||||||||
Northeast - Lehigh / Central PA | 24,981 | 24,263 | 74,339 | 72,254 | ||||||||||||||
Northeast - Other | 14,592 | 15,042 | 44,645 | 46,895 | ||||||||||||||
Central | 35,136 | 28,969 | 101,665 | 89,940 | ||||||||||||||
South | 53,686 | 51,603 | 161,016 | 157,362 | ||||||||||||||
Metro | 12,191 | 8,248 | 31,778 | 24,672 | ||||||||||||||
United Kingdom | 1,400 | 1,264 | 3,620 | 3,529 | ||||||||||||||
Segment-level operating revenue | 183,237 | 172,162 | 539,757 | 521,310 | ||||||||||||||
Reconciliation to total operating revenue | ||||||||||||||||||
Discontinued operations | 31 | (4,678 | ) | (3,924 | ) | (24,340 | ) | |||||||||||
Other | 118 | 199 | 345 | 172 | ||||||||||||||
Total operating revenue | $ | 183,386 | $ | 167,683 | $ | 536,178 | $ | 497,142 | ||||||||||
Net operating income | ||||||||||||||||||
Northeast - Southeastern PA | $ | 23,754 | $ | 24,880 | $ | 68,622 | $ | 74,864 | ||||||||||
Northeast - Lehigh / Central PA | 17,204 | 16,578 | 50,422 | 49,331 | ||||||||||||||
Northeast - Other | 7,029 | 7,640 | 23,196 | 24,373 | ||||||||||||||
Central | 19,237 | 15,432 | 56,544 | 48,723 | ||||||||||||||
South | 32,950 | 30,870 | 99,608 | 94,840 | ||||||||||||||
Metro | 8,996 | 5,845 | 20,521 | 17,460 | ||||||||||||||
United Kingdom | 123 | 171 | (331 | ) | (178 | ) | ||||||||||||
Segment-level net operating income | 109,293 | 101,416 | 318,582 | 309,413 | ||||||||||||||
Reconciliation to income from continuing operations | ||||||||||||||||||
Interest expense (1) | (37,412 | ) | (31,305 | ) | (101,632 | ) | (93,120 | ) | ||||||||||
Depreciation/amortization expense (2) | (29,963 | ) | (25,753 | ) | (88,330 | ) | (77,217 | ) | ||||||||||
Gain on property dispositions | 1,958 | 2,001 | 6,829 | 2,859 | ||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 650 | (3,082 | ) | 3,973 | (1,397 | ) | ||||||||||||
General and administrative expense (2) | (12,394 | ) | (9,555 | ) | (35,215 | ) | (30,041 | ) | ||||||||||
Discontinued operations excluding gain on property dispositions | 67 | (1,799 | ) | (674 | ) | (8,337 | ) | |||||||||||
Income taxes (2) | (636 | ) | (270 | ) | (1,772 | ) | (465 | ) | ||||||||||
Other | (1,577 | ) | (2,014 | ) | (3,955 | ) | (5,357 | ) | ||||||||||
Income from continuing operations | $ | 29,986 | $ | 29,639 | $ | 97,806 | $ | 96,338 | ||||||||||
-1 | Includes interest on discontinued operations. | |||||||||||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. | |||||||||||||||||
The Company's total assets by reportable segment as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Northeast - Southeastern PA | $ | 816,900 | $ | 814,460 | ||||||||||||||
Northeast - Lehigh / Central PA | 816,075 | 779,929 | ||||||||||||||||
Northeast - Other | 391,140 | 388,605 | ||||||||||||||||
Central | 1,141,156 | 1,072,785 | ||||||||||||||||
South | 1,432,565 | 1,456,135 | ||||||||||||||||
Metro | 564,365 | 476,379 | ||||||||||||||||
United Kingdom | 77,170 | 72,323 | ||||||||||||||||
Other (1) | 1,211,629 | 113,563 | ||||||||||||||||
Total assets | $ | 6,451,000 | $ | 5,174,179 | ||||||||||||||
-1 | Consists primarily of cash and cash equivalents and restricted cash. |
Accounting_for_the_Impairment_
Accounting for the Impairment or Disposal of Long-Lived Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract] | ' | |||||||||||||||
Accounting for the Impairment or Disposal of Long-Lived Assets | ' | |||||||||||||||
Accounting for the Impairment or Disposal of Long-Lived Assets | ||||||||||||||||
The operating results and gain/loss on disposition of real estate for properties sold and held for sale are reflected in the consolidated statements of comprehensive income as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. There were no proceeds from dispositions of operating properties for the three months ended September 30, 2013 and 2012. The proceeds from dispositions of operating properties for the nine months ended September 30, 2013 and 2012 were $126.0 million and $210.8 million, respectively. | ||||||||||||||||
Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||
Revenues | $ | (31 | ) | $ | 4,678 | $ | 3,924 | $ | 24,340 | |||||||
Operating expenses | (33 | ) | (1,747 | ) | (1,667 | ) | (9,797 | ) | ||||||||
Interest and other income | (3 | ) | 306 | 11 | 949 | |||||||||||
Interest expense | — | (533 | ) | (491 | ) | (4,179 | ) | |||||||||
Depreciation and amortization | — | (905 | ) | (1,103 | ) | (2,976 | ) | |||||||||
Income (loss) before gain on property dispositions | (67 | ) | 1,799 | 674 | 8,337 | |||||||||||
Gain on property dispositions | 29 | (1,540 | ) | 49,367 | 2,505 | |||||||||||
Income from discontinued operations | $ | (38 | ) | $ | 259 | $ | 50,041 | $ | 10,842 | |||||||
Interest expense is 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 (without continuing involvement) to the sum of total net assets plus consolidated debt. | ||||||||||||||||
Asset Impairment | ||||||||||||||||
During the three months ended September 30, 2013, the Company did not recognize any impairments on its wholly owned properties. During the nine months ended September 30, 2013, the Company recognized $535,000 in impairment charges that were primarily related to the Company's South reportable segment and were included in discontinued operations in the Company’s consolidated statements of comprehensive income. During the three and nine months ended September 30, 2012, the Company recognized impairment charges of $1.7 million and $2.3 million, respectively. These impairments primarily related to the Company's Northeast - Southeastern PA and Central reportable segments and were included in discontinued operations in the Company's consolidated statements of comprehensive income. The Company determined these impairments through a comparison of the aggregate future cash flows (including quoted offer prices, a Level I input according to the fair value hierarchy established by the FASB in Topic 820, "Fair Value Measurements and Disclosures") to be generated by the properties to the carrying value of the properties. The Company has evaluated each of the properties and land held for development and has determined that there were no additional valuation adjustments necessary at September 30, 2013. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
Investments in Unconsolidated Joint Ventures | |
In October 2012, Blythe Valley JV Sarl, a joint venture in which the Company held an interest, defaulted on its mortgage loan. The mortgage loan was secured by all of the operating properties and land of the joint venture. During the three months ended March 31, 2013, the lender appointed a receiver, effectively taking control of the assets securing its loan. During the year ended December 31, 2012 the joint venture recorded an impairment charge, the Company's share of which was sufficient to bring the Company's investment in the joint venture to zero. | |
In October 2013 a joint venture in which the Company holds an interest recognized an impairment charge, the Company's share of which was $784,000. The impairment charge was related to the Company's United Kingdom reportable segment and was included in equity in earnings of unconsolidated joint ventures in the Company's consolidated statements of comprehensive income. The Company determined this impairment through a comparison of the aggregate future cash flows (including quoted offer prices, a Level I input according to the fair value hierarchy established by the FASB in Topic 820, “Fair Value Measurements and Disclosures") to be generated by the property to the carrying value of the property. | |
The Company has evaluated each of the properties and land held for development by unconsolidated joint ventures and has determined that there were no additional valuation adjustments necessary at September 30, 2013. |
Equity_Offerings
Equity Offerings | 9 Months Ended |
Sep. 30, 2013 | |
Equity Offering [Abstract] | ' |
Equity Offering Program [Text Block] | ' |
Equity Offerings | |
Continuous Equity Offering | |
The Company has a continuous equity offering program in place for up to $200 million of equity. During the nine months ended September 30, 2013, the Company sold 1.9 million common shares through this program. The aggregate proceeds from the offering of $75.0 million were used to pay down outstanding borrowings under the Company's unsecured credit facility and for general corporate purposes. There were no common shares sold through the program during the three months ended September 30, 2013. | |
Common Share Equity Offering | |
On August 7, 2013, the Company issued 24.2 million common shares for net proceeds of $834.1 million. The net proceeds from the offering were used to fund a portion of the cash consideration payable for the Cabot Acquisition which closed on October 8, 2013. See Note 17. Prior to this use, the net proceeds were used for general corporate purposes which included the repayment of borrowings under the Company's credit facility. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests | ' |
Noncontrolling Interests of the Trust | |
Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding of the Operating Partnership not held by the Trust as of September 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,686,609 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,686,609 outstanding common units based on the closing price of the common shares of the Trust at September 30, 2013 was $131.2 million. | |
Preferred units | |
The Trust had no outstanding cumulative redeemable preferred units of the Operating Partnership as of September 30, 2013. During the nine months ended September 30, 2013, the Company redeemed or repurchased $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions and repurchases, the Company wrote off $1.2 million in origination costs. These amounts were included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income. |
Limited_Partners_Equity_of_the
Limited Partners' Equity of the Operating Partnership | 9 Months Ended |
Sep. 30, 2013 | |
Preferred Units [Line Items] | ' |
Noncontrolling Interest Disclosure [Text Block] | ' |
Noncontrolling Interests of the Trust | |
Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding of the Operating Partnership not held by the Trust as of September 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,686,609 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,686,609 outstanding common units based on the closing price of the common shares of the Trust at September 30, 2013 was $131.2 million. | |
Preferred units | |
The Trust had no outstanding cumulative redeemable preferred units of the Operating Partnership as of September 30, 2013. During the nine months ended September 30, 2013, the Company redeemed or repurchased $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions and repurchases, the Company wrote off $1.2 million in origination costs. These amounts were included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income. | |
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 as of September 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,686,609 outstanding common units at such date are the limited partners' equity - common units held by persons and entities other than the Trust, the general partner of the Operating Partnership, which holds a number of common units equal to the number of outstanding common shares of beneficial interest. Both the common units held by the Trust and the common units held by persons and entities other than the Trust are counted in the weighted average number of common units outstanding during any given period. The common units share proportionately in the net income or loss and in any distributions of the Operating Partnership and are exchangeable into the same number of common shares of the Trust. The market value of the 3,686,609 outstanding common units at September 30, 2013 based on the closing price of the common shares of the Company at September 30, 2013 was $131.2 million. | |
Preferred units | |
The Operating Partnership had no outstanding cumulative redeemable preferred units as of September 30, 2013. During the nine months ended September 30, 2013, the Company redeemed or repurchased $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions and repurchases, the Company wrote off $1.2 million in origination costs. |
Noncontrolling_Interest_Operat
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ||||||||||||
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | ' | ||||||||||||
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | |||||||||||||
As of September 30, 2013, the following cumulative preferred units of the Operating Partnership were outstanding: | |||||||||||||
ISSUE | AMOUNT | UNITS | LIQUIDATION | DIVIDEND | |||||||||
PREFERENCE | RATE | ||||||||||||
(in 000’s) | |||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % | |||||||
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. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Indebtedness | |
Unsecured Notes | |
During the three and nine months ended September 30, 2013, the Company issued $450.0 million of 4.40% senior unsecured notes due 2024. The net proceeds from the offering were used to fund a portion of the cash consideration payable for the Cabot Acquisition which closed on October 8, 2013. See Note 17. Prior to this use, the net proceeds were held as cash and cash equivalents on the Company's consolidated balance sheets. |
Disclosure_of_Fair_Value_of_Fi
Disclosure of Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||
Disclosure of Fair Value of Financial Instruments | |||||||||||||||||||||||||
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 September 30, 2013 and December 31, 2012. 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 facility is also a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. | |||||||||||||||||||||||||
The Company used a discounted cash flow model to determine the estimated fair value of its debt as of September 30, 2013. 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 only significant unobservable input in the discounted cash flow model is the discount rate. For the fair value of the Company's unsecured notes, the Company uses a discount rate based on the indicative new issue pricing provided by lenders. For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the unsecured notes used as of September 30, 2013 was approximately 3.70% compared to 2.70% at December 31, 2012. The weighted average discount rate for the mortgage loans used as of September 30, 2013 was approximately 4.00% compared to 4.12% at December 31, 2012. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt. A decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt. | |||||||||||||||||||||||||
The following summarizes the changes in the fair value of the Company's mortgage loans and unsecured notes from December 31, 2012 to September 30, 2013 (in thousands): | |||||||||||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Above (Below) Carrying Value | Carrying Value | Fair Value | Fair Value Above (Below) Carrying Value | ||||||||||||||||||||
As of December 31, 2012 | $ | 302,855 | $ | 330,109 | $ | 27,254 | $ | 2,258,751 | $ | 2,511,515 | $ | 252,764 | |||||||||||||
Payoffs and amortization | (3,977 | ) | (3,977 | ) | 588 | 588 | |||||||||||||||||||
Issuances | 10,401 | 10,401 | 448,646 | 448,646 | |||||||||||||||||||||
Changes in fair value assumptions | (4,131 | ) | (4,131 | ) | (131,577 | ) | (131,577 | ) | |||||||||||||||||
As of September 30, 2013 | $ | 309,279 | $ | 332,402 | $ | 23,123 | $ | 2,707,985 | $ | 2,829,172 | $ | 121,187 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies [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. 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 September 30, 2013, were as follows (in thousands): | |||||
Year | Amount | ||||
2013 | $ | 37 | |||
2014 | 158 | ||||
2015 | 153 | ||||
2016 | 153 | ||||
2017 | 153 | ||||
2018 through 2054 | 5,085 | ||||
Total | $ | 5,739 | |||
Operating ground lease expense for the three and nine months ended September 30, 2013 were $42,000 and $125,000, respectively, as compared to $41,000 and $121,000, respectively, for the same periods in 2012. | |||||
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. The Company believes that as of September 30, 2013 there were no legal proceedings, claims or assessments expected to have a material adverse effect on the Company’s business or financial statements. | |||||
Other | |||||
As of September 30, 2013, the Company had letter of credit obligations of $4.9 million. The Company believes that the likelihood is remote that there will be a draw upon these letter of credit obligations. | |||||
As of September 30, 2013, the Company had 13 buildings under development. These buildings are expected to contain, when completed, a total of 4.2 million square feet of leasable space and represent an anticipated aggregate investment of $298.6 million. At September 30, 2013, development in progress totaled $136.2 million. In addition, as of September 30, 2013, the Company had invested $9.1 million in deferred leasing costs related to these development buildings. Also, as of September 30, 2013, the Company had a signed commitment for a build-to-suit development not yet commenced for $26.7 million. | |||||
As of September 30, 2013, the Company was committed to $13.1 million in improvements on certain buildings and land parcels. | |||||
As of September 30, 2013, the Company was committed to $15.0 million in future land purchases. | |||||
As of September 30, 2013, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $29.6 million. | |||||
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_Sta
Supplemental Disclosure to Statements of Cash Flows | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ||||||||
The following are supplemental disclosures to the statements of cash flows for the nine months ended September 30, 2013 and 2012 (amounts in thousands): | ||||||||
2013 | 2012 | |||||||
Write-off of fully depreciated property and deferred costs | $ | 23,180 | $ | 27,020 | ||||
Write-off of depreciated property and deferred costs due to sale | $ | 49,618 | $ | 95,093 | ||||
Write-off of origination costs relating to preferred unit redemptions | $ | 1,236 | $ | 2,806 | ||||
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 statements of cash flows. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||||||
Subsequent Events [Text Block] | ' | |||||||||||||||
Subsequent Events | ||||||||||||||||
On October 8, 2013, the Company acquired all of the outstanding general and limited partnership interests of Cabot Industrial Fund III Operating Partnership, L.P., a Delaware limited partnership (the "Cabot Acquisition"). The acquisition resulted in the purchase of a 100% ownership interest in 177 industrial assets totaling approximately 23.0 million square feet. The acquisition-date fair value of the consideration transferred totaled $1.219 billion in cash. | ||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The allocation of purchase price of the Cabot Acquisition is preliminary pending the receipt of the information necessary to complete the resolution of certain tangible and intangible assets and liabilities (in thousands): | ||||||||||||||||
Assets | ||||||||||||||||
Real estate: | ||||||||||||||||
Land and land improvements | $ | 278,379 | ||||||||||||||
Building and improvements | 1,121,350 | |||||||||||||||
Operating real estate | 1,399,729 | |||||||||||||||
Intangible - in-place leases/market rent | 98,008 | |||||||||||||||
Other assets | 2,691 | |||||||||||||||
Total assets | 1,500,428 | |||||||||||||||
Liabilities | ||||||||||||||||
Mortgage loans | 242,455 | |||||||||||||||
Other liabilities | 33,399 | |||||||||||||||
Intangible - market rent | 5,737 | |||||||||||||||
Total liabilities | 281,591 | |||||||||||||||
Net assets acquired | $ | 1,218,837 | ||||||||||||||
The weighted average amortization period of the in-place lease intangibles is 4.4 years. | ||||||||||||||||
Costs incurred and to be incurred in conjunction with the Cabot Acquisition and related funding include the following: | ||||||||||||||||
• | Acquisition costs of approximately $12.3 million consisting primarily of taxes, legal and professional fees. The Company recognized $2.7 million of acquisition costs in the three months ended September 30, 2013 (included in general and administrative expenses on the Company’s consolidated statements of comprehensive income) and $4.2 million in financing fees in the three months ended September 30, 2013 (included in interest expense in the Company’s consolidated statements of comprehensive income). | |||||||||||||||
• | Deferred financing costs of approximately $2.0 million associated with the assumption of $230 million in mortgage debt ($242.5 million fair value) assumed at closing (no effect on financial statements included in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). | |||||||||||||||
• | Deferred financing costs of $3.9 million incurred in conjunction with the financing of the September 27, 2013 $450.0 million senior unsecured notes offering (included in deferred financing and leasing costs in the Company’s Consolidated Balance Sheets with amortization reflected in interest expense over the life of the related notes in the Company’s consolidated statements of comprehensive income). | |||||||||||||||
• | Costs of $35.3 million incurred in conjunction with the August 7, 2013 issuance of 24.2 million of the Company’s common shares (included as a reduction to equity in the Company’s consolidated balance sheets). | |||||||||||||||
The following unaudited pro forma condensed income statement information has been prepared as if the Cabot Acquisition, the Trust’s August 2013 common share offering and the Operating Partnership’s September 2013 senior note offering had been completed on January 1, 2012. The pro forma condensed consolidated financial information does not purport to represent what the Company’s results of operations would have been assuming the completion of the Cabot Acquisition had occurred on January 1, 2012 nor do they purport to project the results of operations of the Company for any future period (in thousands): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Total operating revenue | $ | 217,216 | $ | 201,208 | $ | 639,685 | $ | 597,819 | ||||||||
Net income available to common shareholders | $ | 31,212 | $ | 28,172 | $ | 150,716 | $ | 99,495 | ||||||||
These amounts have been calculated after applying the Company's accounting policies and adjusting the results of the Cabot Acquisition to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to building and improvements and in-place lease intangibles had been applied on January 1, 2012. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Organization and Basis of Presentation [Abstract] | ' |
Organization | ' |
Organization | |
Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.5% of the common equity of the Operating Partnership at September 30, 2013. The Company provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties which are located principally within the Mid-Atlantic, Southeastern, Midwestern and Southwestern United States and the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the "Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying consolidated balance sheets and statements of comprehensive income for assets held for sale and discontinued operations. |
Income_per_Common_Share_of_the1
Income per Common Share of the Trust (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Income per Common Share of the Trust [Abstract] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 135,628 | $ | 0.21 | $ | 27,555 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 136,328 | $ | 0.21 | $ | 27,555 | 118,043 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 135,628 | $ | — | $ | 251 | 117,141 | $ | — | |||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 136,328 | $ | — | $ | 251 | 118,043 | $ | — | |||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 135,628 | $ | 0.21 | $ | 27,806 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 136,328 | $ | 0.21 | $ | 27,806 | 118,043 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 91,442 | 124,889 | $ | 0.73 | $ | 88,500 | 116,625 | $ | 0.76 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | 91,442 | 125,655 | $ | 0.72 | 88,500 | 117,462 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 124,889 | $ | 0.39 | 10,506 | 116,625 | $ | 0.09 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 125,655 | $ | 0.39 | 10,506 | 117,462 | $ | 0.09 | ||||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | 140,047 | 124,889 | $ | 1.12 | 99,006 | 116,625 | $ | 0.85 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 140,047 | 125,655 | $ | 1.11 | $ | 99,006 | 117,462 | $ | 0.84 | ||||||||||||
Income_per_Common_Unit_of_the_1
Income per Common Unit of the Operating Partnership (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 135,628 | $ | 0.21 | $ | 27,555 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 28,736 | 136,328 | $ | 0.21 | $ | 27,555 | 118,043 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 135,628 | $ | — | $ | 251 | 117,141 | $ | — | |||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | (37 | ) | 136,328 | $ | — | $ | 251 | 118,043 | $ | — | |||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 135,628 | $ | 0.21 | $ | 27,806 | 117,141 | $ | 0.24 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 28,699 | 136,328 | $ | 0.21 | $ | 27,806 | 118,043 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 91,442 | 124,889 | $ | 0.73 | $ | 88,500 | 116,625 | $ | 0.76 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | 91,442 | 125,655 | $ | 0.72 | 88,500 | 117,462 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 124,889 | $ | 0.39 | 10,506 | 116,625 | $ | 0.09 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | 48,605 | 125,655 | $ | 0.39 | 10,506 | 117,462 | $ | 0.09 | ||||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | 140,047 | 124,889 | $ | 1.12 | 99,006 | 116,625 | $ | 0.85 | ||||||||||||||
Dilutive shares for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 140,047 | 125,655 | $ | 1.11 | $ | 99,006 | 117,462 | $ | 0.84 | ||||||||||||
Liberty Property Limited Partnership [Member] | ' | |||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Loss) (Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 29,580 | $ | 29,639 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (1,211 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 29,462 | 139,320 | $ | 0.21 | $ | 28,428 | 120,880 | $ | 0.24 | ||||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 29,462 | 140,020 | $ | 0.21 | $ | 28,428 | 121,782 | $ | 0.24 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | (38 | ) | 139,320 | $ | — | $ | 259 | 120,880 | $ | — | |||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | (38 | ) | 140,020 | $ | — | $ | 259 | 121,782 | $ | — | |||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 29,424 | 139,320 | $ | 0.21 | $ | 28,687 | 120,880 | $ | 0.24 | ||||||||||||
Dilutive units for long-term compensation plans | — | 700 | — | 902 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 29,424 | 140,020 | $ | 0.21 | $ | 28,687 | 121,782 | $ | 0.24 | ||||||||||||
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations net of noncontrolling interest - consolidated joint ventures | $ | 97,400 | $ | 96,338 | ||||||||||||||||||
Less: Preferred unit distributions | (2,001 | ) | (8,690 | ) | ||||||||||||||||||
Excess of preferred unit (redemption over carrying amount) carrying amount over redemption | (1,236 | ) | 3,689 | |||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | 94,163 | 128,595 | $ | 0.73 | 91,337 | 120,396 | $ | 0.76 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | 94,163 | 129,361 | $ | 0.72 | 91,337 | 121,233 | $ | 0.75 | ||||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | 50,041 | 128,595 | $ | 0.39 | 10,842 | 120,396 | $ | 0.09 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | 50,041 | 129,361 | $ | 0.39 | 10,842 | 121,233 | $ | 0.09 | ||||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | 144,204 | 128,595 | $ | 1.12 | 102,179 | 120,396 | $ | 0.85 | ||||||||||||||
Dilutive units for long-term compensation plans | — | 766 | — | 837 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 144,204 | 129,361 | $ | 1.11 | $ | 102,179 | 121,233 | $ | 0.84 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||
Company's Reportable Segments [Table Text Block] | ' | |||||||||||||||||
REGIONS | MARKETS | |||||||||||||||||
Northeast | Southeastern PA; Lehigh/Central PA; New Jersey; Maryland | |||||||||||||||||
Central | Minnesota; Chicago/Milwaukee; Houston; Arizona | |||||||||||||||||
South | Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa | |||||||||||||||||
Metro | Philadelphia; Metro Washington, D.C. | |||||||||||||||||
United Kingdom | County of Kent; West Midlands; Cambridge | |||||||||||||||||
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): | ||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Operating revenue | ||||||||||||||||||
Northeast - Southeastern PA | $ | 41,251 | $ | 42,773 | $ | 122,694 | $ | 126,658 | ||||||||||
Northeast - Lehigh / Central PA | 24,981 | 24,263 | 74,339 | 72,254 | ||||||||||||||
Northeast - Other | 14,592 | 15,042 | 44,645 | 46,895 | ||||||||||||||
Central | 35,136 | 28,969 | 101,665 | 89,940 | ||||||||||||||
South | 53,686 | 51,603 | 161,016 | 157,362 | ||||||||||||||
Metro | 12,191 | 8,248 | 31,778 | 24,672 | ||||||||||||||
United Kingdom | 1,400 | 1,264 | 3,620 | 3,529 | ||||||||||||||
Segment-level operating revenue | 183,237 | 172,162 | 539,757 | 521,310 | ||||||||||||||
Reconciliation to total operating revenue | ||||||||||||||||||
Discontinued operations | 31 | (4,678 | ) | (3,924 | ) | (24,340 | ) | |||||||||||
Other | 118 | 199 | 345 | 172 | ||||||||||||||
Total operating revenue | $ | 183,386 | $ | 167,683 | $ | 536,178 | $ | 497,142 | ||||||||||
Net operating income | ||||||||||||||||||
Northeast - Southeastern PA | $ | 23,754 | $ | 24,880 | $ | 68,622 | $ | 74,864 | ||||||||||
Northeast - Lehigh / Central PA | 17,204 | 16,578 | 50,422 | 49,331 | ||||||||||||||
Northeast - Other | 7,029 | 7,640 | 23,196 | 24,373 | ||||||||||||||
Central | 19,237 | 15,432 | 56,544 | 48,723 | ||||||||||||||
South | 32,950 | 30,870 | 99,608 | 94,840 | ||||||||||||||
Metro | 8,996 | 5,845 | 20,521 | 17,460 | ||||||||||||||
United Kingdom | 123 | 171 | (331 | ) | (178 | ) | ||||||||||||
Segment-level net operating income | 109,293 | 101,416 | 318,582 | 309,413 | ||||||||||||||
Reconciliation to income from continuing operations | ||||||||||||||||||
Interest expense (1) | (37,412 | ) | (31,305 | ) | (101,632 | ) | (93,120 | ) | ||||||||||
Depreciation/amortization expense (2) | (29,963 | ) | (25,753 | ) | (88,330 | ) | (77,217 | ) | ||||||||||
Gain on property dispositions | 1,958 | 2,001 | 6,829 | 2,859 | ||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 650 | (3,082 | ) | 3,973 | (1,397 | ) | ||||||||||||
General and administrative expense (2) | (12,394 | ) | (9,555 | ) | (35,215 | ) | (30,041 | ) | ||||||||||
Discontinued operations excluding gain on property dispositions | 67 | (1,799 | ) | (674 | ) | (8,337 | ) | |||||||||||
Income taxes (2) | (636 | ) | (270 | ) | (1,772 | ) | (465 | ) | ||||||||||
Other | (1,577 | ) | (2,014 | ) | (3,955 | ) | (5,357 | ) | ||||||||||
Income from continuing operations | $ | 29,986 | $ | 29,639 | $ | 97,806 | $ | 96,338 | ||||||||||
-1 | Includes interest on discontinued operations. | |||||||||||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. | |||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Northeast - Southeastern PA | $ | 816,900 | $ | 814,460 | ||||||||||||||
Northeast - Lehigh / Central PA | 816,075 | 779,929 | ||||||||||||||||
Northeast - Other | 391,140 | 388,605 | ||||||||||||||||
Central | 1,141,156 | 1,072,785 | ||||||||||||||||
South | 1,432,565 | 1,456,135 | ||||||||||||||||
Metro | 564,365 | 476,379 | ||||||||||||||||
United Kingdom | 77,170 | 72,323 | ||||||||||||||||
Other (1) | 1,211,629 | 113,563 | ||||||||||||||||
Total assets | $ | 6,451,000 | $ | 5,174,179 | ||||||||||||||
-1 | Consists primarily of cash and cash equivalents and restricted cash. |
Accounting_for_the_Impairment_1
Accounting for the Impairment or Disposal of Long-Lived Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Property, Plant and Equipment Impairment or Disposal [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | |||||||||||||
Revenues | $ | (31 | ) | $ | 4,678 | $ | 3,924 | $ | 24,340 | |||||||
Operating expenses | (33 | ) | (1,747 | ) | (1,667 | ) | (9,797 | ) | ||||||||
Interest and other income | (3 | ) | 306 | 11 | 949 | |||||||||||
Interest expense | — | (533 | ) | (491 | ) | (4,179 | ) | |||||||||
Depreciation and amortization | — | (905 | ) | (1,103 | ) | (2,976 | ) | |||||||||
Income (loss) before gain on property dispositions | (67 | ) | 1,799 | 674 | 8,337 | |||||||||||
Gain on property dispositions | 29 | (1,540 | ) | 49,367 | 2,505 | |||||||||||
Income from discontinued operations | $ | (38 | ) | $ | 259 | $ | 50,041 | $ | 10,842 | |||||||
Noncontrolling_Interest_Operat1
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ||||||||||||
Schedule of Preferred Units [Table Text Block] | ' | ||||||||||||
ISSUE | AMOUNT | UNITS | LIQUIDATION | DIVIDEND | |||||||||
PREFERENCE | RATE | ||||||||||||
(in 000’s) | |||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % | |||||||
Disclosure_of_Fair_Value_of_Fi1
Disclosure of Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||||||||||
Carrying Value | Fair Value | Fair Value Above (Below) Carrying Value | Carrying Value | Fair Value | Fair Value Above (Below) Carrying Value | ||||||||||||||||||||
As of December 31, 2012 | $ | 302,855 | $ | 330,109 | $ | 27,254 | $ | 2,258,751 | $ | 2,511,515 | $ | 252,764 | |||||||||||||
Payoffs and amortization | (3,977 | ) | (3,977 | ) | 588 | 588 | |||||||||||||||||||
Issuances | 10,401 | 10,401 | 448,646 | 448,646 | |||||||||||||||||||||
Changes in fair value assumptions | (4,131 | ) | (4,131 | ) | (131,577 | ) | (131,577 | ) | |||||||||||||||||
As of September 30, 2013 | $ | 309,279 | $ | 332,402 | $ | 23,123 | $ | 2,707,985 | $ | 2,829,172 | $ | 121,187 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Future Minimum Rental Payments | ' | ||||
Year | Amount | ||||
2013 | $ | 37 | |||
2014 | 158 | ||||
2015 | 153 | ||||
2016 | 153 | ||||
2017 | 153 | ||||
2018 through 2054 | 5,085 | ||||
Total | $ | 5,739 | |||
Supplemental_Disclosure_to_Sta1
Supplemental Disclosure to Statements of Cash Flows (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ' | |||||||
2013 | 2012 | |||||||
Write-off of fully depreciated property and deferred costs | $ | 23,180 | $ | 27,020 | ||||
Write-off of depreciated property and deferred costs due to sale | $ | 49,618 | $ | 95,093 | ||||
Write-off of origination costs relating to preferred unit redemptions | $ | 1,236 | $ | 2,806 | ||||
Subsequent_Events_Tables
Subsequent Events (Tables) (Cabot Industrial Value Fund III [Member], Subsequent Event [Member]) | 0 Months Ended | |||||||||||||||
Oct. 08, 2013 | ||||||||||||||||
Cabot Industrial Value Fund III [Member] | Subsequent Event [Member] | ' | |||||||||||||||
Subsequent Event [Line Items] | ' | |||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Total operating revenue | $ | 217,216 | $ | 201,208 | $ | 639,685 | $ | 597,819 | ||||||||
Net income available to common shareholders | $ | 31,212 | $ | 28,172 | $ | 150,716 | $ | 99,495 | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||||
Assets | ||||||||||||||||
Real estate: | ||||||||||||||||
Land and land improvements | $ | 278,379 | ||||||||||||||
Building and improvements | 1,121,350 | |||||||||||||||
Operating real estate | 1,399,729 | |||||||||||||||
Intangible - in-place leases/market rent | 98,008 | |||||||||||||||
Other assets | 2,691 | |||||||||||||||
Total assets | 1,500,428 | |||||||||||||||
Liabilities | ||||||||||||||||
Mortgage loans | 242,455 | |||||||||||||||
Other liabilities | 33,399 | |||||||||||||||
Intangible - market rent | 5,737 | |||||||||||||||
Total liabilities | 281,591 | |||||||||||||||
Net assets acquired | $ | 1,218,837 | ||||||||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Narrative) (Details) | Sep. 30, 2013 |
Organization and Basis of Presentation [Abstract] | ' |
Ownership interest in operating partnership - Limited Partnership | 97.50% |
Income_per_Common_Share_of_the2
Income per Common Share of the Trust (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 994,000 | 850,000 | 959,000 | 905,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 478,000 | ' | 841,000 |
Income per Common Share of the Trust [Abstract] | ' | ' | ' | ' | ' |
Income from continuing operations net of noncontrolling interest | $28,736 | $27,555 | $91,442 | $88,500 | ' |
Weighted Average Number of Shares Outstanding, Basic | 135,628,000 | 117,141,000 | 124,889,000 | 116,625,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.21 | $0.24 | $0.73 | $0.76 | ' |
Dilutive shares for long-term compensation plans | 700,000 | 902,000 | 766,000 | 837,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 136,328,000 | 118,043,000 | 125,655,000 | 117,462,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.21 | $0.24 | $0.72 | $0.75 | ' |
Income from Discontinued Operations, Net of Tax, Attributable to Parent | -37 | 251 | 48,605 | 10,506 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0 | $0.39 | $0.09 | ' |
Discontinued operations net of noncontrolling interest, Per Diluted Share | $0 | $0 | $0.39 | $0.09 | ' |
Net Income Available to Common Stockholders, Basic | $28,699 | $27,806 | $140,047 | $99,006 | ' |
Earnings Per Share, Basic | $0.21 | $0.24 | $1.12 | $0.85 | ' |
Earnings Per Share, Diluted | $0.21 | $0.24 | $1.11 | $0.84 | ' |
Income_per_Common_Unit_of_the_2
Income per Common Unit of the Operating Partnership (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Per Common Unit [Line Items] | ' | ' | ' | ' | ' |
Income from continuing operations | $28,736 | $27,555 | $91,442 | $88,500 | ' |
Preferred stock redemption premium | ' | ' | -1,236 | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 135,628,000 | 117,141,000 | 124,889,000 | 116,625,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.21 | $0.24 | $0.73 | $0.76 | ' |
Dilutive units for long-term compensation plans | 700,000 | 902,000 | 766,000 | 837,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 136,328,000 | 118,043,000 | 125,655,000 | 117,462,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.21 | $0.24 | $0.72 | $0.75 | ' |
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -38 | 259 | 50,041 | 10,842 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0 | $0.39 | $0.09 | ' |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0 | $0.39 | $0.09 | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 28,699 | 27,806 | 140,047 | 99,006 | ' |
Earnings Per Share, Basic | $0.21 | $0.24 | $1.12 | $0.85 | ' |
Earnings Per Share, Diluted | $0.21 | $0.24 | $1.11 | $0.84 | ' |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 994,000 | 850,000 | 959,000 | 905,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 478,000 | ' | 841,000 |
Liberty Property Limited Partnership [Member] | ' | ' | ' | ' | ' |
Income Per Common Unit [Line Items] | ' | ' | ' | ' | ' |
Income from continuing operations | 29,580 | 29,639 | 97,400 | 96,338 | ' |
Less: Preferred unit distributions | -118 | -1,211 | -2,001 | -8,690 | ' |
Preferred stock redemption premium | ' | ' | -1,236 | ' | ' |
Preferred stock redemption discount | ' | ' | ' | 3,689 | ' |
Income from Continuing Operations available to Common Unitholders | 29,462 | 28,428 | 94,163 | 91,337 | ' |
Weighted Average Number of Shares Outstanding, Basic | 139,320,000 | 120,880,000 | 128,595,000 | 120,396,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.21 | $0.24 | $0.73 | $0.76 | ' |
Dilutive units for long-term compensation plans | 700,000 | 902,000 | 766,000 | 837,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 140,020,000 | 121,782,000 | 129,361,000 | 121,233,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.21 | $0.24 | $0.72 | $0.75 | ' |
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -38 | 259 | 50,041 | 10,842 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0 | $0 | $0.39 | $0.09 | ' |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0 | $0 | $0.39 | $0.09 | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $29,424 | $28,687 | $144,204 | $102,179 | ' |
Earnings Per Share, Basic | $0.21 | $0.24 | $1.12 | $0.85 | ' |
Earnings Per Share, Diluted | $0.21 | $0.24 | $1.11 | $0.84 | ' |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 994,000 | 850,000 | 959,000 | 905,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 478,000 | ' | 841,000 |
Segment_Information_Companys_R
Segment Information - Company's Reportable Segments (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Northeast Region [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Markets under reportable segments | 'Southeastern PA; Lehigh/Central PA; New Jersey; Maryland |
Central Region [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Markets under reportable segments | 'Minnesota; Chicago/Milwaukee; Houston; Arizona |
South Region [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Markets under reportable segments | 'Richmond/Hampton Roads; Carolinas; Jacksonville; Orlando; South Florida; Tampa |
Metro [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Markets under reportable segments | 'Philadelphia; Metro Washington, D.C. |
United Kingdom [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Markets under reportable segments | 'County of Kent; West Midlands; Cambridge |
Segment_Information_Performanc
Segment Information - Performance of the Reportable Segments Based on Property Level Operating Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Segment Reporting Information, Intersegment Revenue | $0 | $0 | $0 | $0 | ||||
Operating revenue | 183,386,000 | 167,683,000 | 536,178,000 | 497,142,000 | ||||
Interest expense (1) | -37,412,000 | -30,772,000 | -101,141,000 | -88,941,000 | ||||
Gain on property dispositions | 1,958,000 | 2,001,000 | 6,829,000 | 2,859,000 | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 650,000 | -3,082,000 | 3,973,000 | -1,397,000 | ||||
Income from continuing operations | 29,986,000 | 29,639,000 | 97,806,000 | 96,338,000 | ||||
Northeast Southeastern PA [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 41,251,000 | 42,773,000 | 122,694,000 | 126,658,000 | ||||
Net operating income | 23,754,000 | 24,880,000 | 68,622,000 | 74,864,000 | ||||
Northeast Lehigh Central PA [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 24,981,000 | 24,263,000 | 74,339,000 | 72,254,000 | ||||
Net operating income | 17,204,000 | 16,578,000 | 50,422,000 | 49,331,000 | ||||
Northeast Other [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 14,592,000 | 15,042,000 | 44,645,000 | 46,895,000 | ||||
Net operating income | 7,029,000 | 7,640,000 | 23,196,000 | 24,373,000 | ||||
Central Region [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 35,136,000 | 28,969,000 | 101,665,000 | 89,940,000 | ||||
Net operating income | 19,237,000 | 15,432,000 | 56,544,000 | 48,723,000 | ||||
South Region [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 53,686,000 | 51,603,000 | 161,016,000 | 157,362,000 | ||||
Net operating income | 32,950,000 | 30,870,000 | 99,608,000 | 94,840,000 | ||||
Metro [Member] | Segment, Geographical, Domestic [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 12,191,000 | 8,248,000 | 31,778,000 | 24,672,000 | ||||
Net operating income | 8,996,000 | 5,845,000 | 20,521,000 | 17,460,000 | ||||
United Kingdom [Member] | Statement, Geographical, Foreign [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 1,400,000 | 1,264,000 | 3,620,000 | 3,529,000 | ||||
Net operating income | 123,000 | 171,000 | -331,000 | -178,000 | ||||
Operating Segments [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 183,237,000 | 172,162,000 | 539,757,000 | 521,310,000 | ||||
Net operating income | 109,293,000 | 101,416,000 | 318,582,000 | 309,413,000 | ||||
Discontinued Operations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | -31,000 | 4,678,000 | 3,924,000 | 24,340,000 | ||||
Other [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenue | 118,000 | 199,000 | 345,000 | 172,000 | ||||
Significant Reconciling Items [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Interest expense (1) | -37,412,000 | [1] | -31,305,000 | [1] | -101,632,000 | [1] | -93,120,000 | [1] |
Depreciation/amortization expense (2) | -29,963,000 | [2] | -25,753,000 | [2] | -88,330,000 | [2] | -77,217,000 | [2] |
Gain on property dispositions | 1,958,000 | 2,001,000 | 6,829,000 | 2,859,000 | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 650,000 | -3,082,000 | 3,973,000 | -1,397,000 | ||||
General and administrative expense (2) | -12,394,000 | [2] | -9,555,000 | [2] | -35,215,000 | [2] | -30,041,000 | [2] |
Discontinued Operations excluding gain on property dispositions | 67,000 | -1,799,000 | -674,000 | -8,337,000 | ||||
Income taxes (2) | -636,000 | [2] | -270,000 | [2] | -1,772,000 | [2] | -465,000 | [2] |
Other | $1,577,000 | $2,014,000 | $3,955,000 | $5,357,000 | ||||
[1] | Includes interest on discontinued operations. | |||||||
[2] | Excludes costs which are included in determining segment-level net operating income. |
Segment_Information_Segment_In
Segment Information Segment Information - Total Assets by Segment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $6,451,000 | $5,174,179 | ||
Northeast Southeastern PA [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 816,900 | 814,460 | ||
Northeast Lehigh Central PA [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 816,075 | 779,929 | ||
Northeast Other [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 391,140 | 388,605 | ||
Central Region [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 1,141,156 | 1,072,785 | ||
South Region [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 1,432,565 | 1,456,135 | ||
Metro [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 564,365 | 476,379 | ||
United Kingdom [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | 77,170 | 72,323 | ||
Other [Member] | ' | ' | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ||
Assets | $1,211,629 | [1] | $113,563 | [1] |
[1] | Consists primarily of cash and cash equivalents and restricted cash. |
Accounting_for_the_Impairment_2
Accounting for the Impairment or Disposal of Long-Lived Assets - Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
South Region [Member] | Central Region [Member] | Central Region [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' | ' |
Impairment charges | $0 | $535,000 | $1,700,000 | $2,300,000 |
Accounting_for_the_Impairment_3
Accounting for the Impairment or Disposal of Long-Lived Assets - Results of Operations for the Properties Held for Sale and Disposed (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale, Proceeds from Sale | $0 | $0 | $126,000,000 | $210,800,000 |
Revenues | -31,000 | 4,678,000 | 3,924,000 | 24,340,000 |
Operating expenses | -33,000 | -1,747,000 | -1,667,000 | -9,797,000 |
Interest and other income | -3,000 | 306,000 | 11,000 | 949,000 |
Interest expense | 0 | -533,000 | -491,000 | -4,179,000 |
Depreciation and Amortization | 0 | -905,000 | -1,103,000 | -2,976,000 |
Income (loss) before gain on property dispositions | -67,000 | 1,799,000 | 674,000 | 8,337,000 |
Gain on property dispositions | 29,000 | -1,540,000 | 49,367,000 | 2,505,000 |
Income from discontinued operations | ($38,000) | $259,000 | $50,041,000 | $10,842,000 |
Investments_in_Unconsoidated_J
Investments in Unconsoidated Joint Ventures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $177,344 | $169,021 |
Blythe Valley JV Sarl [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | $0 |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures - Impairment (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Long Lived Assets Held-for-sale [Line Items] | ' |
Impairment of Real Estate | $0 |
United Kingdom [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Impairment of Real Estate | $784,000 |
Equity_Offerings_Details
Equity Offerings (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Common Shares Equity Offering [Member] | Continuous Equity Offering [Member] | Continuous Equity Offering [Member] | |||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, Continuous equity offering program, Max amount of equity | ' | ' | ' | $200,000,000 | $200,000,000 |
Stock Issued During Period, Shares, New Issues | ' | ' | 24.2 | 0 | 1.9 |
Net proceeds from issuance of common shares | $954,481,000 | $42,808,000 | $834,100,000 | ' | $75,000,000 |
Noncontrolling_Interests_Narra
Noncontrolling Interests - Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Common units, units outstanding | 3,686,609 | 3,713,851 |
Market value of common units based on closing price | $131.20 | ' |
Noncontrolling_Interests_Outst
Noncontrolling Interests - Outstanding Cumulative Redeemable Preferred Units (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Preferred Units [Line Items] | ' |
Preferred stock redemption premium | ($1,236,000) |
Series E Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 20,000,000 |
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Series F Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 17,500,000 |
Preferred Stock, Dividend Rate, Percentage | 6.65% |
Series G Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | $27,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.70% |
Limited_Partners_Equity_of_the1
Limited Partners' Equity of the Operating Partnership Limited Partners' Equity of the Operating Partnership - Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Limited Partners' Capital Account [Line Items] | ' | ' |
market value of the outstanding common units | $131.20 | ' |
Liberty Property Limited Partnership [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited Partners' Capital Account, Units Issued | 3,686,609 | 3,713,851 |
market value of the outstanding common units | $131.20 | ' |
Limited_Partners_Equity_of_the2
Limited Partners' Equity of the Operating Partnership Limited Partners' Equity of the Operating Partnership - Outstanding Cumulative Redeemable Preferred Stock(Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Preferred Units [Line Items] | ' |
Preferred stock redemption premium | ($1,236,000) |
Liberty Property Limited Partnership [Member] | ' |
Preferred Units [Line Items] | ' |
Preferred stock redemption premium | -1,236,000 |
Series E Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 20,000,000 |
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Series E Preferred Stock [Member] | Liberty Property Limited Partnership [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 20,000,000 |
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Series F Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 17,500,000 |
Preferred Stock, Dividend Rate, Percentage | 6.65% |
Series F Preferred Stock [Member] | Liberty Property Limited Partnership [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 17,500,000 |
Preferred Stock, Dividend Rate, Percentage | 6.65% |
Series G Preferred Stock [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | 27,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.70% |
Series G Preferred Stock [Member] | Liberty Property Limited Partnership [Member] | ' |
Preferred Units [Line Items] | ' |
Stock Redeemed or Called During Period, Value | $27,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.70% |
Noncontrolling_Interest_Operat2
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | Series I-2 [Member] | Series I-2 [Member] | Unredeemed [Member] | ||
Series I-2 [Member] | |||||
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ' | ' | ' | ' |
Noncontrolling Interest in Operating Partnerships | ' | ' | ' | ' | $7,537 |
Preferred Units, Outstanding | 0 | 1,290,000 | 301,483 | 301,483 | 301,000 |
Redeemable Preferred Units Liquidation Preference | ' | ' | ' | ' | $25 |
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount | ' | ' | ' | ' | 6.25% |
Indebtedness_Details
Indebtedness (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Senior Notes [Member] | |||
4.40% senior unsecured note [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from unsecured notes | $448,646 | $399,220 | $450,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.40% |
Debt Instrument, Maturity Date, Description | ' | ' | '2024 |
Disclosure_of_Fair_Value_of_Fi2
Disclosure of Fair Value of Financial Instruments - Level 3 Rollforward (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Unsecured Debt [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 3.70% | 2.70% |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
As of December 31, 2012 | $2,511,515 | ' |
Payoffs and amortization | 588 | ' |
Issuances | 448,646 | ' |
Changes in fair value assumptions | -131,577 | ' |
As of September 30, 2013 | 2,829,172 | 2,511,515 |
Carrying Value of Debt to be Fair Valued [Roll Forward] | ' | ' |
As of December 31, 2012 | 2,258,751 | ' |
Payoffs and amortization | 588 | ' |
Issuances | 448,646 | ' |
As of September 30, 2013 | 2,707,985 | 2,258,751 |
Fair Value Above (Below) Carrying Value [Roll Forward] | ' | ' |
As of December 31, 2012 | 252,764 | ' |
Changes in fair value assumptions | -131,577 | ' |
As of September 30, 2013 | 121,187 | 252,764 |
Mortgage Loans on Real Estate [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Fair Value Inputs, Discount Rate | 4.00% | 4.12% |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
As of December 31, 2012 | 330,109 | ' |
Payoffs and amortization | -3,977 | ' |
Issuances | 10,401 | ' |
Changes in fair value assumptions | -4,131 | ' |
As of September 30, 2013 | 332,402 | 330,109 |
Carrying Value of Debt to be Fair Valued [Roll Forward] | ' | ' |
As of December 31, 2012 | 302,855 | ' |
Payoffs and amortization | -3,977 | ' |
Issuances | 10,401 | ' |
As of September 30, 2013 | 309,279 | 302,855 |
Fair Value Above (Below) Carrying Value [Roll Forward] | ' | ' |
As of December 31, 2012 | 27,254 | ' |
Changes in fair value assumptions | -4,131 | ' |
As of September 30, 2013 | $23,123 | $27,254 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Operating ground lease expense | $42,000 | $41,000 | $125,000 | $121,000 | ' |
Letter of credit obligations | 4,900,000 | ' | 4,900,000 | ' | ' |
Potential payments for tenant allowances | 29,600,000 | ' | 29,600,000 | ' | ' |
Development in Process | 136,165,000 | ' | 136,165,000 | ' | 248,602,000 |
Construction in Progress [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Number of Real Estate Properties | 13 | ' | 13 | ' | ' |
Leasable space of buildings | 4,200,000 | ' | 4,200,000 | ' | ' |
Anticipated aggregate investment | 298,600,000 | ' | 298,600,000 | ' | ' |
Deferred Costs, Leasing, Gross | 9,100,000 | ' | 9,100,000 | ' | ' |
Development Not Yet Commenced [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Anticipated aggregate investment | 26,700,000 | ' | 26,700,000 | ' | ' |
Land Improvements | 13,100,000 | ' | 13,100,000 | ' | ' |
Land Held for Development [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | $15,000,000 | ' | $15,000,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
2013 | $37 |
2014 | 158 |
2015 | 153 |
2016 | 153 |
2017 | 153 |
2018 through 2054 | 5,085 |
Total | $5,739 |
Supplemental_Disclosure_to_Sta2
Supplemental Disclosure to Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Write off of fully depreciated property and deferred costs | $23,180 | $27,020 |
Write off of depreciated property and deferred costs due to sale | 49,618 | 95,093 |
Write off of origination costs relating to preferred unit redemptions | $1,236 | $2,806 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, unless otherwise specified | Oct. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
sqft | |||||
Business Combination, Costs Incurred or to be Incurred [Abstract] | ' | ' | ' | ' | ' |
Proceeds from unsecured notes | ' | ' | ' | $448,646,000 | $399,220,000 |
Subsequent Event [Member] | Cabot Industrial Value Fund III [Member] | ' | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ' | ' | ' | ' |
Number of Businesses Acquired | 177 | ' | ' | ' | ' |
Area of Real Estate Property | 23,000,000 | ' | ' | ' | ' |
Business Combination, Consideration Transferred [Abstract] | ' | ' | ' | ' | ' |
Cash | 1,219,000,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Operating real estate [Abstract] [Abstract] | ' | ' | ' | ' | ' |
Land and land improvements | 278,379,000 | ' | ' | ' | ' |
Building and improvements | 1,121,350,000 | ' | ' | ' | ' |
Operating real estate | 1,399,729,000 | ' | ' | ' | ' |
Intangible - in - place leases/market rent | 98,008,000 | ' | ' | ' | ' |
Other assets | 2,691,000 | ' | ' | ' | ' |
Total Assets | 1,500,428,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ' | ' | ' | ' | ' |
Mortgage loans | 242,455,000 | ' | ' | ' | ' |
Other liabilities | 33,399,000 | ' | ' | ' | ' |
Intangible - market rent | 5,737,000 | ' | ' | ' | ' |
Total liabilities | 281,591,000 | ' | ' | ' | ' |
Net assets assumed | 1,218,837,000 | ' | ' | ' | ' |
Business Combination, Costs Incurred or to be Incurred [Abstract] | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | 12,300,000 | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | 2,700,000 | ' | ' | ' |
Loan Processing Fee | ' | 4,200,000 | ' | ' | ' |
Deferred Finance Costs, Gross | 2,000,000 | 3,900,000 | ' | 3,900,000 | ' |
Payments of Stock Issuance Costs | ' | 35,300,000 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilites, Mortgage Loans, Before Fair Value Adjustment | 230,000,000 | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' |
Total operating revenue | ' | 217,216,000 | 201,208,000 | 639,685,000 | 597,819,000 |
Net income available to common shareholders | ' | 31,212,000 | 28,172,000 | 150,716,000 | 99,495,000 |
Leases, Acquired-in-Place, Market Adjustment [Member] | Subsequent Event [Member] | Cabot Industrial Value Fund III [Member] | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Abstract] | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years 5 months 0 days | ' | ' | ' | ' |
4.40% senior unsecured note [Member] | Senior Notes [Member] | ' | ' | ' | ' | ' |
Business Combination, Costs Incurred or to be Incurred [Abstract] | ' | ' | ' | ' | ' |
Proceeds from unsecured notes | ' | $450,000,000 | ' | ' | ' |
Common Stock [Member] | Common Shares Equity Offering [Member] | ' | ' | ' | ' | ' |
Business Combination, Costs Incurred or to be Incurred [Abstract] | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 24.2 | ' | ' | ' |