Exhibit 99.1
Liberty Property Trust
Statement of Operations
December 31, 2012
(Unaudited and in thousands, except per share amounts)
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| Quarter Ended |
| Year ended |
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| December 31, 2012 |
| December 31, 2011 |
| December 31, 2012 |
| December 31, 2011 |
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Operating Revenue |
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Rental |
| $ | 121,709 |
| $ | 118,171 |
| $ | 478,835 |
| $ | 464,053 |
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Operating expense reimbursement |
| 54,518 |
| 50,533 |
| 206,717 |
| 199,188 |
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Total operating revenue |
| 176,227 |
| 168,704 |
| 685,552 |
| 663,241 |
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Operating Expenses |
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Rental property |
| 37,704 |
| 34,105 |
| 133,630 |
| 125,761 |
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Real estate taxes |
| 18,407 |
| 18,336 |
| 79,859 |
| 76,982 |
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General and administrative |
| 18,286 |
| 16,547 |
| 64,730 |
| 59,367 |
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Depreciation and amortization |
| 42,923 |
| 39,994 |
| 165,628 |
| 156,242 |
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Total operating expenses |
| 117,320 |
| 108,982 |
| 443,847 |
| 418,352 |
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Operating Income |
| 58,907 |
| 59,722 |
| 241,705 |
| 244,889 |
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Other Income/Expense |
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Interest and other |
| 1,320 |
| 1,472 |
| 9,289 |
| 8,389 |
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Interest |
| (29,738 | ) | (29,510 | ) | (119,630 | ) | (120,718 | ) | ||||
Total other income/expense |
| (28,418 | ) | (28,038 | ) | (110,341 | ) | (112,329 | ) | ||||
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Income before property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures |
| 30,489 |
| 31,684 |
| 131,364 |
| 132,560 |
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Gain on property dispositions |
| 1,305 |
| 1,664 |
| 4,123 |
| 5,025 |
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Income taxes |
| (331 | ) | (51 | ) | (976 | ) | (1,020 | ) | ||||
Equity in earnings (loss) of unconsolidated joint ventures |
| 716 |
| 1,026 |
| (681 | ) | 3,496 |
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Income from continuing operations |
| 32,179 |
| 34,323 |
| 133,830 |
| 140,061 |
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Discontinued operations (including net gains on property dispositions of $8,837 and $5,860 for the quarters ended December 31, 2012 and 2011 and net gains of $11,383 and $60,582 for the years ended December 31, 2012 and 2011) |
| 8,392 |
| 6,922 |
| 13,921 |
| 70,649 |
| ||||
Net Income |
| 40,571 |
| 41,245 |
| 147,751 |
| 210,710 |
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Noncontrolling interest - operating partnerships |
| (2,416 | ) | (6,453 | ) | (10,590 | ) | (27,222 | ) | ||||
Noncontrolling interest - consolidated joint ventures |
| 275 |
| — |
| 275 |
| 511 |
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Net Income available to common shareholders |
| $ | 38,430 |
| $ | 34,792 |
| $ | 137,436 |
| $ | 183,999 |
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Net income |
| $ | 40,571 |
| $ | 41,245 |
| $ | 147,751 |
| $ | 210,710 |
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Other comprehensive income (loss) |
| 389 |
| (217 | ) | 3,436 |
| (281 | ) | ||||
Comprehensive income |
| 40,960 |
| 41,028 |
| 151,187 |
| 210,429 |
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Less: comprehensive income attributable to noncontrolling interest |
| (2,153 | ) | (6,446 | ) | (10,422 | ) | (26,705 | ) | ||||
Comprehensive income attributable to common shareholders |
| $ | 38,807 |
| $ | 34,582 |
| $ | 140,765 |
| $ | 183,724 |
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Basic income per common share |
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Continuing operations |
| $ | 0.26 |
| $ | 0.24 |
| $ | 1.06 |
| $ | 1.00 |
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Discontinued operations |
| $ | 0.07 |
| $ | 0.06 |
| $ | 0.12 |
| $ | 0.60 |
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Total basic income per common share |
| $ | 0.33 |
| $ | 0.30 |
| $ | 1.18 |
| $ | 1.60 |
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Diluted income per common share |
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Continuing operations |
| $ | 0.25 |
| $ | 0.24 |
| $ | 1.06 |
| $ | 1.00 |
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Discontinued operations |
| $ | 0.07 |
| $ | 0.06 |
| $ | 0.11 |
| $ | 0.59 |
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Total diluted income per common share |
| $ | 0.32 |
| $ | 0.30 |
| $ | 1.17 |
| $ | 1.59 |
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Weighted average shares |
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Basic |
| 117,556 |
| 115,373 |
| 116,863 |
| 114,755 |
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Diluted |
| 118,378 |
| 116,090 |
| 117,694 |
| 115,503 |
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Amounts attributable to common shareholders |
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Income from continuing operations |
| $ | 30,293 |
| $ | 28,090 |
| $ | 123,945 |
| $ | 115,653 |
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Discontinued operations |
| 8,137 |
| 6,702 |
| 13,491 |
| 68,346 |
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Net income |
| $ | 38,430 |
| $ | 34,792 |
| $ | 137,436 |
| $ | 183,999 |
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