Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY TRUST | |
Entity Central Index Key | 921,112 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 146,993,579 | |
Liberty Property Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | LIBERTY PROPERTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 921,113 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||
Land and land improvements | $ 1,009,941 | $ 1,184,927 |
Building and improvements | 4,409,422 | 5,131,648 |
Less accumulated depreciation | (917,201) | (1,148,928) |
Operating real estate | 4,502,162 | 5,167,647 |
Development in progress | 427,686 | 360,948 |
Land held for development | 325,444 | 336,967 |
Net real estate | 5,255,292 | 5,865,562 |
Cash and cash equivalents | 42,290 | 35,353 |
Restricted cash | 5,661 | 9,018 |
Accounts receivable | 13,983 | 14,343 |
Deferred rent receivable | 106,864 | 118,787 |
Deferred financing and leasing costs, net of accumulated amortization (September 30, 2016, $153,022; December 31, 2015, $175,798) | 153,593 | 192,109 |
Investments in and advances to unconsolidated joint ventures | 236,800 | 218,454 |
Assets held for sale | 786,272 | 4,954 |
Prepaid expenses and other assets | 122,167 | 99,049 |
Total assets | 6,722,922 | 6,557,629 |
LIABILITIES | ||
Mortgage loans | 281,384 | 307,908 |
Unsecured notes | 2,675,644 | 2,580,108 |
Credit facility | 420,000 | 259,000 |
Accounts payable | 76,599 | 51,382 |
Accrued interest | 38,954 | 26,154 |
Dividend and distributions payable | 71,378 | 71,787 |
Other liabilities | 204,031 | 243,806 |
Liabilities held for sale | 25,416 | 0 |
Total liabilities | 3,793,406 | 3,540,145 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2016 and December 31, 2015 | 7,537 | 7,537 |
EQUITY | ||
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 146,981,465 and 147,577,984 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 147 | 148 |
Additional paid-in capital | 3,654,652 | 3,669,627 |
Accumulated other comprehensive loss | (41,459) | (17,893) |
Distributions in excess of net income | (746,530) | (698,954) |
Total Liberty Property Trust shareholders' equity | 2,866,810 | 2,952,928 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - operating partnerships | 51,250 | 53,100 |
Noncontrolling interest - consolidated joint ventures | 3,919 | 3,919 |
Total owners' equity | 2,921,979 | 3,009,947 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,722,922 | 6,557,629 |
Liberty Property Limited Partnership [Member] | ||
Real Estate [Abstract] | ||
Land and land improvements | 1,009,941 | 1,184,927 |
Building and improvements | 4,409,422 | 5,131,648 |
Less accumulated depreciation | (917,201) | (1,148,928) |
Operating real estate | 4,502,162 | 5,167,647 |
Development in progress | 427,686 | 360,948 |
Land held for development | 325,444 | 336,967 |
Net real estate | 5,255,292 | 5,865,562 |
Cash and cash equivalents | 42,290 | 35,353 |
Restricted cash | 5,661 | 9,018 |
Accounts receivable | 13,983 | 14,343 |
Deferred rent receivable | 106,864 | 118,787 |
Deferred financing and leasing costs, net of accumulated amortization (September 30, 2016, $153,022; December 31, 2015, $175,798) | 153,593 | 192,109 |
Investments in and advances to unconsolidated joint ventures | 236,800 | 218,454 |
Assets held for sale | 786,272 | 4,954 |
Prepaid expenses and other assets | 122,167 | 99,049 |
Total assets | 6,722,922 | 6,557,629 |
LIABILITIES | ||
Mortgage loans | 281,384 | 307,908 |
Unsecured notes | 2,675,644 | 2,580,108 |
Credit facility | 420,000 | 259,000 |
Accounts payable | 76,599 | 51,382 |
Accrued interest | 38,954 | 26,154 |
Dividend and distributions payable | 71,378 | 71,787 |
Other liabilities | 204,031 | 243,806 |
Liabilities held for sale | 25,416 | 0 |
Total liabilities | 3,793,406 | 3,540,145 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2016 and December 31, 2015 | 7,537 | 7,537 |
EQUITY | ||
General partner’s equity - 146,981,465 and 147,577,984 common units outstanding as of September 30, 2016 and December 31, 2015, respectively | 2,866,810 | 2,952,928 |
Limited partners' equity | 51,250 | 53,100 |
Noncontrolling interest - operating partnership | ||
Noncontrolling interest - consolidated joint ventures | 3,919 | 3,919 |
Total owners' equity | 2,921,979 | 3,009,947 |
Total liabilities, noncontrolling interest - operating partnership and equity | $ 6,722,922 | $ 6,557,629 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Deferred financing and leasing costs, accumulated amortization | $ 153,022,000 | $ 175,798,000 |
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
Common shares of beneficial interest, par value per share | $ 0.001 | $ 0.001 |
Common shares of beneficial interest, shares authorized | 283,987,000 | 283,987,000 |
Common shares of beneficial interest, shares issued | 146,981,465 | 147,577,984 |
Common shares of beneficial interest, shares outstanding | 146,981,465 | 147,577,984 |
Liberty Property Limited Partnership [Member] | ||
Deferred financing and leasing costs, accumulated amortization | $ 153,022,000 | $ 175,798,000 |
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
Common shares of beneficial interest, shares outstanding | 146,981,465 | 147,577,984 |
Series I 2 [Member] | ||
Noncontrolling interest - operating partnership, preferred units outstanding | 301,483 | 301,483 |
Series I 2 [Member] | Liberty Property Limited Partnership [Member] | ||
Noncontrolling interest - operating partnership, preferred units outstanding | 301,483 | 301,483 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING REVENUE | ||||
Rental | $ 140,697,000 | $ 145,009,000 | $ 418,896,000 | $ 440,962,000 |
Operating expense reimbursement | 50,160,000 | 53,963,000 | 148,757,000 | 168,430,000 |
Total operating revenue | 190,857,000 | 198,972,000 | 567,653,000 | 609,392,000 |
OPERATING EXPENSE | ||||
Rental property | 26,496,000 | 31,454,000 | 79,752,000 | 98,973,000 |
Real estate taxes | 25,968,000 | 25,953,000 | 76,490,000 | 78,579,000 |
General and administrative | 16,151,000 | 15,573,000 | 52,770,000 | 51,428,000 |
Depreciation and amortization | 46,920,000 | 55,718,000 | 154,543,000 | 171,347,000 |
Impairment - real estate assets | 0 | 0 | 0 | 16,775,000 |
Total operating expenses | 115,535,000 | 128,698,000 | 363,555,000 | 417,102,000 |
Operating income | 75,322,000 | 70,274,000 | 204,098,000 | 192,290,000 |
OTHER INCOME (EXPENSE) | ||||
Interest and other income | 3,153,000 | 4,959,000 | 12,743,000 | 17,911,000 |
Loss on debt extinguishment | (3,494,000) | 0 | (3,494,000) | 0 |
Interest expense | (29,528,000) | (33,559,000) | (91,071,000) | (103,295,000) |
Total other income (expense) | (29,869,000) | (28,600,000) | (81,822,000) | (85,384,000) |
Income before gain on property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures | 45,453,000 | 41,674,000 | 122,276,000 | 106,906,000 |
Gain on property dispositions | 1,318,000 | 53,467,000 | 25,671,000 | 56,987,000 |
Income taxes | (80,000) | (599,000) | (1,633,000) | (2,613,000) |
Equity in earnings (loss) of unconsolidated joint ventures | 9,043,000 | (847,000) | 19,540,000 | 805,000 |
Income from continuing operations | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 |
Net income | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 |
Noncontrolling interest – operating partnership | (1,424,000) | (2,306,000) | (4,250,000) | (4,117,000) |
Noncontrolling interest - consolidated joint ventures | (57,000) | (58,000) | (170,000) | (171,000) |
Net income available to common shareholders | 54,253,000 | 91,331,000 | 161,434,000 | 157,797,000 |
Comprehensive income attributable to common shareholders | ||||
Net income | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 |
Other comprehensive loss - foreign currency translation | (4,407,000) | (7,970,000) | (23,003,000) | (6,229,000) |
Other comprehensive gain (loss) - derivative instruments | 663,000 | (1,220,000) | (1,132,000) | (1,539,000) |
Other comprehensive loss | (3,744,000) | (9,190,000) | (24,135,000) | (7,768,000) |
Total comprehensive income | 51,990,000 | 84,505,000 | 141,719,000 | 154,317,000 |
Less: comprehensive income attributable to noncontrolling interest | (1,393,000) | (2,148,000) | (3,851,000) | (4,105,000) |
Comprehensive income attributable to common shareholders | $ 50,597,000 | $ 82,357,000 | $ 137,868,000 | $ 150,212,000 |
Weighted average number of common shares outstanding | ||||
Basic | 146,215 | 148,582 | 146,121 | 148,594 |
Diluted | 147,107 | 149,176 | 146,788 | 149,220 |
Amounts attributable to common shareholders | ||||
Net income available to common shareholders | $ 54,253,000 | $ 91,331,000 | $ 161,434,000 | $ 157,797,000 |
Liberty Property Limited Partnership [Member] | ||||
OPERATING REVENUE | ||||
Rental | 140,697,000 | 145,009,000 | 418,896,000 | 440,962,000 |
Operating expense reimbursement | 50,160,000 | 53,963,000 | 148,757,000 | 168,430,000 |
Total operating revenue | 190,857,000 | 198,972,000 | 567,653,000 | 609,392,000 |
OPERATING EXPENSE | ||||
Rental property | 26,496,000 | 31,454,000 | 79,752,000 | 98,973,000 |
Real estate taxes | 25,968,000 | 25,953,000 | 76,490,000 | 78,579,000 |
General and administrative | 16,151,000 | 15,573,000 | 52,770,000 | 51,428,000 |
Depreciation and amortization | 46,920,000 | 55,718,000 | 154,543,000 | 171,347,000 |
Impairment - real estate assets | 0 | 16,775,000 | ||
Total operating expenses | 115,535,000 | 128,698,000 | 363,555,000 | 417,102,000 |
Operating income | 75,322,000 | 70,274,000 | 204,098,000 | 192,290,000 |
OTHER INCOME (EXPENSE) | ||||
Interest and other income | 3,153,000 | 4,959,000 | 12,743,000 | 17,911,000 |
Loss on debt extinguishment | (3,494,000) | 0 | (3,494,000) | 0 |
Interest expense | (29,528,000) | (33,559,000) | (91,071,000) | (103,295,000) |
Total other income (expense) | (29,869,000) | (28,600,000) | (81,822,000) | (85,384,000) |
Income before gain on property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures | 45,453,000 | 41,674,000 | 122,276,000 | 106,906,000 |
Gain on property dispositions | 1,318,000 | 53,467,000 | 25,671,000 | 56,987,000 |
Income taxes | (80,000) | (599,000) | (1,633,000) | (2,613,000) |
Equity in earnings (loss) of unconsolidated joint ventures | 9,043,000 | (847,000) | 19,540,000 | 805,000 |
Net income | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 |
Noncontrolling interest - consolidated joint ventures | (57,000) | (58,000) | (170,000) | (171,000) |
Preferred unit distributions | (118,000) | (118,000) | (354,000) | (354,000) |
Net income available to common shareholders | 55,559,000 | 93,519,000 | 165,330,000 | 161,560,000 |
Comprehensive income attributable to common shareholders | ||||
Net income | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 |
Other comprehensive loss - foreign currency translation | (4,407,000) | (7,970,000) | (23,003,000) | (6,229,000) |
Other comprehensive gain (loss) - derivative instruments | 663,000 | (1,220,000) | (1,132,000) | (1,539,000) |
Other comprehensive loss | (3,744,000) | (9,190,000) | (24,135,000) | (7,768,000) |
Total comprehensive income | $ 51,990,000 | $ 84,505,000 | $ 141,719,000 | $ 154,317,000 |
Weighted average number of common shares outstanding | ||||
Basic | 149,751 | 152,121 | 149,659 | 152,134 |
Diluted | 150,643 | 152,715 | 150,326 | 152,760 |
Net income allocated to general partners | $ 54,253,000 | $ 91,331,000 | $ 161,434,000 | $ 157,797,000 |
Net income allocated to limited partners | 1,424,000 | 2,306,000 | 4,250,000 | 4,117,000 |
Amounts attributable to common shareholders | ||||
Income from continuing operations | 55,677,000 | 93,637,000 | 165,684,000 | 161,914,000 |
Net income available to common shareholders | $ 55,559,000 | $ 93,519,000 | $ 165,330,000 | $ 161,560,000 |
Common shares [Member] | ||||
Basic: | ||||
Income per common share - basic | $ 0.37 | $ 0.61 | $ 1.10 | $ 1.06 |
Diluted: | ||||
Income per common share - diluted | 0.37 | 0.61 | 1.10 | 1.06 |
Distributions per common share or unit | 0.475 | 0.475 | 1.425 | 1.425 |
Common Units [Member] | Liberty Property Limited Partnership [Member] | ||||
Basic: | ||||
Income per common share - basic | 0.37 | 0.61 | 1.10 | 1.06 |
Diluted: | ||||
Income per common share - diluted | 0.37 | 0.61 | 1.10 | 1.06 |
Distributions per common share or unit | $ 0.475 | $ 0.475 | $ 1.425 | $ 1.425 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Accumulated Distributions in Excess of Net Income [Member] | Parent [Member] | Noncontrolling interest operating partnership Common [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member]General Partner [Member] | Liberty Property Limited Partnership [Member]Limited Partner [Member] | Liberty Property Limited Partnership [Member]Noncontrolling interest-consolidated joint ventures [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Other comprehensive loss - foreign currency translation | $ (6,229,000) | $ (6,229,000) | ||||||||||
Other comprehensive loss - derivative instruments | (1,539,000) | (1,539,000) | ||||||||||
Beginning Balance at Dec. 31, 2015 | 3,009,947,000 | $ 148,000 | $ 3,669,627,000 | $ (17,893,000) | $ (698,954,000) | $ 2,952,928,000 | $ 53,100,000 | $ 3,919,000 | 3,009,947,000 | $ 2,952,928,000 | $ 53,100,000 | $ 3,919,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net proceeds from the issuance of common shares | 11,967,000 | 0 | 11,967,000 | 0 | 0 | 11,967,000 | 0 | 0 | ||||
Net income | 165,500,000 | 0 | 0 | 0 | 161,434,000 | 161,434,000 | 3,896,000 | 170,000 | 165,500,000 | 161,434,000 | 3,896,000 | 170,000 |
Contributions from partners | 25,788,000 | 25,788,000 | ||||||||||
Distributions | (214,225,000) | 0 | 0 | 0 | (209,010,000) | (209,010,000) | (5,045,000) | (170,000) | ||||
Distributions to partners | (214,225,000) | (209,010,000) | (5,045,000) | (170,000) | ||||||||
Share/Unit repurchase | (40,896,000) | (1,000) | (40,895,000) | 0 | 0 | (40,896,000) | 0 | 0 | (40,896,000) | (40,896,000) | ||
Share-based compensation | 13,821,000 | 0 | 13,821,000 | 0 | 0 | 13,821,000 | 0 | 0 | ||||
Other comprehensive loss - foreign currency translation | (23,003,000) | 0 | 0 | (22,460,000) | 0 | (22,460,000) | (543,000) | 0 | (23,003,000) | (22,460,000) | (543,000) | |
Other comprehensive loss - derivative instruments | (1,132,000) | 0 | 0 | (1,106,000) | 0 | (1,106,000) | (26,000) | 0 | (1,132,000) | (1,106,000) | (26,000) | |
Redemption of noncontrolling interests - common units | 0 | 0 | 132,000 | 0 | 0 | 132,000 | (132,000) | 0 | 0 | 132,000 | (132,000) | |
Ending Balance at Sep. 30, 2016 | 2,921,979,000 | $ 147,000 | $ 3,654,652,000 | $ (41,459,000) | $ (746,530,000) | $ 2,866,810,000 | $ 51,250,000 | $ 3,919,000 | 2,921,979,000 | $ 2,866,810,000 | $ 51,250,000 | $ 3,919,000 |
Noncontrolling Interest - Operating Partnership (Mezzanine) - Beginning Balance at Dec. 31, 2015 | 7,537,000 | 7,537,000 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||
Net income (Mezzanine) | 354,000 | 354,000 | ||||||||||
Distributions (Mezzanine) | (354,000) | (354,000) | ||||||||||
Noncontrolling Interest - Operating Partnership (Mezzanine) - Ending Balance at Sep. 30, 2016 | $ 7,537,000 | $ 7,537,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 165,854,000 | $ 162,085,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 156,562,000 | 173,726,000 |
Amortization of deferred financing costs | 3,068,000 | 3,249,000 |
Impairment - real estate assets | 0 | 16,775,000 |
Loss on debt extinguishment | 3,494,000 | 0 |
Equity in earnings of unconsolidated joint ventures | (19,540,000) | (805,000) |
Distributions from unconsolidated joint ventures | 0 | 2,490,000 |
Gain on property dispositions | (25,671,000) | (56,987,000) |
Share-based compensation/Non-cash compensation | 12,841,000 | 10,709,000 |
Other | (5,326,000) | (8,143,000) |
Changes in operating assets and liabilities: | ||
Restricted cash | 4,059,000 | 4,914,000 |
Accounts receivable | (4,980,000) | 1,023,000 |
Deferred rent receivable | (12,948,000) | (17,122,000) |
Prepaid expenses and other assets | (22,172,000) | (20,182,000) |
Accounts payable | 21,343,000 | 8,312,000 |
Accrued interest | 12,800,000 | 19,258,000 |
Other liabilities | (2,561,000) | 371,000 |
Net cash provided by operating activities | 286,823,000 | 299,673,000 |
INVESTING ACTIVITIES | ||
Investment in properties - acquisitions | (9,278,000) | (100,756,000) |
Investment in properties - other | (44,017,000) | (58,038,000) |
Investments in and advances to unconsolidated joint ventures | (50,460,000) | (30,609,000) |
Distributions from unconsolidated joint ventures | 49,372,000 | 23,093,000 |
Net proceeds from disposition of properties/land | 142,808,000 | 243,943,000 |
Investment in development in progress | (259,193,000) | (123,547,000) |
Investment in land held for development | (70,809,000) | (101,934,000) |
Payment of deferred leasing costs | (22,306,000) | (34,404,000) |
Investing - Other | 4,874,000 | (6,366,000) |
Net cash used in investing activities | (259,009,000) | (188,618,000) |
FINANCING ACTIVITIES | ||
Net proceeds from issuance of common shares | 11,967,000 | 38,195,000 |
Share repurchase | (40,896,000) | (65,463,000) |
Proceeds from unsecured notes | 396,648,000 | 398,576,000 |
Repayment of unsecured notes including prepayment premium | (303,673,000) | (300,000,000) |
Repayments of mortgage loans | (25,260,000) | (112,970,000) |
Proceeds from credit facility | 466,300,000 | 919,700,000 |
Repayments on credit facility | (305,300,000) | (786,700,000) |
Payment of deferred financing costs | (2,600,000) | (3,478,000) |
Distribution paid on common shares | (209,428,000) | (212,402,000) |
Distribution paid on units | (5,690,000) | (5,704,000) |
Net cash used in financing activities | (17,932,000) | (130,246,000) |
Net increase (decrease) in cash and cash equivalents | 9,882,000 | (19,191,000) |
Decrease in cash and cash equivalents related to foreign currency translation | (2,945,000) | (1,503,000) |
Cash and cash equivalents at beginning of period | 35,353,000 | 69,346,000 |
Cash and cash equivalents at end of period | 42,290,000 | 48,652,000 |
Liberty Property Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 165,854,000 | 162,085,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 156,562,000 | 173,726,000 |
Amortization of deferred financing costs | 3,068,000 | 3,249,000 |
Impairment - real estate assets | 0 | 16,775,000 |
Loss on debt extinguishment | 3,494,000 | 0 |
Equity in earnings of unconsolidated joint ventures | (19,540,000) | (805,000) |
Distributions from unconsolidated joint ventures | 0 | 2,490,000 |
Gain on property dispositions | (25,671,000) | (56,987,000) |
Share-based compensation/Non-cash compensation | 12,841,000 | 10,709,000 |
Other | (5,326,000) | (8,143,000) |
Changes in operating assets and liabilities: | ||
Restricted cash | 4,059,000 | 4,914,000 |
Accounts receivable | (4,980,000) | 1,023,000 |
Deferred rent receivable | (12,948,000) | (17,122,000) |
Prepaid expenses and other assets | (22,172,000) | (20,182,000) |
Accounts payable | 21,343,000 | 8,312,000 |
Accrued interest | 12,800,000 | 19,258,000 |
Other liabilities | (2,561,000) | 371,000 |
Net cash provided by operating activities | 286,823,000 | 299,673,000 |
INVESTING ACTIVITIES | ||
Investment in properties - acquisitions | (9,278,000) | (100,756,000) |
Investment in properties - other | (44,017,000) | (58,038,000) |
Investments in and advances to unconsolidated joint ventures | (50,460,000) | (30,609,000) |
Distributions from unconsolidated joint ventures | 49,372,000 | 23,093,000 |
Net proceeds from disposition of properties/land | 142,808,000 | 243,943,000 |
Investment in development in progress | (259,193,000) | (123,547,000) |
Investment in land held for development | (70,809,000) | (101,934,000) |
Payment of deferred leasing costs | (22,306,000) | (34,404,000) |
Investing - Other | 4,874,000 | (6,366,000) |
Net cash used in investing activities | (259,009,000) | (188,618,000) |
FINANCING ACTIVITIES | ||
Proceeds from unsecured notes | 396,648,000 | 398,576,000 |
Repayment of unsecured notes including prepayment premium | (303,673,000) | (300,000,000) |
Repayments of mortgage loans | (25,260,000) | (112,970,000) |
Proceeds from credit facility | 466,300,000 | 919,700,000 |
Repayments on credit facility | (305,300,000) | (786,700,000) |
Payment of deferred financing costs | (2,600,000) | (3,478,000) |
Capital contributions | 11,967,000 | 38,195,000 |
Distributions to partners | (256,014,000) | (283,569,000) |
Net cash used in financing activities | (17,932,000) | (130,246,000) |
Net increase (decrease) in cash and cash equivalents | 9,882,000 | (19,191,000) |
Decrease in cash and cash equivalents related to foreign currency translation | (2,945,000) | (1,503,000) |
Cash and cash equivalents at beginning of period | 35,353,000 | 69,346,000 |
Cash and cash equivalents at end of period | $ 42,290,000 | $ 48,652,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 . 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. As of January 1, 2016 under the revised accounting standard Topic 810 (see Recently Issued Accounting Standards below), the Operating Partnership is a variable interest entity ("VIE") of the Trust as the limited partners do not have substantive kick-out or participating rights. The Trust is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 97.7% of the net income of the Operating Partnership. The Trust has no significant assets or liabilities other than its investment in the Operating Partnership. As the Operating Partnership is already consolidated in the balance sheets of the Trust, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Trust. In addition, the Company holds a 20% interest in Liberty/Comcast 1701 JFK Boulevard, LP which was determined to be a VIE. The Company determined that it is not the primary beneficiary as the Company and its third party partner share control of the joint venture. The Company's maximum exposure to loss is equal to its equity investment in the joint venture which was $19.3 million and $20.5 million as of September 30, 2016 and December 31, 2015, respectively. 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, 2015 . 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, 2018. The Company is evaluating the impact ASU 2014-09 will have on its financial position and results of operations and has not yet selected a transition method. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (Topic 810) ("ASU 2015-02"). The standard requires that all entities re-evaluate and revise consolidation documentation for limited partnerships and similar legal entities. It makes changes to both the variable interest model and voting model. The Company adopted ASU 2015-02 beginning January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company's financial position and results of operations. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is evaluating the impact ASU 2016-02 will have on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ("ASU 2016-05"). ASU 2016-05 states that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under FASB Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 is effective for the Company beginning January 1, 2017. Early adoption of ASU 2016-05 is permitted. The standard allows application on a prospective or modified retrospective basis. The Company does not believe that ASU 2016-05 will have a material impact on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 is designed to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017. Early adoption of ASU 2016-09 is permitted. Certain amendments in the standard are to be applied retrospectively and certain amendments are to be applied prospectively. The Company is evaluating the impact ASU 2016-09 will have on its financial position and results of operations. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for the Company beginning January 1, 2018. Early adoption of ASU 2016-15 is permitted. The standard requires retrospective application unless it is impracticable to do so. The Company is evaluating the impact ASU 2016-15 will have on its statement of cash flows. |
Income per Common Share of the
Income per Common Share of the Trust | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 54,253 146,215 $ 0.37 $ 91,331 148,582 $ 0.61 Dilutive shares for long-term compensation plans — 892 — 594 Net income available to common shareholders - diluted $ 54,253 147,107 $ 0.37 $ 91,331 149,176 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 161,434 146,121 $ 1.10 $ 157,797 148,594 $ 1.06 Dilutive shares for long-term compensation plans — 667 — 626 Net income available to common shareholders - diluted $ 161,434 146,788 $ 1.10 $ 157,797 149,220 $ 1.06 Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2016 was 160,000 and 762,000 , respectively, as compared to 2,260,000 and 1,528,000 , respectively, for the same periods in 2015 . During the three and nine months ended September 30, 2016 , 241,000 and 353,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2015 , 65,000 common shares were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. During the nine months ended September 30, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share as part of the share repurchase plan. There were no such purchases during the three months ended September 30, 2016 . |
Income per Common Unit of the O
Income per Common Unit of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Unit, 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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 54,253 146,215 $ 0.37 $ 91,331 148,582 $ 0.61 Dilutive shares for long-term compensation plans — 892 — 594 Net income available to common shareholders - diluted $ 54,253 147,107 $ 0.37 $ 91,331 149,176 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 161,434 146,121 $ 1.10 $ 157,797 148,594 $ 1.06 Dilutive shares for long-term compensation plans — 667 — 626 Net income available to common shareholders - diluted $ 161,434 146,788 $ 1.10 $ 157,797 149,220 $ 1.06 Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2016 was 160,000 and 762,000 , respectively, as compared to 2,260,000 and 1,528,000 , respectively, for the same periods in 2015 . During the three and nine months ended September 30, 2016 , 241,000 and 353,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2015 , 65,000 common shares were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. During the nine months ended September 30, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share as part of the share repurchase plan. There were no such purchases during the three months ended September 30, 2016 . |
Liberty Property Limited Partnership [Member] | |
Earnings Per Unit, 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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Income - net of noncontrolling interest - consolidated joint ventures $ 55,677 $ 93,637 Less: Preferred unit distributions (118 ) (118 ) Income available to common unitholders - basic $ 55,559 149,751 $ 0.37 $ 93,519 152,121 $ 0.61 Dilutive units for long-term compensation plans — 892 — 594 Income available to common unitholders - diluted $ 55,559 150,643 $ 0.37 $ 93,519 152,715 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Income - net of noncontrolling interest - consolidated joint ventures $ 165,684 $ 161,914 Less: Preferred unit distributions (354 ) (354 ) Income available to common unitholders - basic 165,330 149,659 $ 1.10 161,560 152,134 $ 1.06 Dilutive units for long-term compensation plans — 667 — 626 Income available to common unitholders - diluted $ 165,330 150,326 $ 1.10 $ 161,560 152,760 $ 1.06 Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common unit for the three and nine months ended September 30, 2016 was 160,000 and 762,000 , respectively, as compared to 2,260,000 and 1,528,000 , respectively, for the same periods in 2015 . During the three and nine months ended September 30, 2016 , 241,000 and 353,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2015 , 65,000 common units were issued upon the exercise of options. Share Repurchase In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. During the nine months ended September 30, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share as part of the share repurchase plan. In connection with these repurchases, an equal number of common units were repurchased by the Operating Partnership from the Trust. There were no such purchases during the three months ended September 30, 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
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): As of and for the nine months ended September 30, 2016 2015 Foreign Currency Translation: Beginning balance $ (17,256 ) $ (5,823 ) Translation adjustment (23,003 ) (6,229 ) Ending balance (40,259 ) (12,052 ) Derivative Instruments: Beginning balance (865 ) (377 ) Unrealized loss (1,955 ) (2,592 ) Reclassification adjustment (1) 823 1,053 Ending balance (1,997 ) (1,916 ) Total accumulated other comprehensive loss (42,256 ) (13,968 ) Less: portion included in noncontrolling interest – operating partnership 797 131 Total accumulated other comprehensive loss included in shareholders' equity/owners' equity $ (41,459 ) $ (13,837 ) (1) Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Real Estate On October 3, 2016, the Company completed the sale of 108 properties totaling approximately 7.6 million square feet and 26.7 acres of land for $969 million . This sale did not represent a strategic shift for the Company. However, the sale does represent an individually significant disposition. The operating results for these properties and land are included in continued operations for all periods presented. Net income and net income available to common shareholders for these properties for the three and nine months ended 2016 and 2015, respectively, are as follows (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Net income $ 20,524 $ 14,595 $ 48,182 $ 45,126 Net income available to common shareholders $ 20,041 $ 14,252 $ 47,050 $ 44,079 As of September 30, 2016 these assets and liabilities were considered held for sale. These assets and liabilities consist of the following: Assets held for sale Land and land improvements $ 202,641 Building and improvements 834,286 Less accumulated depreciation (319,495 ) Operating real estate 717,432 Land held for development 15,524 Accounts receivable, net 1,358 Deferred rent receivable, net 22,140 Deferred financing and leasing costs, net 23,493 Prepaid expenses and other assets 3,595 Total assets held for sale $ 783,542 Liabilities held for sale Accounts payable $ 8,650 Other liabilities 16,766 Total liabilities held for sale $ 25,416 As of September 30, 2016, the Company also classified a parcel of land held for development with a carrying value of $2.7 million as assets held for sale. The Company's properties classified as held for sale by reportable segment as of September 30, 2016 are as follows: Properties Held for Sale Acres of Land Square Feet (000s) Minnesota 19 — 1,489 Florida 45 13.2 2,935 Southeastern PA 30 — 2,076 Other 14 18.1 1,079 Total 108 31.3 7,579 During the nine months ended September 30, 2016 , the Company acquired one operating property for a purchase price of $8.0 million . This property, comprising 73,000 square feet of leaseable space, is located in the Company's Chicago/Milwaukee reportable segment. The Company's sales by reportable segment for the three and nine months ended September 30, 2016 are as follows: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Properties Sold Square Feet (000s) Gross Proceeds (000s) Properties Sold Square Feet (000s) Gross Proceeds (000s) Minnesota — — $ — 1 92 $ 9,200 Florida — — — 6 574 111,828 (1 ) Other 1 80 4,391 3 461 26,491 Total 1 80 $ 4,391 10 1,127 $ 147,519 (1) Includes gross proceeds from the sale of 3.5 acres of land. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
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. During the nine months ended September 30, 2016, the Company realigned its reportable segments as follows: • Carolinas/Richmond; • Chicago/Milwaukee; • Florida; • Houston; • Lehigh/Central PA; • Minnesota; • Philadelphia; • Southeastern PA; and • United Kingdom. Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; Cincinnati/Columbus/Indianapolis; Dallas; DC Metro; New Jersey; Northern Virginia; Southern California; and other. Comparative prior periods have been restated to reflect current segment disclosures. 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): Three Months Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Operating revenue Carolinas/Richmond $ 17,292 $ 15,723 $ 49,226 $ 56,271 Chicago/Milwaukee 11,384 8,872 31,896 27,596 Florida 28,115 32,072 85,230 94,430 Houston 14,870 12,981 43,840 38,455 Lehigh/Central PA 34,157 33,746 102,182 100,144 Minnesota 12,033 11,751 34,952 36,699 Philadelphia 10,513 10,552 31,253 30,422 Southeastern PA 24,563 36,718 74,789 114,430 United Kingdom 3,275 3,776 10,352 11,466 Other 34,831 32,801 104,274 99,636 Segment-level operating revenue 191,033 198,992 567,994 609,549 Reconciliation to total operating revenues Other (176 ) (20 ) (341 ) (157 ) Total operating revenue $ 190,857 $ 198,972 $ 567,653 $ 609,392 Net operating income Carolinas/Richmond $ 12,198 $ 10,809 $ 34,257 $ 37,017 Chicago/Milwaukee 7,103 5,792 20,917 18,660 Florida 18,340 19,301 53,129 57,861 Houston 7,989 7,829 24,858 22,739 Lehigh/Central PA 24,982 24,289 73,939 70,907 Minnesota 5,416 4,461 14,844 15,595 Philadelphia 7,725 7,898 23,064 22,230 Southeastern PA 16,244 20,887 44,544 63,301 United Kingdom 2,031 2,619 6,871 7,917 Other 22,643 21,750 68,422 66,138 Segment-level net operating income 124,671 125,635 364,845 382,365 Reconciliation to net income Interest expense (29,528 ) (33,559 ) (91,071 ) (103,295 ) Loss on debt extinguishment (3,494 ) — (3,494 ) — Depreciation/amortization expense (1) (34,896 ) (40,870 ) (113,855 ) (126,162 ) Impairment - real estate assets — — — (16,775 ) Gain on property dispositions 1,318 53,467 25,671 56,987 Equity in earnings (loss) of unconsolidated joint ventures 9,043 (847 ) 19,540 805 General and administrative expense (1) (10,595 ) (9,456 ) (34,209 ) (33,043 ) Income taxes (1) 17 (526 ) (1,203 ) (2,283 ) Other (802 ) (149 ) (370 ) 3,486 Net income $ 55,734 $ 93,695 $ 165,854 $ 162,085 (1) Excludes costs which are included in determining segment-level net operating income. The Company's total assets by reportable segment as of September 30, 2016 and December 31, 2015 is as follows (in thousands): September 30, 2016 December 31, 2015 Carolinas/Richmond $ 493,798 $ 467,098 Chicago/Milwaukee 433,679 429,390 Florida 796,806 874,352 Houston 530,388 522,285 Lehigh/Central PA 1,293,980 1,157,468 Minnesota 346,797 346,840 Philadelphia 517,956 444,889 Southeastern PA 449,288 448,523 United Kingdom 186,975 215,850 Other 1,601,797 1,586,481 Segment-level total assets 6,651,464 6,493,176 Corporate Other 71,458 64,453 Total assets $ 6,722,922 $ 6,557,629 |
Accounting for the Impairment o
Accounting for the Impairment or Disposal of Long-Lived Assets | 9 Months Ended |
Sep. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Asset Impairment Charges [Text Block] | Accounting for the Impairment or Disposal of Long-Lived Assets Asset Impairment The Company disposes of and anticipates the potential disposition of certain properties prior to the end of their remaining useful lives. There were no impairments recognized during the three and nine months ended September 30, 2016. During the three months ended September 30, 2015, the Company did not recognize any impairments. During the nine months ended September 30, 2015, the Company recognized $16.8 million in impairments, $13.4 million of which related to the Company's Carolinas/Richmond reportable segment, $2.3 million of which related to the Company's Southeastern Pennsylvania reportable segment and $1.0 million of which related to the Company's DC Metro reportable segment. The properties included in the Carolinas/Richmond reportable segment were subsequently sold. 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 in ASC 820. These measurements have occurred throughout the respective periods as circumstances arise, and the resulting estimates of fair value are not necessarily reflective of measurements at the period’s end. 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 September 30, 2016 . In addition, the Company applied reasonable estimates and judgments in determining the level of impairments recognized. Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record impairment charges in the future. |
Noncontrolling Interests of the
Noncontrolling Interests of the Trust | 9 Months Ended |
Sep. 30, 2016 | |
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 of the Operating Partnership not held by the Trust outstanding as of September 30, 2016 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at September 30, 2016 was $ 142.4 million . |
Limited Partners' Equity of the
Limited Partners' Equity of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
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 of the Operating Partnership not held by the Trust outstanding as of September 30, 2016 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at September 30, 2016 was $ 142.4 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 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units as of September 30, 2016 not held by the Trust are the limited partners' equity - common units held by persons and entities other than the Trust. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units at September 30, 2016 based on the closing price of the common shares of the Trust at September 30, 2016 was $ 142.4 million . |
Noncontrolling Interest - Opera
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | 9 Months Ended |
Sep. 30, 2016 | |
Temporary Equity [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units As of September 30, 2016 , the Company had outstanding the following cumulative preferred units of the Operating Partnership: ISSUE AMOUNT UNITS LIQUIDATION PREFERENCE DIVIDEND RATE (in 000’s) Series I-2 $ 7,537 301 $25 6.25 % The preferred units are putable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2016 | |
Indebtedness [Abstract] | |
Long-term Debt [Text Block] | Indebtedness In September 2016, the Company issued $400 million of 3.25% senior unsecured notes due 2026. The Company used a substantial portion of the net proceeds from these notes to prepay its 5.5% Senior Notes due December 2016 in the amount of $300 million . This prepayment resulted in a $3.8 million loss on debt extinguishment. |
Disclosure of Fair Value of Fin
Disclosure of Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument, Fair Value Disclosure [Abstract] | |
Disclosure of Fair Value of Financial Instruments | Fair Value of Financial Instruments The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at September 30, 2016 and December 31, 2015 . 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 14 - Derivative Instruments. The Company used a discounted cash flow model to determine the estimated fair value of its debt as of September 30, 2016 and December 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, 2015 and September 30, 2016 (in thousands): Mortgage Loans Unsecured Notes Carrying Value Fair Value Carrying Value Fair Value As of December 31, 2015 $ 307,908 $ 306,334 $ 2,580,108 $ 2,616,395 As of September 30, 2016 $ 281,384 $ 298,146 $ 2,675,644 $ 2,857,240 |
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Unconsolidated Joint Ventures Liberty Washington, LP During the three months ended September 30, 2016, Liberty Washington LP (a joint venture in which the Company holds a 25% interest) sold nine properties located in Northern Virginia containing 593,000 square feet and 6.0 acres of land for $106.7 million . During the nine months ended September 30, 2016, the joint venture sold 12 properties located in Northern Virginia containing 1.2 million square feet and 6.0 acres of land for $187.2 million . During the nine months ended September 30, 2016, due to adverse conditions in the Northern Virginia office market, six properties containing 698,000 square feet were transferred to mortgage lenders in satisfaction of an aggregate of $112.5 million in nonrecourse mortgage loans that were secured by the properties. The book values of these properties had been written down to fair value in prior periods. Because these loans were nonrecourse, the Company believes that the transfers described above will not have an ongoing effect on its operating results or financial condition. The Company's share of gain from property dispositions and extinguishment of debt is included in equity in earnings (loss) of unconsolidated joint ventures in the accompanying consolidated statements of comprehensive income. During the nine months ended September 30, 2016, the Company's share of gain from extinguishment of debt was $4.2 million . There was no such gain during the three months ended September 30, 2016. The Company's share of gain on property dispositions for the three and nine months ended September 30, 2016 was $4.0 million and $6.0 million , respectively. Liberty Illinois, LP During the three months ended September 30, 2016, Liberty Illinois, LP (a joint venture in which the Company holds a 25% interest) sold four properties containing 636,000 square feet for $32.5 million . The Company's share of gain on property dispositions was $1.0 million . There were no other sales by this joint venture during the nine months ended September 30, 2016. Cambridge Medipark Ltd During the three and nine months ended September 30, 2016 and 2015, Cambridge Medipark, Ltd (a joint venture in which the Company holds a 50% interest) recognized gains on the sale of land leasehold interests. The Company's share of these gains was $3.3 million and $3.5 million for the three and nine months ended September 30, 2016, respectively, and $89,000 and $4.8 million , respectively, for the same periods in 2015. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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. The Company's interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower the Company's overall borrowing costs. To achieve these objectives, from time to time, the Company enters 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. The Company generally does not hold or issue these derivative contracts for trading or speculative purposes. The interest rate on all of the Company's 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 an 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 $99.5 million and $101.4 million at September 30, 2016 and December 31, 2015 , respectively, and expire at various dates between 2018 and 2020 . The Company accounts for the effective portion of changes in the fair value of a derivative in accumulated other comprehensive loss and subsequently reclassifies the effective portion to earnings over the term that the hedged transaction affects earnings. The Company accounts for the ineffective portion of changes in the fair value of a derivative directly in earnings. The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Amount of gain (loss) related to the effective portion recognized in other comprehensive loss $ 415 $ (1,570 ) $ (1,928 ) $ (2,592 ) Amount of loss related to the effective portion subsequently reclassified to interest expense $ (264 ) $ (51 ) $ (823 ) $ (113 ) Amount of gain (loss) related to the ineffective portion recognized in interest expense $ 7 $ (350 ) $ (71 ) $ (1,053 ) The fair value of the Swaps in the amounts of $6.9 million and $7.1 million as of September 30, 2016 and December 31, 2015 , respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company estimates that $0.8 million will be reclassified from accumulated other comprehensive loss 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, which totaled approximately $7.0 million as of September 30, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 , were as follows (in thousands): Year Amount 2016 (remaining) $ 294 2017 1,429 2018 1,685 2019 1,685 2020 1,685 2021 and thereafter 36,253 Total $ 43,031 Operating ground lease expense for the three and nine months ended September 30, 2016 was $241,000 and $734,000 , respectively, as compared to $224,000 and $536,000 , respectively, for the same periods in 2015 . 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 September 30, 2016 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. Other As of September 30, 2016 , the Company had letter of credit obligations of $7.5 million . As of September 30, 2016 , the Company had 25 buildings under development. These buildings are expected to contain, when completed, a total of 6.6 million square feet of leasable space and represent an anticipated aggregate investment of $606.2 million . At September 30, 2016 , development in progress totaled $427.7 million . In addition, as of September 30, 2016 , the Company had invested $11.3 million in deferred leasing costs related to these development buildings. Also, as of September 30, 2016 , the Company had signed an agreement, subject to the satisfaction of certain conditions, to develop an office building with a cost of approximately $96 million on land to be owned by the future occupant of the building and with funds to be advanced by the future occupant, and to guarantee the timely lien-free completion of construction of the building and the payment, subject to certain exceptions, of any cost overruns in the development of the building, all in consideration for a development fee payable to the Company. As of September 30, 2016 , the Company was committed to $38.4 million in improvements on certain buildings and land parcels. As of September 30, 2016 , the Company was committed to $29.4 million in future land purchases. As of September 30, 2016 , the Company was obligated to pay for tenant improvements not yet completed for a maximum of $30.8 million . As of September 30, 2016 , the Company was committed to fund up to $4.0 million for tenant improvements and leasing commissions under a loan to the buyer of certain of the Company's properties. Unconsolidated joint ventures in which the Company holds an interest have engaged the Company as the developer of its development properties pursuant to development agreements. The Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the properties and to guarantee the timely lien-free completion of construction of the properties and the payment, subject to certain exceptions, of any cost overruns incurred in the development of the properties. The Company is currently developing three buildings for its unconsolidated joint ventures which represent an anticipated aggregate investment by the joint ventures of $958.0 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 Stat
Supplemental Disclosure to Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure to Statements of Cash Flows | Supplemental Disclosure to Consolidated Statements of Cash Flows The following are supplemental disclosures to the consolidated statements of cash flows for the nine months ended September 30, 2016 and 2015 (amounts in thousands): 2016 2015 Write-off of fully depreciated/amortized property and deferred costs $ 26,349 $ 44,216 Write-off of depreciated/amortized property and deferred costs due to sale/demolition $ 34,513 $ 95,277 Write-off of costs related to early debt extinguishment $ 109 $ — Redemption of noncontrolling interests - common units $ 132 $ 224 Unrealized loss on cash flow hedge $ (1,132 ) $ (1,539 ) Changes in accrued development capital expenditures $ (7,522 ) $ 5,023 Capitalized equity-based compensation in development in progress $ 980 $ — 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events On October 3, 2016, the Company completed the sale of 108 properties totaling approximately 7.6 million square feet and 26.7 acres of land for $969 million . See Note 5: Real Estate for further details on this sale. The Company gave notice on October 5, 2016 of its intention to redeem on November 4, 2016 its 6.625% senior notes due October 2017 in the amount of $296.5 million and its 7.5% medium term notes due January 2018 in the amount of $100.0 million . The Company currently expects to incur debt extinguishment losses of approximately $23.3 million in the fourth quarter of 2016 as a result of these prepayments. |
Organization and Basis of Pre24
Organization and Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2018. The Company is evaluating the impact ASU 2014-09 will have on its financial position and results of operations and has not yet selected a transition method. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (Topic 810) ("ASU 2015-02"). The standard requires that all entities re-evaluate and revise consolidation documentation for limited partnerships and similar legal entities. It makes changes to both the variable interest model and voting model. The Company adopted ASU 2015-02 beginning January 1, 2016. The adoption of ASU 2015-02 did not have a material impact on the Company's financial position and results of operations. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019. Early adoption of ASU 2016-02 is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is evaluating the impact ASU 2016-02 will have on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ("ASU 2016-05"). ASU 2016-05 states that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under FASB Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 is effective for the Company beginning January 1, 2017. Early adoption of ASU 2016-05 is permitted. The standard allows application on a prospective or modified retrospective basis. The Company does not believe that ASU 2016-05 will have a material impact on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 is designed to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017. Early adoption of ASU 2016-09 is permitted. Certain amendments in the standard are to be applied retrospectively and certain amendments are to be applied prospectively. The Company is evaluating the impact ASU 2016-09 will have on its financial position and results of operations. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is designed to clarify how entities should classify cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for the Company beginning January 1, 2018. Early adoption of ASU 2016-15 is permitted. The standard requires retrospective application unless it is impracticable to do so. The Company is evaluating the impact ASU 2016-15 will have on its statement of cash flows. |
Income per Common Share of th25
Income per Common Share of the Trust (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 54,253 146,215 $ 0.37 $ 91,331 148,582 $ 0.61 Dilutive shares for long-term compensation plans — 892 — 594 Net income available to common shareholders - diluted $ 54,253 147,107 $ 0.37 $ 91,331 149,176 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 161,434 146,121 $ 1.10 $ 157,797 148,594 $ 1.06 Dilutive shares for long-term compensation plans — 667 — 626 Net income available to common shareholders - diluted $ 161,434 146,788 $ 1.10 $ 157,797 149,220 $ 1.06 |
Income per Common Unit of the26
Income per Common Unit of the Operating Partnership (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Unit, 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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 54,253 146,215 $ 0.37 $ 91,331 148,582 $ 0.61 Dilutive shares for long-term compensation plans — 892 — 594 Net income available to common shareholders - diluted $ 54,253 147,107 $ 0.37 $ 91,331 149,176 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Shares (Denominator) Per Share Income (Numerator) Weighted Average Shares (Denominator) Per Share Net income available to common shareholders - basic $ 161,434 146,121 $ 1.10 $ 157,797 148,594 $ 1.06 Dilutive shares for long-term compensation plans — 667 — 626 Net income available to common shareholders - diluted $ 161,434 146,788 $ 1.10 $ 157,797 149,220 $ 1.06 |
Liberty Property Limited Partnership [Member] | |
Earnings Per Unit, 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 September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Income - net of noncontrolling interest - consolidated joint ventures $ 55,677 $ 93,637 Less: Preferred unit distributions (118 ) (118 ) Income available to common unitholders - basic $ 55,559 149,751 $ 0.37 $ 93,519 152,121 $ 0.61 Dilutive units for long-term compensation plans — 892 — 594 Income available to common unitholders - diluted $ 55,559 150,643 $ 0.37 $ 93,519 152,715 $ 0.61 For the Nine Months Ended For the Nine Months Ended September 30, 2016 September 30, 2015 Income (Numerator) Weighted Average Units (Denominator) Per Unit Income (Numerator) Weighted Average Units (Denominator) Per Unit Income - net of noncontrolling interest - consolidated joint ventures $ 165,684 $ 161,914 Less: Preferred unit distributions (354 ) (354 ) Income available to common unitholders - basic 165,330 149,659 $ 1.10 161,560 152,134 $ 1.06 Dilutive units for long-term compensation plans — 667 — 626 Income available to common unitholders - diluted $ 165,330 150,326 $ 1.10 $ 161,560 152,760 $ 1.06 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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): As of and for the nine months ended September 30, 2016 2015 Foreign Currency Translation: Beginning balance $ (17,256 ) $ (5,823 ) Translation adjustment (23,003 ) (6,229 ) Ending balance (40,259 ) (12,052 ) Derivative Instruments: Beginning balance (865 ) (377 ) Unrealized loss (1,955 ) (2,592 ) Reclassification adjustment (1) 823 1,053 Ending balance (1,997 ) (1,916 ) Total accumulated other comprehensive loss (42,256 ) (13,968 ) Less: portion included in noncontrolling interest – operating partnership 797 131 Total accumulated other comprehensive loss included in shareholders' equity/owners' equity $ (41,459 ) $ (13,837 ) (1) Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Net income and net income available to common shareholders for these properties for the three and nine months ended 2016 and 2015, respectively, are as follows (in thousands): Three Months Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Net income $ 20,524 $ 14,595 $ 48,182 $ 45,126 Net income available to common shareholders $ 20,041 $ 14,252 $ 47,050 $ 44,079 As of September 30, 2016 these assets and liabilities were considered held for sale. These assets and liabilities consist of the following: Assets held for sale Land and land improvements $ 202,641 Building and improvements 834,286 Less accumulated depreciation (319,495 ) Operating real estate 717,432 Land held for development 15,524 Accounts receivable, net 1,358 Deferred rent receivable, net 22,140 Deferred financing and leasing costs, net 23,493 Prepaid expenses and other assets 3,595 Total assets held for sale $ 783,542 Liabilities held for sale Accounts payable $ 8,650 Other liabilities 16,766 Total liabilities held for sale $ 25,416 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The Company's properties classified as held for sale by reportable segment as of September 30, 2016 are as follows: Properties Held for Sale Acres of Land Square Feet (000s) Minnesota 19 — 1,489 Florida 45 13.2 2,935 Southeastern PA 30 — 2,076 Other 14 18.1 1,079 Total 108 31.3 7,579 |
Real Estate Properties Sold [Table Text Block] | The Company's sales by reportable segment for the three and nine months ended September 30, 2016 are as follows: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Properties Sold Square Feet (000s) Gross Proceeds (000s) Properties Sold Square Feet (000s) Gross Proceeds (000s) Minnesota — — $ — 1 92 $ 9,200 Florida — — — 6 574 111,828 (1 ) Other 1 80 4,391 3 461 26,491 Total 1 80 $ 4,391 10 1,127 $ 147,519 (1) Includes gross proceeds from the sale of 3.5 acres of land. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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): Three Months Nine Months Ended September 30, Ended September 30, 2016 2015 2016 2015 Operating revenue Carolinas/Richmond $ 17,292 $ 15,723 $ 49,226 $ 56,271 Chicago/Milwaukee 11,384 8,872 31,896 27,596 Florida 28,115 32,072 85,230 94,430 Houston 14,870 12,981 43,840 38,455 Lehigh/Central PA 34,157 33,746 102,182 100,144 Minnesota 12,033 11,751 34,952 36,699 Philadelphia 10,513 10,552 31,253 30,422 Southeastern PA 24,563 36,718 74,789 114,430 United Kingdom 3,275 3,776 10,352 11,466 Other 34,831 32,801 104,274 99,636 Segment-level operating revenue 191,033 198,992 567,994 609,549 Reconciliation to total operating revenues Other (176 ) (20 ) (341 ) (157 ) Total operating revenue $ 190,857 $ 198,972 $ 567,653 $ 609,392 Net operating income Carolinas/Richmond $ 12,198 $ 10,809 $ 34,257 $ 37,017 Chicago/Milwaukee 7,103 5,792 20,917 18,660 Florida 18,340 19,301 53,129 57,861 Houston 7,989 7,829 24,858 22,739 Lehigh/Central PA 24,982 24,289 73,939 70,907 Minnesota 5,416 4,461 14,844 15,595 Philadelphia 7,725 7,898 23,064 22,230 Southeastern PA 16,244 20,887 44,544 63,301 United Kingdom 2,031 2,619 6,871 7,917 Other 22,643 21,750 68,422 66,138 Segment-level net operating income 124,671 125,635 364,845 382,365 Reconciliation to net income Interest expense (29,528 ) (33,559 ) (91,071 ) (103,295 ) Loss on debt extinguishment (3,494 ) — (3,494 ) — Depreciation/amortization expense (1) (34,896 ) (40,870 ) (113,855 ) (126,162 ) Impairment - real estate assets — — — (16,775 ) Gain on property dispositions 1,318 53,467 25,671 56,987 Equity in earnings (loss) of unconsolidated joint ventures 9,043 (847 ) 19,540 805 General and administrative expense (1) (10,595 ) (9,456 ) (34,209 ) (33,043 ) Income taxes (1) 17 (526 ) (1,203 ) (2,283 ) Other (802 ) (149 ) (370 ) 3,486 Net income $ 55,734 $ 93,695 $ 165,854 $ 162,085 (1) Excludes costs which are included in determining segment-level net operating income. |
Assets by Segment and Reconciliation to Consolidated[Table Text Block] | The Company's total assets by reportable segment as of September 30, 2016 and December 31, 2015 is as follows (in thousands): September 30, 2016 December 31, 2015 Carolinas/Richmond $ 493,798 $ 467,098 Chicago/Milwaukee 433,679 429,390 Florida 796,806 874,352 Houston 530,388 522,285 Lehigh/Central PA 1,293,980 1,157,468 Minnesota 346,797 346,840 Philadelphia 517,956 444,889 Southeastern PA 449,288 448,523 United Kingdom 186,975 215,850 Other 1,601,797 1,586,481 Segment-level total assets 6,651,464 6,493,176 Corporate Other 71,458 64,453 Total assets $ 6,722,922 $ 6,557,629 |
Noncontrolling Interest - Ope30
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Temporary Equity [Line Items] | |
Schedule of Temporary Equity [Table Text Block] | As of September 30, 2016 , the Company had outstanding the following cumulative preferred units of the Operating Partnership: ISSUE AMOUNT UNITS LIQUIDATION PREFERENCE DIVIDEND RATE (in 000’s) Series I-2 $ 7,537 301 $25 6.25 % |
Disclosure of Fair Value of F31
Disclosure of Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 and September 30, 2016 (in thousands): Mortgage Loans Unsecured Notes Carrying Value Fair Value Carrying Value Fair Value As of December 31, 2015 $ 307,908 $ 306,334 $ 2,580,108 $ 2,616,395 As of September 30, 2016 $ 281,384 $ 298,146 $ 2,675,644 $ 2,857,240 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Amount of gain (loss) related to the effective portion recognized in other comprehensive loss $ 415 $ (1,570 ) $ (1,928 ) $ (2,592 ) Amount of loss related to the effective portion subsequently reclassified to interest expense $ (264 ) $ (51 ) $ (823 ) $ (113 ) Amount of gain (loss) related to the ineffective portion recognized in interest expense $ 7 $ (350 ) $ (71 ) $ (1,053 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 , were as follows (in thousands): Year Amount 2016 (remaining) $ 294 2017 1,429 2018 1,685 2019 1,685 2020 1,685 2021 and thereafter 36,253 Total $ 43,031 |
Supplemental Disclosure to St34
Supplemental Disclosure to Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure to Statements of Cash Flows | The following are supplemental disclosures to the consolidated statements of cash flows for the nine months ended September 30, 2016 and 2015 (amounts in thousands): 2016 2015 Write-off of fully depreciated/amortized property and deferred costs $ 26,349 $ 44,216 Write-off of depreciated/amortized property and deferred costs due to sale/demolition $ 34,513 $ 95,277 Write-off of costs related to early debt extinguishment $ 109 $ — Redemption of noncontrolling interests - common units $ 132 $ 224 Unrealized loss on cash flow hedge $ (1,132 ) $ (1,539 ) Changes in accrued development capital expenditures $ (7,522 ) $ 5,023 Capitalized equity-based compensation in development in progress $ 980 $ — |
Organization and Basis of Pre35
Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Ownership interest in operating partnership - Limited Partnership | 97.70% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Liberty Comcast 1701 JFK Boulevard, LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Other Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity investment in joint venture | $ 19.3 | $ 20.5 |
Maximum exposure to loss | $ 19.3 | $ 20.5 |
Income per Common Share of th36
Income per Common Share of the Trust (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income (Numerator) [Abstract] | ||||
Net income available to common shareholders | $ 54,253 | $ 91,331 | $ 161,434 | $ 157,797 |
Weighted Average Shares (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 146,215 | 148,582 | 146,121 | 148,594 |
Dilutive shares for long-term compensation plans | 892 | 594 | 667 | 626 |
Weighted Average Number of Shares Outstanding, Diluted | 147,107 | 149,176 | 146,788 | 149,220 |
Common shares [Member] | ||||
Earnings Per Share, Basic [Abstract] | ||||
Income per common share - basic | $ 0.37 | $ 0.61 | $ 1.10 | $ 1.06 |
Earnings Per Share, Diluted [Abstract] | ||||
Income per common share - diluted | $ 0.37 | $ 0.61 | $ 1.10 | $ 1.06 |
Income per Common Share of th37
Income per Common Share of the Trust Income per Common Share of the Trust - Anti-dilutive Options (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Option [Member] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share | 160,000 | 2,260,000 | 762,000 | 1,528,000 |
Income per Common Share of th38
Income per Common Share of the Trust - Options Exercised (Details) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Stock Option [Member] | Common shares [Member] | |||
Stock Option Exercises [Line Items] | |||
Amount of Options Exercises in Period | 241,000 | 353,000 | 65,000 |
Income per Common Share of th39
Income per Common Share of the Trust - Share Repurchase (Details) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||
Amount paid for repurchase of shares | $ 40,896 | |
Common shares [Member] | 2015 Share Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ 250,000 | $ 250,000 |
Number of shares repurchased during period | shares | 0 | 1.4 |
Amount paid for repurchase of shares | $ 40,900 | |
Stock Acquired, Average Cost Per Share | $ / shares | $ 29.28 |
Income per Common Unit of the40
Income per Common Unit of the Operating Partnership - Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income (Numerator) [Abstract] | ||||
Net income available to common shareholders | $ 54,253 | $ 91,331 | $ 161,434 | $ 157,797 |
Weighted Average Units (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 146,215 | 148,582 | 146,121 | 148,594 |
Dilutive units for long-term compensation plans | 892 | 594 | 667 | 626 |
Weighted Average Number of Shares Outstanding, Diluted | 147,107 | 149,176 | 146,788 | 149,220 |
Liberty Property Limited Partnership [Member] | ||||
Income (Numerator) [Abstract] | ||||
Income from continuing operations net of noncontrolling interest - consolidated joint ventures | $ 55,677 | $ 93,637 | $ 165,684 | $ 161,914 |
Less: Preferred unit distributions | (118) | (118) | (354) | (354) |
Net income available to common shareholders | $ 55,559 | $ 93,519 | $ 165,330 | $ 161,560 |
Weighted Average Units (Denominator) [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 149,751 | 152,121 | 149,659 | 152,134 |
Dilutive units for long-term compensation plans | 892 | 594 | 667 | 626 |
Weighted Average Number of Shares Outstanding, Diluted | 150,643 | 152,715 | 150,326 | 152,760 |
Liberty Property Limited Partnership [Member] | Common Units [Member] | ||||
Earnings Per Unit, Basic [Abstract] | ||||
Income per common share - basic | $ 0.37 | $ 0.61 | $ 1.10 | $ 1.06 |
Earnings Per Unit, Diluted [Abstract] | ||||
Income per common share - diluted | $ 0.37 | $ 0.61 | $ 1.10 | $ 1.06 |
Income per Common Unit of the41
Income per Common Unit of the Operating Partnership - Anti-dilutive Options (Details) - Stock Option [Member] - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Options Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Options Excluded from Computation of Earnings Per Share | 160,000 | 2,260,000 | 762,000 | 1,528,000 |
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 | 160,000 | 2,260,000 | 762,000 | 1,528,000 |
Income per Common Unit of the42
Income per Common Unit of the Operations Partnership - Options Exercised (Details) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Liberty Property Limited Partnership [Member] | Stock Option [Member] | Common Units [Member] | |||
Stock Option Exercises [Line Items] | |||
Amount of Options Exercises in Period | 241,000 | 353,000 | 65,000 |
Income per Common Unit of the43
Income per Common Unit of the Operating Partnership - Unit Repurchase (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||
Amount paid for repurchase of units | $ 40,896 | |
Common shares [Member] | 2015 Share Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ 250,000 | $ 250,000 |
Number of units repurchased during period | shares | 0 | 1,400,000 |
Amount paid for repurchase of units | $ 40,900 | |
Stock Acquired, Average Cost Per Share | $ / shares | $ 29.28 | |
Liberty Property Limited Partnership [Member] | ||
Class of Stock [Line Items] | ||
Amount paid for repurchase of units | $ 40,896 | |
Liberty Property Limited Partnership [Member] | Common Units [Member] | 2015 Share Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Authorized amount of shares available to be repurchased under a share repurchase plan | $ 250,000 | $ 250,000 |
Number of units repurchased during period | shares | 0 | 1,400,000 |
Amount paid for repurchase of units | $ 40,900 | |
Liberty Property Limited Partnership [Member] | Common shares [Member] | 2015 Share Repurchase Program [Member] | ||
Class of Stock [Line Items] | ||
Stock Acquired, Average Cost Per Share | $ / shares | $ 29.28 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | $ 3,009,947 | |||||
Ending Balance | 2,921,979 | |||||
Total accumulated other comprehensive loss | 3,009,947 | $ 2,921,979 | $ 3,009,947 | |||
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity | 2,866,810 | 2,952,928 | ||||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (17,256) | $ (5,823) | ||||
Unrealized loss | (23,003) | (6,229) | ||||
Ending Balance | (40,259) | (12,052) | ||||
Total accumulated other comprehensive loss | (17,256) | (5,823) | (40,259) | (17,256) | $ (12,052) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (865) | (377) | ||||
Unrealized loss | (1,955) | (2,592) | ||||
Reclassification adjustment | [1] | 823 | 1,053 | |||
Ending Balance | (1,997) | (1,916) | ||||
Total accumulated other comprehensive loss | (865) | (377) | (1,997) | (865) | (1,916) | |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Ending Balance | (42,256) | (13,968) | ||||
Total accumulated other comprehensive loss | (42,256) | (13,968) | (42,256) | (13,968) | ||
AOCI Attributable to Noncontrolling Interest [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Ending Balance | 797 | 131 | ||||
Total accumulated other comprehensive loss | 797 | $ 131 | 797 | 131 | ||
AOCI Attributable to Parent [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning Balance | (17,893) | |||||
Ending Balance | (41,459) | |||||
Total accumulated other comprehensive loss | $ (17,893) | (41,459) | $ (17,893) | |||
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity | $ (41,459) | $ (13,837) | ||||
[1] | Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense. |
Assets Held for Sale (Details)
Assets Held for Sale (Details) $ in Thousands, ft² in Millions | Oct. 03, 2016USD ($)ft²abldg | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Buildings and Land | $ 142,808 | $ 243,943 | ||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Total assets held for sale | $ 786,272 | 786,272 | $ 4,954 | |||
Total liabilities held for sale | 25,416 | 25,416 | $ 0 | |||
October 2016 Sale [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||
Net income | 20,524 | $ 14,595 | 48,182 | 45,126 | ||
Net income available to common shareholders | 20,041 | $ 14,252 | 47,050 | $ 44,079 | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Land and Land Improvements | 202,641 | 202,641 | ||||
Building and Building Improvements | 834,286 | 834,286 | ||||
Less accumulated depreciation | (319,495) | (319,495) | ||||
Operating real estate | 717,432 | 717,432 | ||||
Land held for development | 15,524 | 15,524 | ||||
Accounts receivable, net | 1,358 | 1,358 | ||||
Deferred rent receivable, net | 22,140 | 22,140 | ||||
Deferred financing and leasing costs, net | 23,493 | 23,493 | ||||
Prepaid expenses and other assets | 3,595 | 3,595 | ||||
Total assets held for sale | 783,542 | 783,542 | ||||
Accounts payable | 8,650 | 8,650 | ||||
Other liabilities | 16,766 | 16,766 | ||||
Total liabilities held for sale | 25,416 | 25,416 | ||||
2016 held for sale [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ||||||
Land held for development | $ 2,700 | $ 2,700 | ||||
Subsequent Event [Member] | October 2016 Sale [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Real Estate Properties | bldg | 108 | |||||
Area of Real Estate Property | ft² | 7.6 | |||||
Area of Land | a | 26.7 | |||||
Proceeds from Sale of Buildings and Land | $ 969,000 |
Assets Held for Sale by Segment
Assets Held for Sale by Segment (Details) - Operating Segments [Member] - 2016 held for sale [Member] - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] ft² in Thousands | Sep. 30, 2016ft²abldg |
Land and Land Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of Land | a | 31.3 |
Building and Building Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Real Estate Properties | bldg | 108 |
Net Rentable Area | ft² | 7,579 |
Minnesota [Member] | Land and Land Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of Land | a | 0 |
Minnesota [Member] | Building and Building Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Real Estate Properties | bldg | 19 |
Net Rentable Area | ft² | 1,489 |
Florida [Member] | Land and Land Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of Land | a | 13.2 |
Florida [Member] | Building and Building Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Real Estate Properties | bldg | 45 |
Net Rentable Area | ft² | 2,935 |
Southeastern PA [Member] | Land and Land Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of Land | a | 0 |
Southeastern PA [Member] | Building and Building Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Real Estate Properties | bldg | 30 |
Net Rentable Area | ft² | 2,076 |
Other Segments [Member] | Land and Land Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of Land | a | 18.1 |
Other Segments [Member] | Building and Building Improvements [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Real Estate Properties | bldg | 14 |
Net Rentable Area | ft² | 1,079 |
Building Acquisitions and Dispo
Building Acquisitions and Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)ft²abldg | Sep. 30, 2016USD ($)ft²abldg | Sep. 30, 2015USD ($) | ||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from Sale of Buildings and Land | $ 142,808 | $ 243,943 | ||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales current quarter [Member] | Operating Segments [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 1 | 1 | ||
Net Rentable Area | ft² | 80,000 | 80,000 | ||
Proceeds from Sale of Buildings and Land | $ 4,391 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales current quarter [Member] | Operating Segments [Member] | Minnesota [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 0 | 0 | ||
Net Rentable Area | ft² | 0 | 0 | ||
Proceeds from Sale of Buildings and Land | $ 0 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales current quarter [Member] | Operating Segments [Member] | Florida [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 0 | 0 | ||
Net Rentable Area | ft² | 0 | 0 | ||
Proceeds from Sale of Buildings and Land | $ 0 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales current quarter [Member] | Operating Segments [Member] | Other Segments [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 1 | 1 | ||
Net Rentable Area | ft² | 80,000 | 80,000 | ||
Proceeds from Sale of Buildings and Land | $ 4,391 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales [Member] | Operating Segments [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 10 | 10 | ||
Net Rentable Area | ft² | 1,127,000 | 1,127,000 | ||
Proceeds from Sale of Buildings and Land | $ 147,519 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales [Member] | Operating Segments [Member] | Minnesota [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 1 | 1 | ||
Net Rentable Area | ft² | 92,000 | 92,000 | ||
Proceeds from Sale of Buildings and Land | $ 9,200 | |||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales [Member] | Operating Segments [Member] | Florida [Member] | Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of Land | a | 3.5 | 3.5 | ||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales [Member] | Operating Segments [Member] | Florida [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 6 | 6 | ||
Net Rentable Area | ft² | 574,000 | 574,000 | ||
Proceeds from Sale of Buildings and Land | [1] | $ 111,828 | ||
Disposal Group, Not Discontinued Operations [Member] | 2016 sales [Member] | Operating Segments [Member] | Other Segments [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 3 | 3 | ||
Net Rentable Area | ft² | 461,000 | 461,000 | ||
Proceeds from Sale of Buildings and Land | $ 26,491 | |||
2016 acquisitions [Member] | Operating Segments [Member] | Chicago Milwaukee [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | bldg | 1 | 1 | ||
Payments to Acquire Commercial Real Estate | $ 8,000 | |||
Net Rentable Area | ft² | 73,000 | 73,000 | ||
[1] | Includes gross proceeds from the sale of 3.5 acres of land. |
Performance of the Reportable S
Performance of the Reportable Segments Based on Property Level Operating Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Operating revenue | $ 190,857,000 | $ 198,972,000 | $ 567,653,000 | $ 609,392,000 | |
Net operating income | 75,322,000 | 70,274,000 | 204,098,000 | 192,290,000 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest expense | (29,528,000) | (33,559,000) | (91,071,000) | (103,295,000) | |
Loss on debt extinguishment | (3,494,000) | 0 | (3,494,000) | 0 | |
Depreciation and amortization expense | (156,562,000) | (173,726,000) | |||
Impairment - real estate assets | 0 | 0 | 0 | (16,775,000) | |
Gain on property dispositions | 1,318,000 | 53,467,000 | 25,671,000 | 56,987,000 | |
Equity in earnings (loss) of unconsolidated joint ventures | 9,043,000 | (847,000) | 19,540,000 | 805,000 | |
General and administrative expense | (16,151,000) | (15,573,000) | (52,770,000) | (51,428,000) | |
Income taxes | (80,000) | (599,000) | (1,633,000) | (2,613,000) | |
Net income | 55,734,000 | 93,695,000 | 165,854,000 | 162,085,000 | |
Carolinas Richmond [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 | 0 | 0 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 191,033,000 | 198,992,000 | 567,994,000 | 609,549,000 | |
Net operating income | 124,671,000 | 125,635,000 | 364,845,000 | 382,365,000 | |
Operating Segments [Member] | Carolinas Richmond [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 17,292,000 | 15,723,000 | 49,226,000 | 56,271,000 | |
Net operating income | 12,198,000 | 10,809,000 | 34,257,000 | 37,017,000 | |
Operating Segments [Member] | Chicago Milwaukee [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 11,384,000 | 8,872,000 | 31,896,000 | 27,596,000 | |
Net operating income | 7,103,000 | 5,792,000 | 20,917,000 | 18,660,000 | |
Operating Segments [Member] | Florida [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 28,115,000 | 32,072,000 | 85,230,000 | 94,430,000 | |
Net operating income | 18,340,000 | 19,301,000 | 53,129,000 | 57,861,000 | |
Operating Segments [Member] | Houston [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 14,870,000 | 12,981,000 | 43,840,000 | 38,455,000 | |
Net operating income | 7,989,000 | 7,829,000 | 24,858,000 | 22,739,000 | |
Operating Segments [Member] | Lehigh Central PA [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 34,157,000 | 33,746,000 | 102,182,000 | 100,144,000 | |
Net operating income | 24,982,000 | 24,289,000 | 73,939,000 | 70,907,000 | |
Operating Segments [Member] | Minnesota [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 12,033,000 | 11,751,000 | 34,952,000 | 36,699,000 | |
Net operating income | 5,416,000 | 4,461,000 | 14,844,000 | 15,595,000 | |
Operating Segments [Member] | Philadelphia [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 10,513,000 | 10,552,000 | 31,253,000 | 30,422,000 | |
Net operating income | 7,725,000 | 7,898,000 | 23,064,000 | 22,230,000 | |
Operating Segments [Member] | Southeastern PA [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 24,563,000 | 36,718,000 | 74,789,000 | 114,430,000 | |
Net operating income | 16,244,000 | 20,887,000 | 44,544,000 | 63,301,000 | |
Operating Segments [Member] | United Kingdom [Member] | UNITED KINGDOM | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3,275,000 | 3,776,000 | 10,352,000 | 11,466,000 | |
Net operating income | 2,031,000 | 2,619,000 | 6,871,000 | 7,917,000 | |
Operating Segments [Member] | Other Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 34,831,000 | 32,801,000 | 104,274,000 | 99,636,000 | |
Net operating income | 22,643,000 | 21,750,000 | 68,422,000 | 66,138,000 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (176,000) | (20,000) | (341,000) | (157,000) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Interest expense | (29,528,000) | (33,559,000) | (91,071,000) | (103,295,000) | |
Loss on debt extinguishment | (3,494,000) | 0 | (3,494,000) | 0 | |
Depreciation and amortization expense | [1] | (34,896,000) | (40,870,000) | (113,855,000) | (126,162,000) |
Impairment - real estate assets | 0 | 0 | 0 | (16,775,000) | |
Gain on property dispositions | 1,318,000 | 53,467,000 | 25,671,000 | 56,987,000 | |
Equity in earnings (loss) of unconsolidated joint ventures | 9,043,000 | (847,000) | 19,540,000 | 805,000 | |
General and administrative expense | [1] | (10,595,000) | (9,456,000) | (34,209,000) | (33,043,000) |
Income taxes | [1] | 17,000 | (526,000) | (1,203,000) | (2,283,000) |
Other | $ (802,000) | $ (149,000) | $ (370,000) | $ 3,486,000 | |
[1] | Excludes costs which are included in determining segment-level net operating income. |
Segment Information Total Asset
Segment Information Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 6,722,922 | $ 6,557,629 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,651,464 | 6,493,176 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 71,458 | 64,453 |
North America [Member] | Operating Segments [Member] | Carolinas Richmond [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 493,798 | 467,098 |
North America [Member] | Operating Segments [Member] | Chicago Milwaukee [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 433,679 | 429,390 |
North America [Member] | Operating Segments [Member] | Florida [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 796,806 | 874,352 |
North America [Member] | Operating Segments [Member] | Houston [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 530,388 | 522,285 |
North America [Member] | Operating Segments [Member] | Lehigh Central PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,293,980 | 1,157,468 |
North America [Member] | Operating Segments [Member] | Minnesota [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 346,797 | 346,840 |
North America [Member] | Operating Segments [Member] | Philadelphia [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 517,956 | 444,889 |
North America [Member] | Operating Segments [Member] | Southeastern PA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 449,288 | 448,523 |
North America [Member] | Operating Segments [Member] | Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,601,797 | 1,586,481 |
UNITED KINGDOM | Operating Segments [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 186,975 | $ 215,850 |
Accounting for the Impairment50
Accounting for the Impairment or Disposal of Long-Lived Assets Asset Impairment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment - real estate assets | $ 0 | $ 0 | $ 0 | $ 16,775,000 |
Carolinas Richmond [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment - real estate assets | 13,400,000 | |||
Southeastern PA [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment - real estate assets | 2,300,000 | |||
DC Metro [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment - real estate assets | $ 1,000,000 |
Noncontrolling Interests of t51
Noncontrolling Interests of the Trust- Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
Market value of common units based on closing price | $ 142.4 | |
Liberty Property Limited Partnership [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
Limited Partners' Equity of t52
Limited Partners' Equity of the Operating Partnership - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
Liberty Property Limited Partnership [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited Partners' common units outstanding | 3,530,031 | 3,539,075 |
market value of the outstanding common units | $ 142.4 |
Noncontrolling Interest - Ope53
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2016 and December 31, 2015 | $ 7,537 | $ 7,537 |
Series I 2 [Member] | ||
Temporary Equity [Line Items] | ||
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of September 30, 2016 and December 31, 2015 | $ 7,537 | |
Units | 301,483 | 301,483 |
Liquidation Preference | $ 25 | |
Dividend Rate | 6.25% |
Indebtedness (Details)
Indebtedness (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 01, 2016 | |
Debt Instrument [Line Items] | |||||
Loss on debt extinguishment | $ 3,494 | $ 0 | $ 3,494 | $ 0 | |
Senior Notes [Member] | 5.5% Senior Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate on notes | 5.50% | ||||
Debt amount repurchased | $ 300,000 | ||||
Loss on debt extinguishment | $ 3,800 | ||||
Senior Notes [Member] | 3.25% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt amount issued | $ 400,000 | ||||
Interest rate on notes | 3.25% |
Disclosure of Fair Value of F55
Disclosure of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 281,384 | $ 307,908 |
Unsecured Debt | 2,675,644 | 2,580,108 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 2,857,240 | 2,616,395 |
Mortgage Loans | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 298,146 | $ 306,334 |
Unconsolidated Joint Ventures (
Unconsolidated Joint Ventures (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)ft²abldg | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)ft²abldg | Sep. 30, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Gain on extinguishment of debt | $ (3,494,000) | $ 0 | $ (3,494,000) | $ 0 |
Gain on sale of properties | $ 25,671,000 | 56,987,000 | ||
Liberty Washington, LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | Joint venture, 2016 sales [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Rentable Area | ft² | 1,200,000 | 1,200,000 | ||
Number of Real Estate Properties | bldg | 12 | 12 | ||
Proceeds from Sale of Property | $ 187,200,000 | |||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | Joint venture, 2016 sales [Member] | Land and Land Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of Land | a | 6 | 6 | ||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | Joint venture, 2016 sales current quarter [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Rentable Area | ft² | 593,000 | 593,000 | ||
Number of Real Estate Properties | bldg | 9 | 9 | ||
Proceeds from Sale of Property | $ 106,700,000 | |||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | Joint venture, 2016 sales current quarter [Member] | Land and Land Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of Land | a | 6 | 6 | ||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Means Other than Sale [Member] | Joint venture, 2016 transfer to lender [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Rentable Area | ft² | 698,000 | 698,000 | ||
Number of Real Estate Properties | bldg | 6 | 6 | ||
Liberty Washington, LP [Member] | Discontinued Operations, Disposed of by Means Other than Sale [Member] | Mortgages [Member] | Joint venture, 2016 transfer to lender [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt amount extinguished | $ 112,500,000 | |||
Liberty Illinois, LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||
Liberty Illinois, LP [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Rentable Area | ft² | 636,000 | 636,000 | ||
Number of Real Estate Properties | bldg | 4 | 4 | ||
Proceeds from Sale of Property | $ 32,500,000 | |||
Liberty Illinois, LP [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales current quarter [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net Rentable Area | ft² | 636,000 | 636,000 | ||
Number of Real Estate Properties | bldg | 4 | 4 | ||
Proceeds from Sale of Property | $ 32,500,000 | |||
Cambridge Medipark Ltd [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Gain on equity method investments [Member] | Cambridge Medipark Ltd [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of leasehold interests | $ 3,500,000 | |||
Gain on equity method investments [Member] | Cambridge Medipark Ltd [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales current quarter [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of leasehold interests | $ 3,300,000 | |||
Gain on equity method investments [Member] | Cambridge Medipark Ltd [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture sales, 2015 [Member] | Leaseholds and Leasehold Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of leasehold interests | $ 89,000 | $ 4,800,000 | ||
General Partner [Member] | Gain on equity method investments [Member] | Liberty Washington, LP [Member] | Discontinued Operations [Member] | Joint venture, 2016 sales [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of properties | 6,000,000 | |||
General Partner [Member] | Gain on equity method investments [Member] | Liberty Washington, LP [Member] | Discontinued Operations [Member] | Joint venture, 2016 sales current quarter [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of properties | 4,000,000 | |||
General Partner [Member] | Gain on equity method investments [Member] | Liberty Washington, LP [Member] | Discontinued Operations [Member] | Mortgages [Member] | Joint venture, 2016 transfer to lender [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on extinguishment of debt | 0 | 4,200,000 | ||
General Partner [Member] | Gain on equity method investments [Member] | Liberty Illinois, LP [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of properties | $ 1,000,000 | |||
General Partner [Member] | Gain on equity method investments [Member] | Liberty Illinois, LP [Member] | Disposal Group, Not Discontinued Operations [Member] | Joint venture, 2016 sales current quarter [Member] | Building and Building Improvements [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale of properties | $ 1,000,000 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Interest Rate Derivatives [Abstract] | |||||
Number of interest rate swap contracts | 3 | 3 | |||
aggregate notional amount | $ 99,500 | $ 99,500 | $ 101,400 | ||
Termination value of interest rate swap, including accrued interest | 7,000 | 7,000 | |||
Interest Rate Cash Flow Hedges [Abstract] | |||||
Fair value of interest rate swaps | 6,900 | 6,900 | $ 7,100 | ||
Amount estimated to be reclassified from accumulated other comprehensive income as an increase to interest expense | 800 | 800 | |||
Interest Rate Swap [Member] | Other Comprehensive Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of gain (loss) related to the effective portion recognized in other comprehensive loss | 415 | $ (1,570) | (1,928) | $ (2,592) | |
Interest Rate Swap [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of loss related to the effective portion subsequently reclassified to interest expense | (264) | (51) | (823) | (113) | |
Amount of gain (loss) related to the ineffective portion recognized in interest expense | $ 7 | $ (350) | $ (71) | $ (1,053) |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
2016 (remaining) | $ 294,000 | $ 294,000 | ||
2,017 | 1,429,000 | 1,429,000 | ||
2,018 | 1,685,000 | 1,685,000 | ||
2,019 | 1,685,000 | 1,685,000 | ||
2,020 | 1,685,000 | 1,685,000 | ||
2021 and thereafter | 36,253,000 | 36,253,000 | ||
Total | 43,031,000 | 43,031,000 | ||
Other Expenses [Abstract] | ||||
Operating ground lease expense | $ 241,000 | $ 224,000 | $ 734,000 | $ 536,000 |
Commitments and Contingencies59
Commitments and Contingencies - Loss Contingencies (Details) $ in Millions | Sep. 30, 2016USD ($) |
Legal Matters [Abstract] | |
Loss Contingency, Pending Claims, Number | 0 |
Other [Abstract] | |
Letter of credit obligations | $ 7.5 |
Contractual Obligation | $ 4 |
Commitments and Contingencies60
Commitments and Contingencies - Supply Commitments (Details) $ in Thousands, ft² in Millions | Sep. 30, 2016USD ($)ft²propertiesbldg | Dec. 31, 2015USD ($) |
Supply Commitment [Line Items] | ||
Development in progress | $ 427,686 | $ 360,948 |
Development not owned [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Total anticipated development cost | $ 96,000 | |
Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Net Rentable Area | ft² | 6.6 | |
Number of Real Estate Properties | properties | 25 | |
Total anticipated development cost | $ 606,200 | |
Deferred leasing costs in development | 11,300 | |
Buildings and land parcels [Member] | ||
Supply Commitment [Line Items] | ||
Remaining amount committed or obligated to pay for the benefit of current or future tenants | 38,400 | |
Tenant Improvements [Member] | ||
Supply Commitment [Line Items] | ||
Tenant improvements not yet completed | $ 30,800 | |
Equity Method Investments [Member] | Construction in Progress [Member] | Construction in Progress [Member] | ||
Supply Commitment [Line Items] | ||
Number of Real Estate Properties | bldg | 3 | |
Total anticipated development cost | $ 958,000 |
Commitments and Contingencies61
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Sep. 30, 2016USD ($) |
Land Purchases [Member] | |
Long-term Purchase Commitment [Line Items] | |
Remaining amount commitment to future land purchases | $ 29.4 |
Supplemental Disclosure to St62
Supplemental Disclosure to Statements of Cash Flows (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||
Write-off of fully depreciated/amortized property and deferred costs | $ 26,349,000 | $ 44,216,000 |
Write-off of depreciated/amortized property and deferred costs due to sale/demolition | 34,513,000 | 95,277,000 |
Write-off of costs related to early debt extinguishment | 109,000 | 0 |
Conversion of Stock [Line Items] | ||
Unrealized loss on cash flow hedge | (1,132,000) | (1,539,000) |
Changes in accrued development capital expenditures | (7,522,000) | 5,023,000 |
Capitalized equity-based compensation in development in progress | 980,000 | 0 |
Common units into common shares [Member] | ||
Conversion of Stock [Line Items] | ||
Redemption of noncontrolling interests - common units | $ 132,000 | $ 224,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Oct. 05, 2016 | |
Subsequent Event [Line Items] | ||||||
Proceeds from Sale of Buildings and Land | $ 142,808 | $ 243,943 | ||||
Loss on debt extinguishment | $ 3,494 | $ 0 | $ 3,494 | $ 0 | ||
Unsecured Debt [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Loss on debt extinguishment | $ 23,300 | |||||
6.625% Senior Note [Member] | Senior Notes [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate on notes | 6.625% | |||||
Debt amount to be repurchased | $ 296,500 | |||||
7.5% Medium Term Note [Member] | Medium-term Notes [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Interest rate on notes | 7.50% | |||||
Debt amount to be repurchased | $ 100,000 |