Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY TRUST | |
Entity Central Index Key | 921112 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 149,471,760 | |
Liberty Property Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 921113 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Land and land improvements | $1,187,786 | $1,189,760 |
Building and improvements | 5,347,120 | 5,343,908 |
Less accumulated depreciation | -1,221,059 | -1,182,569 |
Operating real estate | 5,313,847 | 5,351,099 |
Development in progress | 269,518 | 277,411 |
Land held for development | 272,349 | 269,059 |
Net real estate | 5,855,714 | 5,897,569 |
Cash and cash equivalents | 38,755 | 69,346 |
Restricted cash | 18,911 | 20,325 |
Accounts receivable | 19,039 | 15,481 |
Deferred rent receivable | 113,129 | 107,909 |
Deferred financing and leasing costs, net of accumulated amortization (2015, $173,076; 2014, $169,468) | 202,231 | 206,286 |
Investments in and advances to unconsolidated joint ventures | 215,403 | 208,832 |
Assets held for sale | 0 | 8,389 |
Prepaid expenses and other assets | 101,322 | 91,399 |
Total assets | 6,564,504 | 6,625,536 |
LIABILITIES | ||
Mortgage loans | 484,584 | 487,301 |
Unsecured notes | 2,607,874 | 2,509,094 |
Credit facility | 50,000 | 167,000 |
Accounts payable | 51,783 | 52,043 |
Accrued interest | 36,691 | 24,513 |
Dividend and distributions payable | 72,512 | 72,253 |
Other liabilities | 199,311 | 219,418 |
Total liabilities | 3,502,755 | 3,531,622 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2015 and December 31, 2014 | 7,537 | 7,537 |
EQUITY | ||
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 150,367,813 (includes 1,249,909 in treasury) and 149,807,179 (includes 1,249,909 in treasury) shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 150 | 150 |
Additional paid-in capital | 3,760,834 | 3,740,594 |
Accumulated other comprehensive loss | -17,346 | -6,252 |
Distributions in excess of net income | -694,748 | -654,869 |
Common shares in treasury, at cost, 1,249,909 shares as of March 31, 2015 and December 31, 2014 | -51,951 | -51,951 |
Total Liberty Property Trust shareholders' equity | 2,996,939 | 3,027,672 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - operating partnerships | 53,354 | 54,786 |
Noncontrolling interest - consolidated joint ventures | 3,919 | 3,919 |
Total equity | 3,054,212 | 3,086,377 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,564,504 | 6,625,536 |
Liberty Property Limited Partnership [Member] | ||
ASSETS | ||
Land and land improvements | 1,187,786 | 1,189,760 |
Building and improvements | 5,347,120 | 5,343,908 |
Less accumulated depreciation | -1,221,059 | -1,182,569 |
Operating real estate | 5,313,847 | 5,351,099 |
Development in progress | 269,518 | 277,411 |
Land held for development | 272,349 | 269,059 |
Net real estate | 5,855,714 | 5,897,569 |
Cash and cash equivalents | 38,755 | 69,346 |
Restricted cash | 18,911 | 20,325 |
Accounts receivable | 19,039 | 15,481 |
Deferred rent receivable | 113,129 | 107,909 |
Deferred financing and leasing costs, net of accumulated amortization (2015, $173,076; 2014, $169,468) | 202,231 | 206,286 |
Investments in and advances to unconsolidated joint ventures | 215,403 | 208,832 |
Assets held for sale | 0 | 8,389 |
Prepaid expenses and other assets | 101,322 | 91,399 |
Total assets | 6,564,504 | 6,625,536 |
LIABILITIES | ||
Mortgage loans | 484,584 | 487,301 |
Unsecured notes | 2,607,874 | 2,509,094 |
Credit facility | 50,000 | 167,000 |
Accounts payable | 51,783 | 52,043 |
Accrued interest | 36,691 | 24,513 |
Dividend and distributions payable | 72,512 | 72,253 |
Other liabilities | 199,311 | 219,418 |
Total liabilities | 3,502,755 | 3,531,622 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2015 and December 31, 2014 | 7,537 | 7,537 |
EQUITY | ||
General partner’s equity - 149,117,904 (net of 1,249,909 treasury units) and 148,557,270 (net of 1,249,909 treasury units) common units outstanding as of March 31, 2015 and December 31, 2014, respectively | 2,996,939 | 3,027,672 |
Limited partners' equity | 53,354 | 54,786 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - consolidated joint ventures | 3,919 | 3,919 |
Total equity | 3,054,212 | 3,086,377 |
Total liabilities, noncontrolling interest - operating partnership and equity | $6,564,504 | $6,625,536 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Amortized Cost on Deferred Financing and Leasing Costs | $173,076,000 | $169,468,000 |
Noncontrolling Interest Operating Partnership Common Units Outstanding | 3,539,075 | 3,553,566 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 283,987,000 | 283,987,000 |
Common Stock, Shares, Issued | 150,367,813 | 149,807,179 |
Common Stock, Shares, Outstanding | 150,367,813 | 149,807,179 |
Treasury Stock, Shares | 1,249,909 | 1,249,909 |
Liberty Property Limited Partnership [Member] | ||
Amortized Cost on Deferred Financing and Leasing Costs | $173,076,000 | $169,468,000 |
Limited Partners' Capital Account, Units Outstanding | 3,539,075 | 3,553,566 |
Common Stock, Shares, Outstanding | 149,117,904 | 148,557,270 |
Treasury Stock, Shares | 1,249,909 | 1,249,909 |
Series I 2 [Member] | ||
Temporary Equity, Shares Outstanding | 301,483 | 301,483 |
Series I 2 [Member] | Liberty Property Limited Partnership [Member] | ||
Temporary Equity, Shares Outstanding | 301,483 | 301,483 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING REVENUE | ||
Rental | $148,585,000 | $138,949,000 |
Operating expense reimbursement | 58,316,000 | 58,681,000 |
Total operating revenue | 206,901,000 | 197,630,000 |
OPERATING EXPENSE | ||
Rental property | 35,571,000 | 38,641,000 |
Real estate taxes | 26,164,000 | 24,501,000 |
General and administrative | 18,802,000 | 18,356,000 |
Depreciation and amortization | 58,796,000 | 56,734,000 |
Impairment - real estate assets | 15,739,000 | 0 |
Total operating expenses | 155,072,000 | 138,232,000 |
Operating income | 51,829,000 | 59,398,000 |
OTHER INCOME (EXPENSE) | ||
Other income | 6,371,000 | 2,439,000 |
Interest expense | -34,670,000 | -39,207,000 |
Total other income (expense) | -28,299,000 | -36,768,000 |
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 23,530,000 | 22,630,000 |
Gain on property dispositions | 2,271,000 | 0 |
Income taxes | -845,000 | -531,000 |
Equity in earnings of unconsolidated joint ventures | 6,906,000 | 4,159,000 |
Income from continuing operations | 31,862,000 | 26,258,000 |
Discontinued operations (including net gain on property dispositions of $46,115 for the three months ended March 31, 2014) | 0 | 47,848,000 |
Net income | 31,862,000 | 74,106,000 |
Noncontrolling interest – operating partnership | -853,000 | -1,853,000 |
Noncontrolling interest - consolidated joint ventures | -58,000 | -353,000 |
Net income available to common shareholders | 30,951,000 | 71,900,000 |
Comprehensive income attributable to common shareholders | ||
Net income | 31,862,000 | 74,106,000 |
Other comprehensive (loss) income - foreign currency translation | -10,410,000 | 1,346,000 |
Other comprehensive loss - derivative instruments | -947,000 | -511,000 |
Other comprehensive (loss) income | -11,357,000 | 835,000 |
Total comprehensive income | 20,505,000 | 74,941,000 |
Less: comprehensive income attributable to noncontrolling interest | -648,000 | -2,226,000 |
Comprehensive income attributable to common shareholders | 19,857,000 | 72,715,000 |
Weighted average number of common shares outstanding | ||
Basic | 148,315 | 146,425 |
Diluted | 149,031 | 147,095 |
Amounts attributable to common shareholders | ||
Income from continuing operations | 30,951,000 | 25,179,000 |
Discontinued operations | 0 | 46,721,000 |
Net income available to common shareholders | 30,951,000 | 71,900,000 |
Liberty Property Limited Partnership [Member] | ||
OPERATING REVENUE | ||
Rental | 148,585,000 | 138,949,000 |
Operating expense reimbursement | 58,316,000 | 58,681,000 |
Total operating revenue | 206,901,000 | 197,630,000 |
OPERATING EXPENSE | ||
Rental property | 35,571,000 | 38,641,000 |
Real estate taxes | 26,164,000 | 24,501,000 |
General and administrative | 18,802,000 | 18,356,000 |
Depreciation and amortization | 58,796,000 | 56,734,000 |
Impairment - real estate assets | 15,739,000 | 0 |
Total operating expenses | 155,072,000 | 138,232,000 |
Operating income | 51,829,000 | 59,398,000 |
OTHER INCOME (EXPENSE) | ||
Other income | 6,371,000 | 2,439,000 |
Interest expense | -34,670,000 | -39,207,000 |
Total other income (expense) | -28,299,000 | -36,768,000 |
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures | 23,530,000 | 22,630,000 |
Gain on property dispositions | 2,271,000 | 0 |
Income taxes | -845,000 | -531,000 |
Equity in earnings of unconsolidated joint ventures | 6,906,000 | 4,159,000 |
Income from continuing operations | 31,862,000 | 26,258,000 |
Discontinued operations (including net gain on property dispositions of $46,115 for the three months ended March 31, 2014) | 0 | 47,848,000 |
Net income | 31,862,000 | 74,106,000 |
Noncontrolling interest - consolidated joint ventures | -58,000 | -353,000 |
Preferred unit distributions | -118,000 | -118,000 |
Net income available to common shareholders | 31,686,000 | 73,635,000 |
Comprehensive income attributable to common shareholders | ||
Net income | 31,862,000 | 74,106,000 |
Other comprehensive (loss) income - foreign currency translation | -10,410,000 | 1,346,000 |
Other comprehensive loss - derivative instruments | -947,000 | -511,000 |
Other comprehensive (loss) income | -11,357,000 | 835,000 |
Total comprehensive income | 20,505,000 | 74,941,000 |
Weighted average number of common shares outstanding | ||
Basic | 151,856 | 149,981 |
Diluted | 152,572 | 150,651 |
Net income allocated to general partners | 30,951,000 | 71,900,000 |
Net income allocated to limited partners | 853,000 | 1,853,000 |
Amounts attributable to common shareholders | ||
Income from continuing operations | 31,804,000 | 25,905,000 |
Net income available to common shareholders | $31,686,000 | $73,635,000 |
Common shares [Member] | ||
Basic: | ||
Income from continuing operations | $0.21 | $0.17 |
Income from discontinued operations | $0 | $0.32 |
Income per common share - basic | $0.21 | $0.49 |
Diluted: | ||
Income from continuing operations | $0.21 | $0.17 |
Income from discontinued operations | $0 | $0.32 |
Income per common share - diluted | $0.21 | $0.49 |
Distributions per common share or unit | $0.48 | $0.48 |
Common Units [Member] | Liberty Property Limited Partnership [Member] | ||
Basic: | ||
Income from continuing operations | $0.21 | $0.17 |
Income from discontinued operations | $0 | $0.32 |
Income per common share - basic | $0.21 | $0.49 |
Diluted: | ||
Income from continuing operations | $0.21 | $0.17 |
Income from discontinued operations | $0 | $0.32 |
Income per common share - diluted | $0.21 | $0.49 |
Distributions per common share or unit | $0.48 | $0.48 |
Income_Statement_Parenthetical
Income Statement Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Gain on property dispositions | $0 | $46,115 |
Liberty Property Limited Partnership [Member] | ||
Gain on property dispositions | $0 | $46,115 |
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-consolidated joint ventures [Member] | Total Equity [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] |
General Partners Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Total Equity [Member] | ||||||||||||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Beginning Balance at Dec. 31, 2014 | $7,537,000 | $7,537,000 | |||||||||||||
Beginning Balance at Dec. 31, 2014 | 3,086,377,000 | 150,000 | 3,740,594,000 | -6,252,000 | -654,869,000 | -51,951,000 | 3,027,672,000 | 54,786,000 | 3,919,000 | 3,086,377,000 | 3,086,377,000 | 3,027,672,000 | 54,786,000 | 3,919,000 | 3,086,377,000 |
Net proceeds from the issuance of common shares | 0 | 12,579,000 | 12,579,000 | 12,579,000 | |||||||||||
Net income | 31,862,000 | 30,951,000 | 30,951,000 | 735,000 | 58,000 | 31,744,000 | 31,862,000 | 30,951,000 | 735,000 | 58,000 | 31,744,000 | ||||
Net income (Mezzanine) | 118,000 | 118,000 | |||||||||||||
Distributions (Mezzanine) | -118,000 | -118,000 | |||||||||||||
Redemption of limited partners common units for common shares | 224,000 | -224,000 | 0 | ||||||||||||
Contributions from partners | 20,016,000 | 20,016,000 | |||||||||||||
Distributions | -70,830,000 | -70,830,000 | -1,680,000 | -58,000 | -72,568,000 | ||||||||||
Distributions to partners | -70,830,000 | -1,680,000 | -58,000 | -72,568,000 | |||||||||||
Share-based compensation | 7,437,000 | 7,437,000 | 7,437,000 | ||||||||||||
Other comprehensive loss - foreign currency translation | -10,410,000 | -10,169,000 | -10,169,000 | -241,000 | -10,410,000 | -10,410,000 | -10,169,000 | -241,000 | -10,410,000 | ||||||
Other comprehensive loss - derivative instruments | -947,000 | -925,000 | -925,000 | -22,000 | -947,000 | -947,000 | -925,000 | -22,000 | -947,000 | ||||||
Redemption of noncontrolling interests - common units | 224,000 | 224,000 | -224,000 | 0 | |||||||||||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Ending Balance at Mar. 31, 2015 | 7,537,000 | 7,537,000 | |||||||||||||
Ending Balance at Mar. 31, 2015 | $3,054,212,000 | $150,000 | $3,760,834,000 | ($17,346,000) | ($694,748,000) | ($51,951,000) | $2,996,939,000 | $53,354,000 | $3,919,000 | $3,054,212,000 | $3,054,212,000 | $2,996,939,000 | $53,354,000 | $3,919,000 | $3,054,212,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES | ||
Net income | $31,862 | $74,106 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 59,431 | 57,589 |
Amortization of deferred financing costs | 1,073 | 1,510 |
Impairment - real estate assets | 15,739 | 0 |
Equity in earnings of unconsolidated joint ventures | -6,906 | -4,159 |
Gain on property dispositions | -2,271 | -46,117 |
Share-based compensation/Non-cash compensation | 7,437 | 6,580 |
Other | -2,990 | -635 |
Changes in operating assets and liabilities: | ||
Restricted cash | 489 | 31,726 |
Accounts receivable | -3,670 | -4,052 |
Deferred rent receivable | -5,504 | -2,765 |
Prepaid expenses and other assets | -13,058 | -26,557 |
Accounts payable | -116 | 6,562 |
Accrued interest | 12,178 | 16,441 |
Other liabilities | -3,718 | -36,537 |
Net cash provided by operating activities | 89,976 | 73,692 |
INVESTING ACTIVITIES | ||
Investment in operating properties - acquisitions | 0 | -37,635 |
Investment in operating properties - other | -12,805 | -16,522 |
Investments in and advances to unconsolidated joint ventures | -5,822 | -429 |
Distributions from unconsolidated joint ventures | 6,098 | 2,978 |
Net proceeds from disposition of properties/land | 40,998 | 327,160 |
Net (advances on) proceeds from public reimbursement receivable/escrow | -1,601 | 5,001 |
Investment in development in progress | -48,001 | -74,478 |
Investment in land held for development | -4,045 | -1,967 |
Investment in deferred leasing costs | -9,684 | -9,158 |
Net cash (used in) provided by investing activities | -34,862 | 194,950 |
FINANCING ACTIVITIES | ||
Net proceeds from issuance of common shares | 12,579 | 15,472 |
Proceeds from unsecured notes | 398,576 | 0 |
Repayment of unsecured notes | -300,000 | 0 |
Repayments of mortgage loans | -2,160 | -2,019 |
Proceeds from credit facility | 390,000 | 0 |
Repayments on credit facility | -507,000 | 0 |
Payment of deferred financing costs | -3,551 | -3,619 |
Distribution paid on common shares | -70,562 | -69,634 |
Distribution paid on units | -1,863 | -1,914 |
Net cash used in financing activities | -83,981 | -61,714 |
Net (decrease) increase in cash and cash equivalents | -28,867 | 206,928 |
(Decrease) increase in cash and cash equivalents related to foreign currency translation | -1,724 | 211 |
Cash and cash equivalents at beginning of period | 69,346 | 163,414 |
Cash and cash equivalents at end of period | 38,755 | 370,553 |
Liberty Property Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 31,862 | 74,106 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 59,431 | 57,589 |
Amortization of deferred financing costs | 1,073 | 1,510 |
Impairment - real estate assets | 15,739 | 0 |
Equity in earnings of unconsolidated joint ventures | -6,906 | -4,159 |
Gain on property dispositions | -2,271 | -46,117 |
Share-based compensation/Non-cash compensation | 7,437 | 6,580 |
Other | -2,990 | -635 |
Changes in operating assets and liabilities: | ||
Restricted cash | 489 | 31,726 |
Accounts receivable | -3,670 | -4,052 |
Deferred rent receivable | -5,504 | -2,765 |
Prepaid expenses and other assets | -13,058 | -26,557 |
Accounts payable | -116 | 6,562 |
Accrued interest | 12,178 | 16,441 |
Other liabilities | -3,718 | -36,537 |
Net cash provided by operating activities | 89,976 | 73,692 |
INVESTING ACTIVITIES | ||
Investment in operating properties - acquisitions | 0 | -37,635 |
Investment in operating properties - other | -12,805 | -16,522 |
Investments in and advances to unconsolidated joint ventures | -5,822 | -429 |
Distributions from unconsolidated joint ventures | 6,098 | 2,978 |
Net proceeds from disposition of properties/land | 40,998 | 327,160 |
Net (advances on) proceeds from public reimbursement receivable/escrow | -1,601 | 5,001 |
Investment in development in progress | -48,001 | -74,478 |
Investment in land held for development | -4,045 | -1,967 |
Investment in deferred leasing costs | -9,684 | -9,158 |
Net cash (used in) provided by investing activities | -34,862 | 194,950 |
FINANCING ACTIVITIES | ||
Proceeds from unsecured notes | 398,576 | 0 |
Repayment of unsecured notes | -300,000 | 0 |
Repayments of mortgage loans | -2,160 | -2,019 |
Proceeds from credit facility | 390,000 | 0 |
Repayments on credit facility | -507,000 | 0 |
Payment of deferred financing costs | -3,551 | -3,619 |
Capital contributions | 12,579 | 15,472 |
Distributions to partners | -72,425 | -71,548 |
Net cash used in financing activities | -83,981 | -61,714 |
Net (decrease) increase in cash and cash equivalents | -28,867 | 206,928 |
(Decrease) increase in cash and cash equivalents related to foreign currency translation | -1,724 | 211 |
Cash and cash equivalents at beginning of period | 69,346 | 163,414 |
Cash and cash equivalents at end of period | $38,755 | $370,553 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation |
Organization | |
Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.7% of the common equity of the Operating Partnership at March 31, 2015. The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the “Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. | |
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, 2014. 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. | |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance. The standard clarifies the required factors that an entity must consider when recognizing revenue. The standard also requires additional disclosures concerning contracts with customers, judgments concerning revenue recognition, and assets recognized for the costs to obtain or fulfill a contract. ASU 2014-09 is effective for the Company beginning January 1, 2017. The Company is evaluating the impact ASU 2014-09 will have on its financial position and results of operations. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The standard requires the costs for issuing debt to appear on a balance sheet as a direct deduction from the debt's value. ASU 2015-03 is effective for the Company beginning January 1, 2016. The standard would be applied retrospectively. The Company does not anticipate that the adoption of ASU 2015-03 will have a material impact on its financial position or results of operations. |
Income_per_Common_Share_of_the
Income per Common Share of the Trust | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
Earnings Per Share [Text Block] | Income per Common Share of the Trust | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
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 | $ | 30,951 | 148,315 | $ | 0.21 | $ | 25,179 | 146,425 | $ | 0.17 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 30,951 | 149,031 | $ | 0.21 | $ | 25,179 | 147,095 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 148,315 | $ | — | $ | 46,721 | 146,425 | $ | 0.32 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 149,031 | $ | — | $ | 46,721 | 147,095 | $ | 0.32 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 148,315 | $ | 0.21 | $ | 71,900 | 146,425 | $ | 0.49 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 149,031 | $ | 0.21 | $ | 71,900 | 147,095 | $ | 0.49 | ||||||||||||
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 months ended March 31, 2015 was 596,000 as compared to 1,247,000 for the same period in 2014. | ||||||||||||||||||||||
Stock Option Exercises [Text Block] | During the three months ended March 31, 2015, 44,000 common shares were issued upon the exercise of options. During the year ended December 31, 2014, 44,000 common shares were issued upon the exercise of options. |
Income_per_Common_Unit_of_the_
Income per Common Unit of the Operating Partnership | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Earnings Per Share [Text Block] | Income per Common Share of the Trust | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
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 | $ | 30,951 | 148,315 | $ | 0.21 | $ | 25,179 | 146,425 | $ | 0.17 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 30,951 | 149,031 | $ | 0.21 | $ | 25,179 | 147,095 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 148,315 | $ | — | $ | 46,721 | 146,425 | $ | 0.32 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 149,031 | $ | — | $ | 46,721 | 147,095 | $ | 0.32 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 148,315 | $ | 0.21 | $ | 71,900 | 146,425 | $ | 0.49 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 149,031 | $ | 0.21 | $ | 71,900 | 147,095 | $ | 0.49 | ||||||||||||
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 months ended March 31, 2015 was 596,000 as compared to 1,247,000 for the same period in 2014. | ||||||||||||||||||||||
Stock Option Exercises [Text Block] | During the three months ended March 31, 2015, 44,000 common shares were issued upon the exercise of options. During the year ended December 31, 2014, 44,000 common shares were issued upon the exercise of options. | |||||||||||||||||||||
Liberty Property Limited Partnership [Member] | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Earnings Per Share [Text Block] | Income per Common Unit of the Operating Partnership | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
Income (Numerator) | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
Average Units | (Numerator) | Average Units | ||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 31,804 | $ | 25,905 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (118 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 31,686 | 151,856 | $ | 0.21 | $ | 25,787 | 149,981 | $ | 0.17 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 31,686 | 152,572 | $ | 0.21 | $ | 25,787 | 150,651 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | — | 151,856 | $ | — | $ | 47,848 | 149,981 | $ | 0.32 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | — | 152,572 | $ | — | $ | 47,848 | 150,651 | $ | 0.32 | ||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 31,686 | 151,856 | $ | 0.21 | $ | 73,635 | 149,981 | $ | 0.49 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 31,686 | 152,572 | $ | 0.21 | $ | 73,635 | 150,651 | $ | 0.49 | ||||||||||||
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 months ended March 31, 2015 was 596,000 as compared to 1,247,000 for the same period in 2014. | ||||||||||||||||||||||
Stock Option Exercises [Text Block] | During the three months ended March 31, 2015, 44,000 common units were issued upon exercise of options. During the year ended December 31, 2014, 44,000 common units were issued upon the exercise of options. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss | ||||||||
The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Foreign Currency Translation: | |||||||||
Beginning balance | $ | (5,823 | ) | $ | 8,592 | ||||
Translation adjustment | (10,410 | ) | 1,346 | ||||||
Ending balance | (16,233 | ) | 9,938 | ||||||
Derivative Instruments: | |||||||||
Beginning balance | (377 | ) | 1,584 | ||||||
Unrealized loss | (1,299 | ) | (871 | ) | |||||
Reclassification adjustment (1) | 352 | 360 | |||||||
Ending balance | (1,324 | ) | 1,073 | ||||||
Total accumulated other comprehensive (loss) income | (17,557 | ) | 11,011 | ||||||
Less: portion included in noncontrolling interest – operating partnership | 211 | (454 | ) | ||||||
Total accumulated other comprehensive (loss) income included in shareholders' equity/owners' equity | $ | (17,346 | ) | $ | 10,557 | ||||
-1 | Amounts reclassified out of Accumulated Other Comprehensive (Loss) Income/General & Limited Partner's Equity into contractual interest expense. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||
Segment Information | Segment Information | |||||||||
The Company owns and operates industrial properties nationally and owns and operates office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. The Company's reportable segments are as follows. | ||||||||||
• | Carolinas; | |||||||||
• | Chicago/Milwaukee; | |||||||||
• | Houston; | |||||||||
• | Lehigh/Central PA; | |||||||||
• | Minnesota; | |||||||||
• | Orlando; | |||||||||
• | Philadelphia; | |||||||||
• | Richmond/Hampton Roads; | |||||||||
• | Southeastern PA; | |||||||||
• | South Florida; | |||||||||
• | Tampa; | |||||||||
• | United Kingdom. | |||||||||
Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; Cincinnati/Columbus/Indianapolis; Dallas; Maryland; New Jersey; Northern Virginia; Southern California; Washington D.C. and other. | ||||||||||
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 March 31, | ||||||||||
2015 | 2014 | |||||||||
Operating revenue | ||||||||||
Carolinas | $ | 9,844 | $ | 8,316 | ||||||
Chicago/Milwaukee | 9,793 | 8,570 | ||||||||
Houston | 12,324 | 11,867 | ||||||||
Lehigh/Central PA | 33,554 | 29,623 | ||||||||
Minnesota | 12,672 | 13,750 | ||||||||
Orlando | 5,264 | 7,995 | ||||||||
Philadelphia | 9,982 | 9,408 | ||||||||
Richmond/Hampton Roads | 10,490 | 10,068 | ||||||||
South Florida | 12,206 | 12,309 | ||||||||
Southeastern PA | 39,238 | 38,437 | ||||||||
Tampa | 13,462 | 13,173 | ||||||||
United Kingdom | 3,725 | 4,102 | ||||||||
Other | 34,398 | 35,039 | ||||||||
Segment-level operating revenue | 206,952 | 202,657 | ||||||||
Reconciliation to total operating revenues | ||||||||||
Discontinued operations | — | (4,748 | ) | |||||||
Other | (51 | ) | (279 | ) | ||||||
Total operating revenue | $ | 206,901 | $ | 197,630 | ||||||
Net operating income | ||||||||||
Carolinas | $ | 6,617 | $ | 5,742 | ||||||
Chicago/Milwaukee | 6,743 | 5,163 | ||||||||
Houston | 7,221 | 7,053 | ||||||||
Lehigh/Central PA | 22,971 | 19,240 | ||||||||
Minnesota | 5,985 | 6,619 | ||||||||
Orlando | 3,571 | 5,492 | ||||||||
Philadelphia | 7,022 | 6,721 | ||||||||
Richmond/Hampton Roads | 6,229 | 5,920 | ||||||||
South Florida | 6,829 | 7,527 | ||||||||
Southeastern PA | 20,988 | 19,600 | ||||||||
Tampa | 8,702 | 8,441 | ||||||||
United Kingdom | 2,516 | 2,850 | ||||||||
Other | 22,176 | 21,731 | ||||||||
Segment-level net operating income | 127,570 | 122,099 | ||||||||
Reconciliation to income from continuing operations | ||||||||||
Interest expense (1) | (34,670 | ) | (39,764 | ) | ||||||
Depreciation/amortization expense (1) (2) | (43,514 | ) | (44,536 | ) | ||||||
Impairment - real estate assets | (15,739 | ) | — | |||||||
Gain on property dispositions | 2,271 | — | ||||||||
Equity in earnings of unconsolidated joint ventures | 6,906 | 4,159 | ||||||||
General and administrative expense (1) (2) | (12,574 | ) | (12,401 | ) | ||||||
Discontinued operations excluding interest and gain on property dispositions | — | (2,290 | ) | |||||||
Income taxes (2) | (707 | ) | (483 | ) | ||||||
Other | 2,319 | (526 | ) | |||||||
Income from continuing operations | $ | 31,862 | $ | 26,258 | ||||||
-1 | Includes activity on discontinued operations. | |||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. | |||||||||
During the three months ended March 31, 2015, the Company did not acquire any operating properties. | ||||||||||
During the three months ended March 31, 2015, the Company realized proceeds of $42.2 million from the sale of seven properties in the Company's Southeastern PA segment and segments grouped into the Company's "Other" category. |
Accounting_for_the_Impairment_
Accounting for the Impairment or Disposal of Long-Lived Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disposal Group, Including Discontinued Operation, Long Lived Assets [Abstract] | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Accounting for the Impairment or Disposal of Long-Lived Assets | |||||||
Prior to the adoption of Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") on January 1, 2014, the results of operations for all operating properties sold or held for sale during the reported periods were shown under discontinued operations on the consolidated statements of comprehensive income. Under ASU 2014-08, operating properties that were sold or classified as held for sale before the adoption of ASU 2014-08 continue to be classified as discontinued operations. Accordingly, operating properties previously reported as discontinued operations will continue to be presented as discontinued operations on the consolidated statements of comprehensive income for all periods presented. | ||||||||
A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues | $ | — | $ | 4,748 | ||||
Operating expenses | — | (2,495 | ) | |||||
Interest and other income | — | 37 | ||||||
Interest expense | — | (557 | ) | |||||
Depreciation and amortization | — | — | ||||||
Income before gain on property dispositions | — | 1,733 | ||||||
Gain on property dispositions | — | 46,115 | ||||||
Net income | $ | — | $ | 47,848 | ||||
Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt. | ||||||||
Asset Impairment Charges [Text Block] | Asset Impairment | |||||||
The Company anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. During the three months ended March 31, 2015, the Company recognized $15.7 million in impairments, $13.4 million of which related to the Company's Richmond/Hampton Roads reportable segment and $2.3 million of which related to the Company's Southeastern Pennsylvania reportable segment. The Company determined these impairments based on third party offer prices and quoted offer prices for comparable transactions which are Level 2 and Level 3 inputs, respectively, according to the fair value hierarchy established by the FASB in Topic 820, "Fair Value Measurements and Disclosures." However, these properties are not classified as held for sale as all of the criteria for such classification have not been met as of March 31, 2015. The Company has evaluated each of its properties and land held for development and has determined that there were no additional valuation adjustments necessary at March 31, 2015. There were no impairments recognized during the three months ended March 31, 2014. |
Noncontrolling_Interests_of_th
Noncontrolling Interests of the Trust | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 have the same economic characteristics as common shares of the Trust. The 3,539,075 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 of unregistered common shares of the Trust. The market value of the 3,539,075 outstanding common units based on the closing price of the common shares of the Trust at March 31, 2015 was $126.3 million. |
Limited_Partners_Equity_of_the
Limited Partners' Equity of the Operating Partnership | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 have the same economic characteristics as common shares of the Trust. The 3,539,075 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 of unregistered common shares of the Trust. The market value of the 3,539,075 outstanding common units based on the closing price of the common shares of the Trust at March 31, 2015 was $126.3 million. | |
Liberty Property Limited Partnership [Member] | |
Preferred Units [Line Items] | |
Noncontrolling Interest Disclosure [Text Block] | Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership |
Limited partners' equity in the accompanying financial statements represents the interests of the common and preferred units in the Operating Partnership not held by the Trust. The Operating Partnership's noncontrolling interest includes third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding as of March 31, 2015 have the same economic characteristics as common shares of the Trust. The 3,539,075 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. 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 of unregistered common shares of the Trust. The market value of the 3,539,075 outstanding common units at March 31, 2015 based on the closing price of the common shares of the Trust at March 31, 2015 was $126.3 million. |
Noncontrolling_Interest_Operat
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Temporary Equity [Line Items] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | ||||||||||||
As of March 31, 2015, the Company had outstanding the following cumulative preferred units of the Operating Partnership: | |||||||||||||
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 | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness |
In March 2015, the Company used proceeds from its unsecured credit facility together with available cash on hand to repay all $300 million of its 5.125% senior unsecured notes due March 2015. | |
In March 2015, the Company issued $400 million of 3.75% senior unsecured notes due 2025. The net proceeds from this issuance were used to repay borrowings under the Company's unsecured credit facility and for general corporate purposes. |
Disclosure_of_Fair_Value_of_Fi
Disclosure of Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. 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 a reasonable estimate of fair value because interest rates float at a rate based on LIBOR. | |||||||||||||||||
The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. See Note 12 - Derivative Instruments. | |||||||||||||||||
The Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2015. This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions. | |||||||||||||||||
The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2014 and March 31, 2015 (in thousands): | |||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
As of December 31, 2014 | $ | 487,301 | $ | 501,231 | $ | 2,509,094 | $ | 2,704,069 | |||||||||
As of March 31, 2015 | $ | 484,584 | $ | 496,873 | $ | 2,607,874 | $ | 2,769,146 | |||||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate swaps [Text Block] | Derivative Instruments |
The Company borrows funds at a combination of fixed and variable rates. Borrowings under the Company's revolving credit facility and certain bank mortgage loans bear interest at variable rates. Our long-term debt typically bears interest at fixed rates. Our interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We generally do not hold or issue these derivative contracts for trading or speculative purposes. The interest rate on all of our variable rate debt is generally adjusted at one or three month intervals, subject to settlements under interest rate hedge contracts. | |
Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss (for the Trust) and general partner's equity and limited partners' equity - common units (for the Operating Partnership) and is subsequently reclassified into interest expense in the period that the hedged forecasted transaction affects earnings. | |
The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented. | |
The Company holds interest in three interest rate swap contracts (“Swaps”) that eliminate the impact of changes in interest rates on the payments required under variable rate mortgages. The Swaps had aggregate notional amounts of $103.2 million and $103.6 million at March 31, 2015 and December 31, 2014, respectively, and expire at various dates between 2018 and 2020. | |
For the three months ended March 31, 2015 and March 31, 2014, the effective portion of the change in the fair value of the swaps were decreases in the amount of $1.3 million and $871,000, respectively, which were recorded as decreases in other comprehensive income. These amounts reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the variable rate mortgages. The amount of loss reclassified from accumulated other comprehensive income was $352,000 and $360,000 for the three months ended March 31, 2015 and March 31, 2014, respectively. The ineffective portion of the change in the fair value of the Swaps for the three months ended March 31, 2015 and March 31, 2014 in the amounts of $59,000 and $18,000, respectively, were recorded as increases to interest expense in the accompanying consolidated statements of comprehensive income. | |
The fair value of the Swaps in the amounts of $9.0 million and $8.5 million as of March 31, 2015 and December 31, 2014, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company estimates that $1.2 million will be reclassified from accumulated other comprehensive income as an increase to interest expense over the next 12 months. | |
The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest for approximately $9.1 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Environmental Matters | |||||
Substantially all of the Company's properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”) obtained in contemplation of their acquisition by the Company or obtained by predecessor owners prior to the sale of the property or land to the Company. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. | |||||
Operating Ground Lease Agreements | |||||
Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2015, were as follows (in thousands): | |||||
Year | Amount | ||||
2015 | $ | 507 | |||
2016 | 686 | ||||
2017 | 686 | ||||
2018 | 686 | ||||
2019 | 686 | ||||
2020 through 2034 | 6,604 | ||||
Total | $ | 9,855 | |||
Operating ground lease expense for the three months ended March 31, 2015 was $64,000 as compared to $47,000 for the same period in 2014. | |||||
Legal Matters | |||||
From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. As of March 31, 2015 there were no legal proceedings, claims or assessments that the Company expects to have a material adverse effect on the Company’s business or financial statements. | |||||
Comcast Innovation and Technology Center | |||||
The Company has entered into two joint ventures for the purpose of developing and owning the Comcast Innovation & Technology Center (the "Project") located on the 1800 block of Arch Street in Philadelphia, Pennsylvania. The 59-story building will include 1.3 million square feet of rentable office space and a 222-room Four Seasons Hotel. Completion of the first phase of the Project is anticipated to be in the third quarter of 2017. Project costs for the development of the Project, exclusive of tenant-funded interior improvements, are anticipated to be approximately $932 million. The Company's investment in the Project is expected to be approximately $185 million with 20% ownership interests in both joint ventures. | |||||
The two joint ventures have engaged the Company as the developer of the Project pursuant to a Development Agreement by which the Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the Project and to guarantee the timely lien-free completion of construction of the Project and the payment, subject to certain exceptions, of any cost overruns incurred in the development of the Project. | |||||
Other | |||||
As of March 31, 2015, the Company had letter of credit obligations of $4.2 million. The Company believes that the likelihood is remote that there will be a draw upon these letter of credit obligations. | |||||
As of March 31, 2015, the Company had 21 buildings under development. These buildings are expected to contain, when completed, a total of 3.8 million square feet of leasable space and represent an anticipated aggregate investment of $412.9 million. At March 31, 2015, development in progress totaled $269.5 million. In addition, as of March 31, 2015, the Company had invested $8.0 million in deferred leasing costs related to these development buildings. In addition, the Company had signed commitments for build-to-suit developments not yet commenced for an anticipated aggregate investment of $167.0 million. | |||||
As of March 31, 2015, the Company was committed to $14.8 million in improvements on certain buildings and land parcels. | |||||
As of March 31, 2015, the Company was committed to $51.0 million in future land purchases. | |||||
As of March 31, 2015, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $41.5 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014 (amounts in thousands): | ||||||||
2015 | 2014 | |||||||
Write-off of fully depreciated/amortized property and deferred costs | $ | 14,436 | $ | 11,279 | ||||
Write-off of depreciated/amortized property and deferred costs due to sale | $ | 10,295 | $ | 131,026 | ||||
Unrealized loss on cash flow hedge | $ | (947 | ) | $ | (511 | ) | ||
Changes in accrued development capital expenditures | $ | (8,343 | ) | $ | 2,280 | |||
Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s consolidated statements of cash flows. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance. The standard clarifies the required factors that an entity must consider when recognizing revenue. The standard also requires additional disclosures concerning contracts with customers, judgments concerning revenue recognition, and assets recognized for the costs to obtain or fulfill a contract. ASU 2014-09 is effective for the Company beginning January 1, 2017. The Company is evaluating the impact ASU 2014-09 will have on its financial position and results of operations. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The standard requires the costs for issuing debt to appear on a balance sheet as a direct deduction from the debt's value. ASU 2015-03 is effective for the Company beginning January 1, 2016. The standard would be applied retrospectively. The Company does not anticipate that the adoption of ASU 2015-03 will have a material impact on its financial position or results of operations. |
Income_per_Common_Share_of_the1
Income per Common Share of the Trust (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
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 | $ | 30,951 | 148,315 | $ | 0.21 | $ | 25,179 | 146,425 | $ | 0.17 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 30,951 | 149,031 | $ | 0.21 | $ | 25,179 | 147,095 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 148,315 | $ | — | $ | 46,721 | 146,425 | $ | 0.32 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 149,031 | $ | — | $ | 46,721 | 147,095 | $ | 0.32 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 148,315 | $ | 0.21 | $ | 71,900 | 146,425 | $ | 0.49 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 149,031 | $ | 0.21 | $ | 71,900 | 147,095 | $ | 0.49 | ||||||||||||
Income_per_Common_Unit_of_the_1
Income per Common Unit of the Operating Partnership (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
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 | $ | 30,951 | 148,315 | $ | 0.21 | $ | 25,179 | 146,425 | $ | 0.17 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 30,951 | 149,031 | $ | 0.21 | $ | 25,179 | 147,095 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 148,315 | $ | — | $ | 46,721 | 146,425 | $ | 0.32 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | — | 149,031 | $ | — | $ | 46,721 | 147,095 | $ | 0.32 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 148,315 | $ | 0.21 | $ | 71,900 | 146,425 | $ | 0.49 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 30,951 | 149,031 | $ | 0.21 | $ | 71,900 | 147,095 | $ | 0.49 | ||||||||||||
Liberty Property Limited Partnership [Member] | ||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Line Items] | ||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): | |||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||
Income (Numerator) | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
Average Units | (Numerator) | Average Units | ||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 31,804 | $ | 25,905 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (118 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 31,686 | 151,856 | $ | 0.21 | $ | 25,787 | 149,981 | $ | 0.17 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 31,686 | 152,572 | $ | 0.21 | $ | 25,787 | 150,651 | $ | 0.17 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | — | 151,856 | $ | — | $ | 47,848 | 149,981 | $ | 0.32 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | — | 152,572 | $ | — | $ | 47,848 | 150,651 | $ | 0.32 | ||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 31,686 | 151,856 | $ | 0.21 | $ | 73,635 | 149,981 | $ | 0.49 | ||||||||||||
Dilutive units for long-term compensation plans | — | 716 | — | 670 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 31,686 | 152,572 | $ | 0.21 | $ | 73,635 | 150,651 | $ | 0.49 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Foreign Currency Translation: | |||||||||
Beginning balance | $ | (5,823 | ) | $ | 8,592 | ||||
Translation adjustment | (10,410 | ) | 1,346 | ||||||
Ending balance | (16,233 | ) | 9,938 | ||||||
Derivative Instruments: | |||||||||
Beginning balance | (377 | ) | 1,584 | ||||||
Unrealized loss | (1,299 | ) | (871 | ) | |||||
Reclassification adjustment (1) | 352 | 360 | |||||||
Ending balance | (1,324 | ) | 1,073 | ||||||
Total accumulated other comprehensive (loss) income | (17,557 | ) | 11,011 | ||||||
Less: portion included in noncontrolling interest – operating partnership | 211 | (454 | ) | ||||||
Total accumulated other comprehensive (loss) income included in shareholders' equity/owners' equity | $ | (17,346 | ) | $ | 10,557 | ||||
-1 | Amounts reclassified out of Accumulated Other Comprehensive (Loss) Income/General & Limited Partner's Equity into contractual interest expense. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||
Schedule of Segment Reporting Information, by Segment, Revenue and Net Operating Income [Table Text Block] | The operating information by reportable segment is as follows (in thousands): | |||||||||
For the Three Months | ||||||||||
Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Operating revenue | ||||||||||
Carolinas | $ | 9,844 | $ | 8,316 | ||||||
Chicago/Milwaukee | 9,793 | 8,570 | ||||||||
Houston | 12,324 | 11,867 | ||||||||
Lehigh/Central PA | 33,554 | 29,623 | ||||||||
Minnesota | 12,672 | 13,750 | ||||||||
Orlando | 5,264 | 7,995 | ||||||||
Philadelphia | 9,982 | 9,408 | ||||||||
Richmond/Hampton Roads | 10,490 | 10,068 | ||||||||
South Florida | 12,206 | 12,309 | ||||||||
Southeastern PA | 39,238 | 38,437 | ||||||||
Tampa | 13,462 | 13,173 | ||||||||
United Kingdom | 3,725 | 4,102 | ||||||||
Other | 34,398 | 35,039 | ||||||||
Segment-level operating revenue | 206,952 | 202,657 | ||||||||
Reconciliation to total operating revenues | ||||||||||
Discontinued operations | — | (4,748 | ) | |||||||
Other | (51 | ) | (279 | ) | ||||||
Total operating revenue | $ | 206,901 | $ | 197,630 | ||||||
Net operating income | ||||||||||
Carolinas | $ | 6,617 | $ | 5,742 | ||||||
Chicago/Milwaukee | 6,743 | 5,163 | ||||||||
Houston | 7,221 | 7,053 | ||||||||
Lehigh/Central PA | 22,971 | 19,240 | ||||||||
Minnesota | 5,985 | 6,619 | ||||||||
Orlando | 3,571 | 5,492 | ||||||||
Philadelphia | 7,022 | 6,721 | ||||||||
Richmond/Hampton Roads | 6,229 | 5,920 | ||||||||
South Florida | 6,829 | 7,527 | ||||||||
Southeastern PA | 20,988 | 19,600 | ||||||||
Tampa | 8,702 | 8,441 | ||||||||
United Kingdom | 2,516 | 2,850 | ||||||||
Other | 22,176 | 21,731 | ||||||||
Segment-level net operating income | 127,570 | 122,099 | ||||||||
Reconciliation to income from continuing operations | ||||||||||
Interest expense (1) | (34,670 | ) | (39,764 | ) | ||||||
Depreciation/amortization expense (1) (2) | (43,514 | ) | (44,536 | ) | ||||||
Impairment - real estate assets | (15,739 | ) | — | |||||||
Gain on property dispositions | 2,271 | — | ||||||||
Equity in earnings of unconsolidated joint ventures | 6,906 | 4,159 | ||||||||
General and administrative expense (1) (2) | (12,574 | ) | (12,401 | ) | ||||||
Discontinued operations excluding interest and gain on property dispositions | — | (2,290 | ) | |||||||
Income taxes (2) | (707 | ) | (483 | ) | ||||||
Other | 2,319 | (526 | ) | |||||||
Income from continuing operations | $ | 31,862 | $ | 26,258 | ||||||
-1 | Includes activity on discontinued operations. | |||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. |
Accounting_for_the_Impairment_1
Accounting for the Impairment or Disposal of Long-Lived Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disposal Group, Including Discontinued Operation, Long Lived Assets [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | A summary of the results of operations for the properties classified as discontinued operations through the respective disposition dates is as follows (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenues | $ | — | $ | 4,748 | ||||
Operating expenses | — | (2,495 | ) | |||||
Interest and other income | — | 37 | ||||||
Interest expense | — | (557 | ) | |||||
Depreciation and amortization | — | — | ||||||
Income before gain on property dispositions | — | 1,733 | ||||||
Gain on property dispositions | — | 46,115 | ||||||
Net income | $ | — | $ | 47,848 | ||||
Noncontrolling_Interest_Operat1
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Temporary Equity [Line Items] | |||||||||||||
Schedule of Temporary Equity [Table Text Block] | As of March 31, 2015, the Company had outstanding the following cumulative preferred units of the Operating Partnership: | ||||||||||||
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) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Instrument, Fair Value Disclosure [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2014 and March 31, 2015 (in thousands): | ||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
As of December 31, 2014 | $ | 487,301 | $ | 501,231 | $ | 2,509,094 | $ | 2,704,069 | |||||||||
As of March 31, 2015 | $ | 484,584 | $ | 496,873 | $ | 2,607,874 | $ | 2,769,146 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Rental Payments | Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2015, were as follows (in thousands): | ||||
Year | Amount | ||||
2015 | $ | 507 | |||
2016 | 686 | ||||
2017 | 686 | ||||
2018 | 686 | ||||
2019 | 686 | ||||
2020 through 2034 | 6,604 | ||||
Total | $ | 9,855 | |||
Supplemental_Disclosure_to_Sta1
Supplemental Disclosure to Statements of Cash Flows (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure to Statements of Cash Flows | The following are supplemental disclosures to the statements of cash flows for the three months ended March 31, 2015 and 2014 (amounts in thousands): | |||||||
2015 | 2014 | |||||||
Write-off of fully depreciated/amortized property and deferred costs | $ | 14,436 | $ | 11,279 | ||||
Write-off of depreciated/amortized property and deferred costs due to sale | $ | 10,295 | $ | 131,026 | ||||
Unrealized loss on cash flow hedge | $ | (947 | ) | $ | (511 | ) | ||
Changes in accrued development capital expenditures | $ | (8,343 | ) | $ | 2,280 | |||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Narrative) (Details) | Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership interest in operating partnership - Limited Partnership | 97.70% |
Income_per_Common_Share_of_the2
Income per Common Share of the Trust (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Income from continuing operations net of noncontrolling interest | $30,951 | $25,179 |
Discontinued operations net of noncontrolling interest | 0 | 46,721 |
Net income available to common shareholders | $30,951 | $71,900 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 148,315 | 146,425 |
Dilutive shares for long-term compensation plans | 716 | 670 |
Weighted Average Number of Shares Outstanding, Diluted | 149,031 | 147,095 |
Common shares [Member] | ||
Earnings Per Share, Basic [Abstract] | ||
Income from Continuing Operations, Per Basic Share | $0.21 | $0.17 |
Income from Discontinued Operations, Per Basic Share | $0 | $0.32 |
Income per common share - basic | $0.21 | $0.49 |
Earnings Per Share, Diluted [Abstract] | ||
Income from Continuing Operations, Per Diluted Share | $0.21 | $0.17 |
Income from Discontinued Operations, Per Diluted Share | $0 | $0.32 |
Income per common share - diluted | $0.21 | $0.49 |
Income_per_Common_Share_of_the3
Income per Common Share of the Trust, Anti-dilutive (Details) (Stock Option [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Option [Member] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 596,000 | 1,247,000 |
Income_per_Common_Share_of_the4
Income per Common Share of the Trust, Dilutive (Details) (Stock Option [Member], Common shares [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Stock Option [Member] | Common shares [Member] | ||
Stock Option Exercises [Line Items] | ||
Amount of Options Exercises in Period | 44,000 | 44,000 |
Income_per_Common_Unit_of_the_2
Income per Common Unit of the Operating Partnership, Diluted (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Income from continuing operations net of noncontrolling interest | $30,951 | $25,179 |
Discontinued operations | 0 | 47,848 |
Net income available to common shareholders | 30,951 | 71,900 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 148,315 | 146,425 |
Dilutive units for long-term compensation plans | 716 | 670 |
Weighted Average Number of Shares Outstanding, Diluted | 149,031 | 147,095 |
Liberty Property Limited Partnership [Member] | ||
Net Income (Loss) Available to Common Stockholders, Basic [Abstract] | ||
Income from continuing operations net of noncontrolling interest | 31,804 | 25,905 |
Less: Preferred unit distributions | -118 | -118 |
Income from Continuing Operations available to Common Unitholders | 31,686 | 25,787 |
Discontinued operations | 0 | 47,848 |
Net income available to common shareholders | $31,686 | $73,635 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 151,856 | 149,981 |
Dilutive units for long-term compensation plans | 716 | 670 |
Weighted Average Number of Shares Outstanding, Diluted | 152,572 | 150,651 |
Liberty Property Limited Partnership [Member] | Common Units [Member] | ||
Earnings Per Share, Basic [Abstract] | ||
Income from Continuing Operations, Per Basic Share | $0.21 | $0.17 |
Income from Discontinued Operations, Per Basic Share | $0 | $0.32 |
Income per common share - basic | $0.21 | $0.49 |
Earnings Per Share, Diluted [Abstract] | ||
Income from Continuing Operations, Per Diluted Share | $0.21 | $0.17 |
Income from Discontinued Operations, Per Diluted Share | $0 | $0.32 |
Income per common share - diluted | $0.21 | $0.49 |
Income_per_Common_Unit_of_the_3
Income per Common Unit of the Operating Partnership, Anti-dilutive Options (Details) (Stock Option [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 596,000 | 1,247,000 |
Liberty Property Limited Partnership [Member] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Options Excluded from Computation of Earnings Per Share | 596,000 | 1,247,000 |
Income_per_Common_Unit_of_the_4
Income per Common Unit of the Operations Partnership, Dilutive Options (Details) (Liberty Property Limited Partnership [Member], Stock Option [Member], Common Units [Member]) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Liberty Property Limited Partnership [Member] | Stock Option [Member] | Common Units [Member] | ||
Stock Option Exercises [Line Items] | ||
Amount of Options Exercises in Period | 44,000 | 44,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Foreign Currency Translation: | |||||
Beginning balance | ($5,823) | $8,592 | |||
Translation adjustment | -10,410 | 1,346 | |||
Ending balance | -16,233 | 9,938 | |||
Derivative Instruments: | |||||
Beginning balance | -377 | 1,584 | |||
Unrealized loss | -1,299 | -871 | |||
Reclassification adjustment | 352 | [1] | 360 | [1] | |
Ending balance | -1,324 | 1,073 | |||
Total accumulated other comprehensive (loss) income | -17,557 | 11,011 | |||
Less: portion included in noncontrolling interest - operating partnership | 211 | -454 | |||
Total accumulated other comprehensive (loss) income included in shareholders' equity/owners' equity | ($17,346) | $10,557 | ($6,252) | ||
[1] | Amounts reclassified out of Accumulated Other Comprehensive (Loss) Income/General & Limited Partner's Equity into contractual interes |
Segment_Information_Performanc
Segment Information - Performance of the Reportable Segments Based on Property Level Operating Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||
Operating revenue | $206,901,000 | $197,630,000 | ||
Net operating income | 51,829,000 | 59,398,000 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | -34,670,000 | -39,207,000 | ||
Depreciation and amortization expense | -59,431,000 | -57,589,000 | ||
Impairment - real estate assets | -15,739,000 | 0 | ||
Gain on property dispositions | 2,271,000 | 0 | ||
Equity in earnings of unconsolidated joint ventures | 6,906,000 | 4,159,000 | ||
General and administrative expense | -18,802,000 | -18,356,000 | ||
Income taxes | -845,000 | -531,000 | ||
Income from continuing operations | 31,862,000 | 26,258,000 | ||
Richmond Hampton Roads [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Impairment - real estate assets | -13,400,000 | |||
Southeastern PA [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Impairment - real estate assets | -2,300,000 | |||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 0 | 0 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 206,952,000 | 202,657,000 | ||
Net operating income | 127,570,000 | 122,099,000 | ||
Operating Segments [Member] | Carolinas [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 9,844,000 | 8,316,000 | ||
Net operating income | 6,617,000 | 5,742,000 | ||
Operating Segments [Member] | Chicago Milwaukee [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 9,793,000 | 8,570,000 | ||
Net operating income | 6,743,000 | 5,163,000 | ||
Operating Segments [Member] | Houston [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 12,324,000 | 11,867,000 | ||
Net operating income | 7,221,000 | 7,053,000 | ||
Operating Segments [Member] | Lehigh Central PA [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 33,554,000 | 29,623,000 | ||
Net operating income | 22,971,000 | 19,240,000 | ||
Operating Segments [Member] | Minnesota [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 12,672,000 | 13,750,000 | ||
Net operating income | 5,985,000 | 6,619,000 | ||
Operating Segments [Member] | Orlando [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 5,264,000 | 7,995,000 | ||
Net operating income | 3,571,000 | 5,492,000 | ||
Operating Segments [Member] | Philadelphia [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 9,982,000 | 9,408,000 | ||
Net operating income | 7,022,000 | 6,721,000 | ||
Operating Segments [Member] | Richmond Hampton Roads [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 10,490,000 | 10,068,000 | ||
Net operating income | 6,229,000 | 5,920,000 | ||
Operating Segments [Member] | South Florida [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 12,206,000 | 12,309,000 | ||
Net operating income | 6,829,000 | 7,527,000 | ||
Operating Segments [Member] | Southeastern PA [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 39,238,000 | 38,437,000 | ||
Net operating income | 20,988,000 | 19,600,000 | ||
Operating Segments [Member] | Tampa [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 13,462,000 | 13,173,000 | ||
Net operating income | 8,702,000 | 8,441,000 | ||
Operating Segments [Member] | United Kingdom [Member] | European Union [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 3,725,000 | 4,102,000 | ||
Net operating income | 2,516,000 | 2,850,000 | ||
Operating Segments [Member] | Other Segments [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 34,398,000 | 35,039,000 | ||
Net operating income | 22,176,000 | 21,731,000 | ||
Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 0 | -4,748,000 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | -51,000 | -279,000 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense | -34,670,000 | [1] | -39,764,000 | [1] |
Depreciation and amortization expense | -43,514,000 | [1],[2] | -44,536,000 | [1],[2] |
Impairment - real estate assets | -15,739,000 | 0 | ||
Gain on property dispositions | 2,271,000 | 0 | ||
Equity in earnings of unconsolidated joint ventures | 6,906,000 | 4,159,000 | ||
General and administrative expense | -12,574,000 | [1],[2] | -12,401,000 | [1],[2] |
Discontinued operations excluding interest and gain on property dispositions | 0 | -2,290,000 | ||
Income taxes | -707,000 | [2] | -483,000 | [2] |
Other | $2,319,000 | ($526,000) | ||
[1] | Includes activity on discontinued operations. | |||
[2] | Excludes costs which are included in determining segment-level net operating income. |
Segment_Information_Building_A
Segment Information Building Acquisitions and Dispositions (Details) (Land, Buildings and Improvements [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
bldg | |
Land, Buildings and Improvements [Member] | |
Acquisitions [Abstract] | |
Number of real estate properties acquired | 0 |
Dispositions [Abstract] | |
Proceeds from Sale of Property | $42.20 |
Number of Real Estate Properties Sold | 7 |
Accounting_for_the_Impairment_2
Accounting for the Impairment or Disposal of Long-Lived Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Gain on property dispositions | $0 | $46,115 |
Net income | 0 | 47,848 |
Discontinued Operations [Member] | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Revenues | 0 | 4,748 |
Operating expenses | 0 | -2,495 |
Interest and other income | 0 | 37 |
Interest expense | 0 | -557 |
Depreciation and amortization | 0 | 0 |
Income before gain on property dispositions | 0 | 1,733 |
Gain on property dispositions | 0 | 46,115 |
Net income | $0 | $47,848 |
Accounting_for_the_Impairment_3
Accounting for the Impairment or Disposal of Long-Lived Assets Asset Impairment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Impairment - real estate assets | $15,739 | $0 |
Richmond Hampton Roads [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Impairment - real estate assets | 13,400 | |
Southeastern PA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Impairment - real estate assets | $2,300 |
Noncontrolling_Interests_of_th1
Noncontrolling Interests of the Trust- Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Common units, units outstanding not held by the trust | 3,539,075 | 3,553,566 |
Market value of common units based on closing price | $126.30 |
Limited_Partners_Equity_of_the1
Limited Partners' Equity of the Operating Partnership - Narrative (Details) (Liberty Property Limited Partnership [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Liberty Property Limited Partnership [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 3,539,075 | 3,553,566 |
market value of the outstanding common units | $126.30 |
Noncontrolling_Interest_Operat2
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Temporary Equity [Line Items] | ||
Cumulative redeemable preferred units of the Operating Partnership outstanding | $7,537 | 7,537 |
Series I 2 [Member] | ||
Temporary Equity [Line Items] | ||
Cumulative redeemable preferred units of the Operating Partnership outstanding | $7,537 | |
Units | 301,483 | 301,483 |
Liquidation Preference | $25 | |
Dividend Rate | 6.25% |
Indebtedness_Details
Indebtedness (Details) (Senior Notes [Member], USD $) | Mar. 01, 2015 |
In Millions, unless otherwise specified | |
5.125% Senior Notes [Member] | |
Unsecured Notes [Abstract] | |
Debt Instrument, Repurchased Face Amount | $300 |
Interest Rate | 5.13% |
3.75% Senior Notes [Member] | |
Unsecured Notes [Abstract] | |
Debt Instrument, Face Amount | $400 |
Interest Rate | 3.75% |
Disclosure_of_Fair_Value_of_Fi2
Disclosure of Fair Value of Financial Instruments (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | Mortgage Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $496,873 | $501,231 |
Estimate of Fair Value Measurement [Member] | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 2,769,146 | 2,704,069 |
Portion at Other than Fair Value Measurement [Member] | Mortgage Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 484,584 | 487,301 |
Portion at Other than Fair Value Measurement [Member] | Unsecured Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $2,607,874 | $2,509,094 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Interest Rate Derivatives [Abstract] | |||
Number of interest rate swap contracts | 3 | ||
aggregate notional amount | $103,200,000 | $103,600,000 | |
Termination value of interest rate swap, including accrued interest | 9,100,000 | ||
Interest Rate Cash Flow Hedges [Abstract] | |||
Change in fair value of swaps as a decrease to other comprehensive income | 1,299,000 | 871,000 | |
Amount of loss reclassified into interest expense from AOCI | 352,000 | 360,000 | |
Ineffective portion of the change in the fair value of swaps as an adjustment to interest expense | 59,000 | 18,000 | |
Fair value of interest rate swaps | 9,000,000 | 8,500,000 | |
Amount estimated to be reclassified from accumulated other comprehensive income as an adjustment to interest expense | $1,200,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Rental Payments (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
2015 | $507,000 | |
2016 | 686,000 | |
2017 | 686,000 | |
2018 | 686,000 | |
2019 | 686,000 | |
2020 through 2034 | 6,604,000 | |
Total | 9,855,000 | |
Other Expenses [Abstract] | ||
Operating ground lease expense | $64,000 | $47,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Loss Contingencies (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Legal Matters [Abstract] | |
Loss Contingency, Pending Claims, Number | 0 |
Other [Abstract] | |
Letter of credit obligations | $4.20 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Supply Commitments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Supply Commitment [Line Items] | ||
Development in Process | $269,518,000 | $277,411,000 |
Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Net Rentable Area | 3,800,000 | |
Number of Real Estate Properties | 21 | |
Total anticipated development cost | 412,900,000 | |
Deferred Costs, Leasing, Gross | 8,000,000 | |
Construction in Progress [Member] | Comcast Innovation and Technology Center [Member] | ||
Supply Commitment [Line Items] | ||
Net Rentable Area | 1,300,000 | |
Total anticipated development cost | 932,000,000 | |
Comcast Innovative and Technology Center [Abstract] | ||
Number of equity method investments | 2 | |
Number of stories in a high-rise building | 59 | |
Number of hotel rooms | 222 | |
Anticipated investment in joint ventures | 185,000,000 | |
Equity Method Investment, Ownership Percentage | 20.00% | |
Development Not Yet Commenced [Member] | ||
Supply Commitment [Line Items] | ||
Total anticipated development cost | 167,000,000 | |
Buildings and land parcels [Member] | ||
Supply Commitment [Line Items] | ||
Remaining amount committed or obligated to pay for the benefit of current or future tenants | 14,800,000 | |
Tenant Improvements [Member] | ||
Supply Commitment [Line Items] | ||
Tenant improvements not yet completed | $41,500,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Purchase Commitments (Details) (Land Purchases [Member], USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Land Purchases [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining amount commitment to future land purchases | $51 |
Supplemental_Disclosure_to_Sta2
Supplemental Disclosure to Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Write off of fully depreciated/amortized property and deferred costs | $14,436 | $11,279 |
Write off of depreciated property and deferred costs due to sale | 10,295 | 131,026 |
Unrealized loss on cash flow hedge | -947 | -511 |
Changes in accrued development capital expenditures | ($8,343) | $2,280 |