Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'LIBERTY PROPERTY TRUST | ' |
Entity Central Index Key | '0000921112 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 147,695,735 |
Liberty Property Limited Partnership [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'LIBERTY PROPERTY LIMITED PARTNERSHIP | ' |
Entity Central Index Key | '0000921113 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Land and land improvements | $1,149,233,000 | $1,139,455,000 |
Building and improvements | 5,206,349,000 | 5,144,758,000 |
Less accumulated depreciation | -1,094,397,000 | -1,057,680,000 |
Operating real estate | 5,261,185,000 | 5,226,533,000 |
Development in progress | 242,771,000 | 209,187,000 |
Land held for development | 239,755,000 | 233,055,000 |
Net real estate | 5,743,711,000 | 5,668,775,000 |
Cash and cash equivalents | 370,553,000 | 163,414,000 |
Restricted cash | 20,041,000 | 51,456,000 |
Accounts receivable | 17,963,000 | 13,900,000 |
Deferred rent receivable | 102,729,000 | 99,956,000 |
Deferred financing and leasing costs, net of accumulated amortization (2014, $150,476; 2013, $140,958) | 222,832,000 | 226,607,000 |
Investments in and advances to unconsolidated joint ventures | 181,249,000 | 179,655,000 |
Assets held for sale | 0 | 275,957,000 |
Prepaid expenses and other assets | 103,586,000 | 95,840,000 |
Total assets | 6,762,664,000 | 6,775,560,000 |
LIABILITIES | ' | ' |
Mortgage loans | 542,809,000 | 545,306,000 |
Unsecured notes | 2,708,440,000 | 2,708,213,000 |
Credit facility | 0 | 0 |
Accounts payable | 53,458,000 | 70,406,000 |
Accrued interest | 42,218,000 | 25,777,000 |
Dividend and distributions payable | 71,653,000 | 71,323,000 |
Other liabilities | 215,253,000 | 250,819,000 |
Total liabilities | 3,633,831,000 | 3,671,844,000 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2014 and December 31, 2013 | 7,537,000 | 7,537,000 |
EQUITY | ' | ' |
Common shares of beneficial interest, $.001 par value, 183,987,000 shares authorized; 148,541,749 (includes 1,249,909 in treasury) and 147,846,801 (includes 1,249,909 in treasury) shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 149,000 | 148,000 |
Additional paid-in capital | 3,691,717,000 | 3,669,618,000 |
Accumulated other comprehensive loss | 10,557,000 | 9,742,000 |
Distributions in excess of net income | -589,775,000 | -591,713,000 |
Common shares in treasury, at cost, 1,249,909 shares as of March 31, 2014 and December 31, 2013 | -51,951,000 | -51,951,000 |
Total Liberty Property Trust shareholders' equity | 3,060,697,000 | 3,035,844,000 |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - consolidated joint ventures | 3,918,000 | 3,622,000 |
Total equity | 3,121,296,000 | 3,096,179,000 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,762,664,000 | 6,775,560,000 |
Limited partners’ equity – 3,553,566 and 3,556,556 common units outstanding as of March 31, 2014 and December 31, 2013, respectively | ' | ' |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - operating partnerships | 56,681,000 | 56,713,000 |
Liberty Property Limited Partnership [Member] | ' | ' |
ASSETS | ' | ' |
Land and land improvements | 1,149,233,000 | 1,139,455,000 |
Building and improvements | 5,206,349,000 | 5,144,758,000 |
Less accumulated depreciation | -1,094,397,000 | -1,057,680,000 |
Operating real estate | 5,261,185,000 | 5,226,533,000 |
Development in progress | 242,771,000 | 209,187,000 |
Land held for development | 239,755,000 | 233,055,000 |
Net real estate | 5,743,711,000 | 5,668,775,000 |
Cash and cash equivalents | 370,553,000 | 163,414,000 |
Restricted cash | 20,041,000 | 51,456,000 |
Accounts receivable | 17,963,000 | 13,900,000 |
Deferred rent receivable | 102,729,000 | 99,956,000 |
Deferred financing and leasing costs, net of accumulated amortization (2014, $150,476; 2013, $140,958) | 222,832,000 | 226,607,000 |
Investments in and advances to unconsolidated joint ventures | 181,249,000 | 179,655,000 |
Assets held for sale | 0 | 275,957,000 |
Prepaid expenses and other assets | 103,586,000 | 95,840,000 |
Total assets | 6,762,664,000 | 6,775,560,000 |
LIABILITIES | ' | ' |
Mortgage loans | 542,809,000 | 545,306,000 |
Unsecured notes | 2,708,440,000 | 2,708,213,000 |
Credit facility | 0 | 0 |
Accounts payable | 53,458,000 | 70,406,000 |
Accrued interest | 42,218,000 | 25,777,000 |
Dividend and distributions payable | 71,653,000 | 71,323,000 |
Other liabilities | 215,253,000 | 250,819,000 |
Total liabilities | 3,633,831,000 | 3,671,844,000 |
Noncontrolling interest - operating partnership - 301,483 preferred units outstanding as of March 31, 2014 and December 31, 2013 | 7,537,000 | 7,537,000 |
EQUITY | ' | ' |
General partner’s equity - 147,291,840 (net of 1,249,909 treasury units) and 146,596,892 (net of 1,249,909 treasury units) common units outstanding as of March 31, 2014 and December 31, 2013, respectively | 3,060,697,000 | 3,035,844,000 |
Noncontrolling interest - operating partnership | ' | ' |
Noncontrolling interest - consolidated joint ventures | 3,918,000 | 3,622,000 |
Total equity | 3,121,296,000 | 3,096,179,000 |
Total liabilities, noncontrolling interest - operating partnership and equity | 6,762,664,000 | 6,775,560,000 |
Liberty Property Limited Partnership [Member] | Limited partners’ equity – 3,553,566 and 3,556,556 common units outstanding as of March 31, 2014 and December 31, 2013, respectively | ' | ' |
EQUITY | ' | ' |
Limited partners' equity | $56,681,000 | $56,713,000 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Amortized Cost on Deferred Financing and Leasing Costs | $150,476,000 | $140,958,000 |
Noncontrolling Interest Operating Partnership Common Units Outstanding | 3,553,566 | 3,556,556 |
Preferred Units, Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 183,987,000 | 183,987,000 |
Common Stock, Shares, Issued | 148,541,749 | 147,846,801 |
Common Stock, Shares, Outstanding | 148,541,749 | 147,846,801 |
Treasury Stock, Shares | 1,249,909 | 1,249,909 |
Liberty Property Limited Partnership [Member] | ' | ' |
Amortized Cost on Deferred Financing and Leasing Costs | $150,476,000 | $140,958,000 |
Limited Partners' Capital Account, Units Outstanding | 3,553,566 | 3,556,556 |
Preferred Units, Outstanding | 0 | 0 |
Common Stock, Shares, Outstanding | 147,291,840 | 146,596,892 |
Treasury Stock, Shares | 1,249,909 | 1,249,909 |
Series I 2 [Member] | ' | ' |
Preferred Units, Outstanding | 301,483 | 301,483 |
Series I 2 [Member] | Liberty Property Limited Partnership [Member] | ' | ' |
Preferred Units, Outstanding | 301,483 | 301,483 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING REVENUE | ' | ' |
Rental | $138,934 | $104,716 |
Operating expense reimbursement | 58,681 | 42,411 |
Total operating revenue | 197,615 | 147,127 |
OPERATING EXPENSE | ' | ' |
Rental property | 38,561 | 25,229 |
Real estate taxes | 24,501 | 17,957 |
General and administrative | 18,361 | 19,793 |
Depreciation and amortization | 56,734 | 37,220 |
Total operating expenses | 138,157 | 100,199 |
Operating income | 59,458 | 46,928 |
OTHER INCOME (EXPENSE) | ' | ' |
Other income | 2,452 | 4,373 |
Interest expense | -39,207 | -27,739 |
Total other income (expense) | -36,755 | -23,366 |
Income before income taxes and equity in earnings of unconsolidated joint ventures | 22,703 | 23,562 |
Income taxes | -531 | -491 |
Equity in earnings of unconsolidated joint ventures | 4,159 | 1,757 |
Income from continuing operations | 26,331 | 24,828 |
Discontinued operations (including net gain on property dispositions of $46,117 and $41,713 for the three months ended March 31, 2014 and 2013, respectively) | 47,775 | 49,828 |
Net income | 74,106 | 74,656 |
Noncontrolling interest – operating partnership | -1,853 | -3,417 |
Noncontrolling interest - consolidated joint ventures | -353 | 0 |
Net income available to common shareholders | 71,900 | 71,239 |
Comprehensive income attributable to common shareholders | ' | ' |
Net income | 74,106 | 74,656 |
Other comprehensive income (loss) - foreign currency translation | 1,346 | -4,851 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -511 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 835 | -4,851 |
Total comprehensive income | 74,941 | 69,805 |
Less: comprehensive income attributable to noncontrolling interest | -2,226 | -3,271 |
Comprehensive income attributable to common shareholders | 72,715 | 66,534 |
Basic: | ' | ' |
Income from continuing operations | $0.17 | $0.19 |
Income from discontinued operations | $0.32 | $0.41 |
Income per common share - basic | $0.49 | $0.60 |
Diluted: | ' | ' |
Income from continuing operations | $0.17 | $0.19 |
Income from discontinued operations | $0.32 | $0.41 |
Income per common share - diluted | $0.49 | $0.60 |
Distributions per common share or unit | $0.48 | $0.48 |
Weighted average number of common shares outstanding | ' | ' |
Basic | 146,425 | 118,688 |
Diluted | 147,095 | 119,532 |
Amounts attributable to common shareholders | ' | ' |
Income from continuing operations | 25,250 | 22,908 |
Discontinued operations | 46,650 | 48,331 |
Net income available to common shareholders | 71,900 | 71,239 |
Liberty Property Limited Partnership [Member] | ' | ' |
OPERATING REVENUE | ' | ' |
Rental | 138,934 | 104,716 |
Operating expense reimbursement | 58,681 | 42,411 |
Total operating revenue | 197,615 | 147,127 |
OPERATING EXPENSE | ' | ' |
Rental property | 38,561 | 25,229 |
Real estate taxes | 24,501 | 17,957 |
General and administrative | 18,361 | 19,793 |
Depreciation and amortization | 56,734 | 37,220 |
Total operating expenses | 138,157 | 100,199 |
Operating income | 59,458 | 46,928 |
OTHER INCOME (EXPENSE) | ' | ' |
Other income | 2,452 | 4,373 |
Interest expense | -39,207 | -27,739 |
Total other income (expense) | -36,755 | -23,366 |
Income before income taxes and equity in earnings of unconsolidated joint ventures | 22,703 | 23,562 |
Income taxes | -531 | -491 |
Equity in earnings of unconsolidated joint ventures | 4,159 | 1,757 |
Income from continuing operations | 26,331 | 24,828 |
Discontinued operations (including net gain on property dispositions of $46,117 and $41,713 for the three months ended March 31, 2014 and 2013, respectively) | 47,775 | 49,828 |
Net income | 74,106 | 74,656 |
Noncontrolling interest - consolidated joint ventures | -353 | 0 |
Preferred unit distributions | -118 | -1,211 |
Net income available to common shareholders | 73,635 | 73,445 |
Comprehensive income attributable to common shareholders | ' | ' |
Net income | 74,106 | 74,656 |
Other comprehensive income (loss) - foreign currency translation | 1,346 | -4,851 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -511 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 835 | -4,851 |
Total comprehensive income | 74,941 | 69,805 |
Basic: | ' | ' |
Income from continuing operations | $0.17 | $0.19 |
Income from discontinued operations | $0.32 | $0.41 |
Income per common share - basic | $0.49 | $0.60 |
Diluted: | ' | ' |
Income from continuing operations | $0.17 | $0.19 |
Income from discontinued operations | $0.32 | $0.41 |
Income per common share - diluted | $0.49 | $0.60 |
Distributions per common share or unit | $0.48 | $0.48 |
Weighted average number of common shares outstanding | ' | ' |
Basic | 149,981 | 122,402 |
Diluted | 150,651 | 123,246 |
Net income allocated to general partners | 71,900 | 71,239 |
Net income allocated to limited partners | 1,853 | 3,417 |
Amounts attributable to common shareholders | ' | ' |
Income from continuing operations | 25,978 | 24,828 |
Net income available to common shareholders | $73,635 | $73,445 |
Income_Statement_Parenthetical
Income Statement Parenthetical (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain on property dispositions | $46,117 | $41,713 |
Liberty Property Limited Partnership [Member] | ' | ' |
Gain on property dispositions | $46,117 | $41,713 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Shares Of Beneficial Interest [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Distributions in Excess of Net Income [Member] | Common Shares Held in Treasury [Member] | Total Liberty Property Trust Shareholders' Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | Noncontrolling interest operating partnership-Preferred [Member] | Noncontrolling interest-consolidated joint ventures [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] | Liberty Property Limited Partnership [Member] |
General Partners Equity [Member] | Noncontrolling interest operating partnership-Common [Member] | Noncontrolling interest operating partnership-Preferred [Member] | Noncontrolling interest-consolidated joint ventures [Member] | ||||||||||||
Beginning Balance at Dec. 31, 2013 | $3,096,179,000 | $148,000 | $3,669,618,000 | $9,742,000 | ($591,713,000) | ($51,951,000) | $3,035,844,000 | $56,713,000 | $0 | $3,622,000 | $3,096,179,000 | $3,035,844,000 | $56,713,000 | $0 | $3,622,000 |
Net proceeds from the issuance of common shares | 15,472,000 | 1,000 | 15,471,000 | ' | ' | ' | 15,472,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 74,106,000 | ' | ' | ' | 71,900,000 | ' | 71,900,000 | 1,735,000 | 118,000 | 353,000 | 74,106,000 | 71,900,000 | 1,735,000 | 118,000 | 353,000 |
Redemption of limited partners common units for common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 48,000 | -48,000 | ' | ' |
Contributions from partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,052,000 | 22,052,000 | ' | ' | ' |
Distributions | -71,876,000 | ' | ' | ' | -69,962,000 | ' | -69,962,000 | -1,739,000 | -118,000 | -57,000 | ' | ' | ' | ' | ' |
Distributions to partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -71,876,000 | -69,962,000 | -1,739,000 | -118,000 | -57,000 |
Share-based compensation | 6,580,000 | ' | 6,580,000 | ' | ' | ' | 6,580,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | 1,346,000 | ' | ' | 1,314,000 | ' | ' | 1,314,000 | 32,000 | ' | ' | 1,346,000 | 1,314,000 | 32,000 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -511,000 | ' | 0 | -499,000 | 0 | 0 | -499,000 | -12,000 | 0 | 0 | -511,000 | -499,000 | -12,000 | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Common Units | 0 | ' | 48,000 | ' | ' | ' | 48,000 | -48,000 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2014 | $3,121,296,000 | $149,000 | $3,691,717,000 | $10,557,000 | ($589,775,000) | ($51,951,000) | $3,060,697,000 | $56,681,000 | $0 | $3,918,000 | $3,121,296,000 | $3,060,697,000 | $56,681,000 | $0 | $3,918,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $74,106 | $74,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 57,589 | 45,585 |
Amortization of deferred financing costs | 1,510 | 980 |
Equity in earnings of unconsolidated joint ventures | -4,159 | -1,757 |
Distributions from unconsolidated joint ventures | 0 | 265 |
Gain on property dispositions | -46,117 | -41,713 |
Share-based compensation | 6,580 | 4,445 |
Other | -635 | -1,612 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 31,726 | 4,639 |
Accounts receivable | -4,052 | 642 |
Deferred rent receivable | -2,765 | -3,246 |
Prepaid expenses and other assets | -26,557 | 1,319 |
Accounts payable | 6,562 | 1,136 |
Accrued interest | 16,441 | 18,867 |
Other liabilities | -36,537 | -12,002 |
Net cash provided by operating activities | 73,692 | 92,204 |
INVESTING ACTIVITIES | ' | ' |
Investment in operating properties - acquisitions | -37,635 | 0 |
Investment in operating properties - other | -16,522 | -6,794 |
Investments in and advances to unconsolidated joint ventures | -429 | -6,379 |
Distributions from unconsolidated joint ventures | 2,978 | 1,871 |
Net proceeds from disposition of properties/land | 327,160 | 71,909 |
Net proceeds from (advances on) public reimbursement receivable/escrow | 5,001 | 8,500 |
Investment in development in progress | -74,478 | -27,509 |
Investment in land held for development | -1,967 | -3,493 |
Investment in deferred leasing costs | -9,158 | -7,387 |
Net cash provided by investing activities | 194,950 | 30,718 |
FINANCING ACTIVITIES | ' | ' |
Net proceeds from issuance of common shares | 15,472 | 44,927 |
Proceeds from mortgage loans | 0 | 3,261 |
Repayments of mortgage loans | -2,019 | -1,249 |
Proceeds from credit facility | 0 | 19,600 |
Repayments on credit facility | 0 | -111,600 |
Increase in deferred financing costs | -3,619 | -4 |
Distribution paid on common shares | -69,634 | -56,274 |
Distribution paid on units | -1,914 | -1,961 |
Net cash used in financing activities | -61,714 | -103,300 |
Net increase in cash and cash equivalents | 206,928 | 19,622 |
Increase (decrease) in cash and cash equivalents related to foreign currency translation | 211 | -3,544 |
Cash and cash equivalents at beginning of period | 163,414 | 38,356 |
Cash and cash equivalents at end of period | 370,553 | 54,434 |
Liberty Property Limited Partnership [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net income | 74,106 | 74,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 57,589 | 45,585 |
Amortization of deferred financing costs | 1,510 | 980 |
Equity in earnings of unconsolidated joint ventures | -4,159 | -1,757 |
Distributions from unconsolidated joint ventures | 0 | 265 |
Gain on property dispositions | -46,117 | -41,713 |
Share-based compensation | 6,580 | 4,445 |
Other | -635 | -1,612 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 31,726 | 4,639 |
Accounts receivable | -4,052 | 642 |
Deferred rent receivable | -2,765 | -3,246 |
Prepaid expenses and other assets | -26,557 | 1,319 |
Accounts payable | 6,562 | 1,136 |
Accrued interest | 16,441 | 18,867 |
Other liabilities | -36,537 | -12,002 |
Net cash provided by operating activities | 73,692 | 92,204 |
INVESTING ACTIVITIES | ' | ' |
Investment in operating properties - acquisitions | -37,635 | 0 |
Investment in operating properties - other | -16,522 | -6,794 |
Investments in and advances to unconsolidated joint ventures | -429 | -6,379 |
Distributions from unconsolidated joint ventures | 2,978 | 1,871 |
Net proceeds from disposition of properties/land | 327,160 | 71,909 |
Net proceeds from (advances on) public reimbursement receivable/escrow | 5,001 | 8,500 |
Investment in development in progress | -74,478 | -27,509 |
Investment in land held for development | -1,967 | -3,493 |
Investment in deferred leasing costs | -9,158 | -7,387 |
Net cash provided by investing activities | 194,950 | 30,718 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from mortgage loans | 0 | 3,261 |
Repayments of mortgage loans | -2,019 | -1,249 |
Proceeds from credit facility | 0 | 19,600 |
Repayments on credit facility | 0 | -111,600 |
Increase in deferred financing costs | -3,619 | -4 |
Capital contributions | 15,472 | 44,927 |
Distributions to partners | 71,548 | 58,235 |
Net cash used in financing activities | -61,714 | -103,300 |
Net increase in cash and cash equivalents | 206,928 | 19,622 |
Increase (decrease) in cash and cash equivalents related to foreign currency translation | 211 | -3,544 |
Cash and cash equivalents at beginning of period | 163,414 | 38,356 |
Cash and cash equivalents at end of period | $370,553 | $54,434 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 97.6% of the common equity of the Operating Partnership at March 31, 2014. The Company provides leasing, property management, development, acquisition, and other tenant-related services. The Company owns and operates industrial properties nationally and owns and operates office properties primarily in Metro Philadelphia, Washington D.C. and certain sunbelt cities. Additionally, the Company owns certain assets in the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the “Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2013. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying statements of comprehensive income for discontinued operations. | |
Recently Issued Accounting Standards | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), which changes the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. ASU 2014-08 also requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has adopted the provisions of ASU 2014-08 effective January 1, 2014, and has applied the provisions prospectively. |
Income_per_Common_Share_of_the
Income per Common Share of the Trust | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Income per Common Share of the Trust [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
Income per Common Share of the Trust | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 146,425 | $ | 0.17 | $ | 22,908 | 118,688 | $ | 0.19 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 147,095 | $ | 0.17 | $ | 22,908 | 119,532 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 146,425 | $ | 0.32 | $ | 48,331 | 118,688 | $ | 0.41 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 147,095 | $ | 0.32 | $ | 48,331 | 119,532 | $ | 0.41 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 146,425 | $ | 0.49 | $ | 71,239 | 118,688 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 147,095 | $ | 0.49 | $ | 71,239 | 119,532 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three months ended March 31, 2014 was 1,247,000 as compared to 992,000 for the same period in 2013. | ||||||||||||||||||||||
During the three months ended March 31, 2014, 1,000 common shares were issued upon the exercise of options. During the year ended December 31, 2013, 504,000 common shares were issued upon the exercise of options. | ||||||||||||||||||||||
Income_per_Common_Unit_of_the_
Income per Common Unit of the Operating Partnership | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
Income per Common Share of the Trust | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 146,425 | $ | 0.17 | $ | 22,908 | 118,688 | $ | 0.19 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 147,095 | $ | 0.17 | $ | 22,908 | 119,532 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 146,425 | $ | 0.32 | $ | 48,331 | 118,688 | $ | 0.41 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 147,095 | $ | 0.32 | $ | 48,331 | 119,532 | $ | 0.41 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 146,425 | $ | 0.49 | $ | 71,239 | 118,688 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 147,095 | $ | 0.49 | $ | 71,239 | 119,532 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three months ended March 31, 2014 was 1,247,000 as compared to 992,000 for the same period in 2013. | ||||||||||||||||||||||
During the three months ended March 31, 2014, 1,000 common shares were issued upon the exercise of options. During the year ended December 31, 2013, 504,000 common shares were issued upon the exercise of options. | ||||||||||||||||||||||
Liberty Property Limited Partnership [Member] | ' | |||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||||||||
Income per Common Unit of the Operating Partnership | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Loss) (Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 25,978 | $ | 24,828 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (1,211 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 25,860 | 149,981 | $ | 0.17 | $ | 23,617 | 122,402 | $ | 0.19 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 25,860 | 150,651 | $ | 0.17 | $ | 23,617 | 123,246 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | 47,775 | 149,981 | $ | 0.32 | $ | 49,828 | 122,402 | $ | 0.41 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | 47,775 | 150,651 | $ | 0.32 | $ | 49,828 | 123,246 | $ | 0.41 | ||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 73,635 | 149,981 | $ | 0.49 | $ | 73,445 | 122,402 | $ | 0.6 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 73,635 | 150,651 | $ | 0.49 | $ | 73,445 | 123,246 | $ | 0.6 | ||||||||||||
Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common unit for the three months ended March 31, 2014 was 1,247,000 as compared to 992,000 for the same period in 2013. | ||||||||||||||||||||||
During the three months ended March 31, 2014, 1,000 common units were issued upon the exercise of options. During the year ended December 31, 2013, 504,000 common units were issued upon the exercise of options. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
The following table sets forth the components of Accumulated Other Comprehensive Income (Loss) (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Foreign Currency Translation: | |||||||||
Beginning balance | $ | 8,592 | $ | 3,195 | |||||
Translation adjustment | 1,346 | (4,851 | ) | ||||||
Ending balance | 9,938 | (1,656 | ) | ||||||
Net unrealized gain (loss) on derivative instruments: | |||||||||
Beginning balance | 1,584 | — | |||||||
Unrealized losses | (511 | ) | — | ||||||
Ending balance | 1,073 | — | |||||||
Total accumulated other comprehensive income | 11,011 | (1,656 | ) | ||||||
Less: portion included in noncontrolling interest – operating partnership | (454 | ) | (149 | ) | |||||
Total accumulated other comprehensive income (loss) included in shareholders' equity | $ | 10,557 | $ | (1,805 | ) | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||
Segment Information | ' | |||||||||
Segment Information | ||||||||||
The Company owns and operates industrial properties nationally and owns and operates office properties primarily in Metro Philadelphia, Washington D.C. and certain sunbelt cities. Additionally, the Company owns certain assets in the United Kingdom. The Company's reportable segments are as follows. | ||||||||||
• | Carolinas; | |||||||||
• | Chicago/Milwaukee; | |||||||||
• | Houston; | |||||||||
• | Lehigh/Central PA; | |||||||||
• | Minnesota; | |||||||||
• | Orlando; | |||||||||
• | Philadelphia; | |||||||||
• | Richmond/Hampton Roads; | |||||||||
• | Southeastern PA; | |||||||||
• | South Florida; | |||||||||
• | Tampa; | |||||||||
• | United Kingdom. | |||||||||
Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; Cincinnati/Columbus/Indianapolis; Dallas; Jacksonville; Maryland; New Jersey; Northern Virginia; Southern California; Washington D.C. and other. | ||||||||||
The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment. | ||||||||||
The Company's accounting policies for the segments are the same as those used in the Company's consolidated financial statements. There are no material inter-segment transactions. | ||||||||||
The operating information by reportable segment is as follows (in thousands): | ||||||||||
For the Three Months | ||||||||||
Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Operating revenue | ||||||||||
Carolinas | $ | 8,316 | $ | 7,279 | ||||||
Chicago/Milwaukee | 8,570 | 2,693 | ||||||||
Houston | 11,867 | 8,334 | ||||||||
Lehigh/Central PA | 29,623 | 24,677 | ||||||||
Minnesota | 13,750 | 15,383 | ||||||||
Orlando | 7,995 | 7,696 | ||||||||
Philadelphia | 9,408 | 8,333 | ||||||||
Richmond/Hampton Roads | 10,068 | 10,146 | ||||||||
South Florida | 12,309 | 8,558 | ||||||||
Southeastern PA | 38,437 | 41,054 | ||||||||
Tampa | 13,173 | 12,963 | ||||||||
United Kingdom | 4,102 | 1,100 | ||||||||
Other | 35,039 | 29,735 | ||||||||
Segment-level operating revenue | 202,657 | 177,951 | ||||||||
Reconciliation to total operating revenues | ||||||||||
Discontinued operations | (4,763 | ) | (31,080 | ) | ||||||
Other | (279 | ) | 256 | |||||||
Total operating revenue | $ | 197,615 | $ | 147,127 | ||||||
Net operating income | ||||||||||
Carolinas | $ | 5,742 | $ | 4,914 | ||||||
Chicago/Milwaukee | 5,163 | 2,174 | ||||||||
Houston | 7,053 | 5,250 | ||||||||
Lehigh/Central PA | 19,240 | 16,668 | ||||||||
Minnesota | 6,619 | 7,712 | ||||||||
Orlando | 5,492 | 5,251 | ||||||||
Philadelphia | 6,721 | 5,879 | ||||||||
Richmond/Hampton Roads | 5,920 | 6,226 | ||||||||
South Florida | 7,527 | 4,575 | ||||||||
Southeastern PA | 19,600 | 22,613 | ||||||||
Tampa | 8,441 | 8,254 | ||||||||
United Kingdom | 3,526 | (133 | ) | |||||||
Other | 21,731 | 17,123 | ||||||||
Segment-level net operating income | 122,775 | 106,506 | ||||||||
Reconciliation to income from continuing operations | ||||||||||
Interest expense (1) | (39,764 | ) | (32,082 | ) | ||||||
Depreciation/amortization expense (2) | (44,536 | ) | (29,307 | ) | ||||||
Equity in earnings of unconsolidated joint ventures | 4,159 | 1,757 | ||||||||
General and administrative expense (2) | (12,401 | ) | (13,877 | ) | ||||||
Discontinued operations excluding gain on property dispositions | (1,658 | ) | (8,115 | ) | ||||||
Income taxes (2) | (483 | ) | (491 | ) | ||||||
Other | (1,761 | ) | 437 | |||||||
Income from continuing operations | $ | 26,331 | $ | 24,828 | ||||||
-1 | Includes interest on discontinued operations. | |||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. | |||||||||
The Company's total assets by reportable segment as of March 31, 2014 and December 31, 2013 is as follows (in thousands): | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Total assets | ||||||||||
Carolinas | $ | 260,502 | $ | 257,230 | ||||||
Chicago/Milwaukee | 411,677 | 413,585 | ||||||||
Houston | 389,279 | 380,248 | ||||||||
Lehigh/Central PA | 952,396 | 938,824 | ||||||||
Minnesota | 339,772 | 335,613 | ||||||||
Orlando | 253,311 | 253,888 | ||||||||
Philadelphia | 323,098 | 316,810 | ||||||||
Richmond/Hampton Roads | 248,580 | 250,008 | ||||||||
South Florida | 378,121 | 380,138 | ||||||||
Southeastern PA | 695,294 | 695,966 | ||||||||
Tampa | 335,984 | 337,300 | ||||||||
United Kingdom | 261,819 | 247,537 | ||||||||
Other | 1,501,146 | 1,735,393 | ||||||||
Segment-level total assets | 6,350,979 | 6,542,540 | ||||||||
Corporate Other | 411,685 | 233,020 | ||||||||
Total assets | $ | 6,762,664 | $ | 6,775,560 | ||||||
Accounting_for_the_Impairment_
Accounting for the Impairment or Disposal of Long-Lived Assets | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
Accounting for the Disposal of Long-Lived Assets | |||||||||
Under ASU 2014-08, a disposal of a component of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. | |||||||||
In November 2013, the Company entered into an Agreement of Sale and Purchase pursuant to which the Company agreed to sell 97 operating properties containing an aggregate of 6.6 million square feet for $697.3 million (the "Portfolio Sale"). In December 2013, the Company closed on the first of two planned settlements under this agreement. The proceeds from the first settlement were $367.7 million and included 49 properties totaling approximately 4.0 million square feet of space and 140 acres of land. In January 2014, the Company closed on the remaining settlement for proceeds of $329.6 million which consisted of 23 properties totaling 1.4 million square feet and 19 acres of land in the Maryland reportable segment, 24 properties and 1.2 million square feet in the New Jersey reportable segment and one property totaling 37,000 square feet in the Company's Southeastern PA reportable segment. | |||||||||
The Portfolio Sale is considered a discontinued operation under the provisions of ASU 2014-08 as it represents a strategic shift that will have a major effect on the Company's operations and financial results. | |||||||||
Prior to the adoption of ASU 2014-08, the results of operations for all operating properties sold or held for sale during the reported periods were shown under discontinued operations on the consolidated statements of comprehensive income. Under ASU 2014-08, operating properties that were sold or classified as held for sale before the adoption of ASU 2014-08 continue to be classified as discontinued operations. Accordingly, operating properties previously reported as discontinued operations will continue to be presented as discontinued operations on the consolidated statements of comprehensive income for all periods presented. The proceeds from the distribution of properties besides the Portfolio Sale that were included in discontinued operations was zero for the three months ended March 31, 2014 and was $74.7 million for the three months ended March 31, 2013. | |||||||||
A summary of the results of operations for the Portfolio Sale and other properties classified as discontinued operations through the respective disposition dates is as follows (in thousands): | |||||||||
For the Three Months Ended | |||||||||
March 31, 2014 | March 31, 2013 | ||||||||
Portfolio Sale | |||||||||
Revenues | $ | 4,763 | $ | 27,140 | |||||
Operating expenses | (2,570 | ) | (9,433 | ) | |||||
Interest and other income | 22 | 49 | |||||||
Interest expense | (557 | ) | (3,772 | ) | |||||
Depreciation and amortization | — | (7,311 | ) | ||||||
Income before gain on property dispositions | 1,658 | 6,673 | |||||||
Gain on property dispositions | 46,074 | — | |||||||
Income from discontinued operations - Portfolio Sale | $ | 47,732 | $ | 6,673 | |||||
Noncontrolling interest | (1,125 | ) | (200 | ) | |||||
Income from discontinued operations available to common shareholders - Portfolio Sale | $ | 46,607 | $ | 6,473 | |||||
Add back noncontrolling interest | 1,125 | $ | 200 | ||||||
Income from discontinued operations - Portfolio Sale | $ | 47,732 | $ | 6,673 | |||||
Income from discontinued operations - other properties | 43 | 43,155 | |||||||
Income from discontinued operations | $ | 47,775 | $ | 49,828 | |||||
Net cash used in operating activities from the properties included in the Portfolio Sale for the three months ended March 31, 2014 was $2.7 million compared to net cash provided by operating activities from such properties of $14.7 million for the three months ended March 31, 2013. Net cash provided by investing activities from the properties included in the Portfolio Sale for the three months ended March 31, 2014 was $313.1 million compared to net cash used by investing activities from such properties of $3.8 million for the three months ended March 31, 2013. | |||||||||
Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale (without continuing involvement) to the sum of total net assets plus consolidated debt. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests | ' |
Noncontrolling Interests of the Trust | |
Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding of the Operating Partnership not held by the Trust as of March 31, 2014 have the same economic characteristics as common shares of the Trust. The 3,553,566 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,553,566 outstanding common units based on the closing price of the common shares of the Trust at March 31, 2014 was $131.3 million. |
Limited_Partners_Equity_of_the
Limited Partners' Equity of the Operating Partnership | 3 Months Ended |
Mar. 31, 2014 | |
Preferred Units [Line Items] | ' |
Noncontrolling Interest Disclosure [Text Block] | ' |
Noncontrolling Interests of the Trust | |
Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding of the Operating Partnership not held by the Trust as of March 31, 2014 have the same economic characteristics as common shares of the Trust. The 3,553,566 outstanding common units of the Operating Partnership at such date not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3,553,566 outstanding common units based on the closing price of the common shares of the Trust at March 31, 2014 was $131.3 million. | |
Liberty Property Limited Partnership [Member] | ' |
Preferred Units [Line Items] | ' |
Noncontrolling Interest Disclosure [Text Block] | ' |
Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership | |
Limited partners' equity in the accompanying financial statements represents the interests of the common and preferred units in the Operating Partnership not held by the Trust. The Operating Partnership's noncontrolling interest includes third-party ownership interests in consolidated joint venture investments. | |
Common units | |
The common units outstanding as of March 31, 2014 have the same economic characteristics as common shares of the Trust. The 3,553,566 outstanding common units at such date are the limited partners' equity - common units held by persons and entities other than the Trust, the general partner of the Operating Partnership, which holds a number of common units equal to the number of outstanding common shares of beneficial interest. Both the common units held by the Trust and the common units held by persons and entities other than the Trust are counted in the weighted average number of common units outstanding during any given period. The common units share proportionately in the net income or loss and in any distributions of the Operating Partnership and are exchangeable into the same number of common shares of the Trust. The market value of the 3,553,566 outstanding common units at March 31, 2014 based on the closing price of the common shares of the Trust at March 31, 2014 was $131.3 million. |
Noncontrolling_Interest_Operat
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ||||||||||||
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | ' | ||||||||||||
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units | |||||||||||||
As of March 31, 2014, the following cumulative preferred units of the Operating Partnership were outstanding: | |||||||||||||
ISSUE | AMOUNT | UNITS | LIQUIDATION | DIVIDEND | |||||||||
PREFERENCE | RATE | ||||||||||||
(in 000’s) | |||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % | |||||||
The preferred units are putable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash. |
Indebtedness
Indebtedness | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
Indebtedness | ||
Credit Facility | ||
In March 2014, The Company replaced its existing $500 million credit facility which was due in November 2015 with a new credit facility. The new facility (the "Credit Facility") is for $800 million. It matures in March 2018 and the Company has options to extend the maturity date for up to one additional year. Based upon the Company’s current credit ratings, borrowings under the new facility bear interest at LIBOR plus 105 basis points. There is also a 20 basis point annual facility fee on the current borrowing capacity. The credit facility contains a competitive bid option, whereby participating lenders bid on the interest rate to be charged. This feature is available for up to 50% of the amount of the facility. | ||
The Credit Facility contains financial covenants, certain of which are set forth below: | ||
• | total debt to total assets may not exceed 0.60:1; | |
• | earnings before interest, taxes, depreciation and amortization to fixed charges may not be less than 1.50:1; | |
• | unsecured debt to unencumbered asset value must equal or be less than 60%; and | |
• | unencumbered net operating income to unsecured interest expense must equal or exceed 175%. | |
As of March 31, 2014, the Company was in compliance with the Credit Facility financial covenants. |
Disclosure_of_Fair_Value_of_Fi
Disclosure of Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Debt Instrument, Fair Value Disclosure [Abstract] | ' | ||||||||||||||||
Disclosure of Fair Value of Financial Instruments | ' | ||||||||||||||||
Disclosure of Fair Value of Financial Instruments | |||||||||||||||||
The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at March 31, 2014 and December 31, 2013. 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 Company used a discounted cash flow model to determine the estimated fair value of its debt as of March 31, 2014. 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, 2013 and March 31, 2014 (in thousands): | |||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
As of December 31, 2013 | $ | 545,306 | $ | 573,944 | $ | 2,708,213 | $ | 2,764,831 | |||||||||
As of March 31, 2014 | $ | 542,809 | $ | 569,140 | $ | 2,708,440 | $ | 2,830,329 | |||||||||
Business_Combination
Business Combination | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
Business Combination | |
On October 8, 2013, the Company acquired all of the outstanding general and limited partnership interests of Cabot Industrial Fund III Operating Partnership, L.P., a Delaware limited partnership (the "Cabot Acquisition"). The acquisition resulted in the purchase of a 100% ownership interest in 177 industrial assets totaling approximately 23.0 million square feet. The purchase price for the Cabot Acquisition was $1.469 billion, which was paid through the assumption of approximately $229.8 million of mortgage debt and the remainder in cash. The Company funded the cash portion of the acquisition consideration through a combination of proceeds from an August 2013 equity offering, proceeds from a September 2013 offering of senior notes and draws under its Credit Facility. | |
The allocation of purchase price of the Cabot Acquisition is preliminary pending the receipt of the information necessary to complete the resolution of certain tangible and intangible assets and liabilities including the reconciliation of working capital accounts and the completion of tenant operating expense reconciliations. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Interest rate swaps [Text Block] | ' |
Derivative Instruments | |
We borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility and certain bank mortgage loans bear interest at variable rates. Our long-term debt typically bears interest at fixed rates. Our interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We generally do not hold or issue these derivative contracts for trading or speculative purposes. The interest rate on all of our variable rate debt is generally adjusted at one or three month intervals, subject to settlements under interest rate hedge contracts. | |
Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (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. | |
In connection with the Cabot Acquisition, the Company assumed the seller’s 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 that were also assumed. The Swaps had aggregate notional amounts of $104.9 million and $105.2 million at March 31, 2014 and December 31, 2013, respectively, and expire at various dates between 2018 and 2020. | |
For the three months ended March 31, 2014, the effective portion of the change in the fair value of the swaps was a decrease in the amount of $871,000, which was recorded as a reduction of other comprehensive income and will be reclassified into earnings as a component of interest expense in the period that the hedged forecasted transaction affects earnings. The amount of loss reclassified into interest expense from accumulated other comprehensive income was $360,000 for the three months ended March 31, 2014. The ineffective portion of the change in the fair value of the Swaps for the three months ended March 31, 2014 in the amount of $18,000 was recorded as an increase to interest expense in the accompanying consolidated statements of comprehensive income. | |
The fair value of the Swaps in the amount of $8.4 million as of both March 31, 2014 and December 31, 2013 is included in other liabilities in the accompanying consolidated balance sheets. The Company estimates that $1.4 million will be reclassified from accumulated other comprehensive income as an increase to interest expense over the next twelve months. | |
The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest for approximately $8.8 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Environmental Matters | |||||
Substantially all of the Company's properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”) obtained in contemplation of their acquisition by the Company or obtained by predecessor owners prior to the sale of the property or land to the Company. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company. | |||||
Operating Ground Lease Agreements | |||||
Future minimum rental payments under the terms of all non-cancelable operating ground leases under which the Company is the lessee, as of March 31, 2014, were as follows (in thousands): | |||||
Year | Amount | ||||
2014 | $ | 274 | |||
2015 | 384 | ||||
2016 | 403 | ||||
2017 | 403 | ||||
2018 | 403 | ||||
2019 through 2034 | 5,575 | ||||
Total | $ | 7,442 | |||
Operating ground lease expense for the three months ended March 31, 2014 was $47,000 as compared to $40,000 for the same period in 2013. | |||||
Legal Matters | |||||
From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. As of March 31, 2014 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 March 31, 2014, the Company had letter of credit obligations of $8.1 million. The Company believes that the likelihood is remote that there will be a draw upon these letter of credit obligations. | |||||
As of March 31, 2014, the Company had 15 buildings under development. These buildings are expected to contain, when completed, a total of 4.9 million square feet of leasable space and represent an anticipated aggregate investment of $406.1 million. At March 31, 2014, development in progress totaled $242.8 million. In addition, as of March 31, 2014, the Company had invested $10.8 million in deferred leasing costs related to these development buildings. Also, as of March 31, 2014, the Company had a signed commitment for a development building not yet commenced for $12.7 million. | |||||
As of March 31, 2014, the Company was committed to $12.8 million in improvements on certain buildings and land parcels. | |||||
As of March 31, 2014, the Company was committed to $52.8 million in future land purchases. | |||||
As of March 31, 2014, the Company was obligated to pay for tenant improvements not yet completed for a maximum of $36.3 million. | |||||
The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant. |
Supplemental_Disclosure_to_Sta
Supplemental Disclosure to Statements of Cash Flows | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ||||||||
The following are supplemental disclosures to the statements of cash flows for the three months ended March 31, 2014 and 2013 (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Write-off of fully depreciated property and deferred costs | $ | 11,279 | $ | 7,182 | ||||
Write-off of depreciated property and deferred costs due to sale | $ | 131,026 | $ | 23,906 | ||||
Unrealized losses on cash flow hedge | $ | (511 | ) | $ | — | |||
Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s consolidated statements of cash flows. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Organization and Basis of Presentation [Abstract] | ' |
Organization | ' |
Organization | |
Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.6% of the common equity of the Operating Partnership at March 31, 2014. The Company provides leasing, property management, development, acquisition, and other tenant-related services. The Company owns and operates industrial properties nationally and owns and operates office properties primarily in Metro Philadelphia, Washington D.C. and certain sunbelt cities. Additionally, the Company owns certain assets in the United Kingdom. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the “Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively. | |
Basis of Presentation | ' |
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, 2013. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. Certain amounts from prior periods have been reclassified to conform to the current period presentation including reclassifying the accompanying statements of comprehensive income for discontinued operations. |
Income_per_Common_Share_of_the1
Income per Common Share of the Trust (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Income per Common Share of the Trust [Abstract] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 146,425 | $ | 0.17 | $ | 22,908 | 118,688 | $ | 0.19 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 147,095 | $ | 0.17 | $ | 22,908 | 119,532 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 146,425 | $ | 0.32 | $ | 48,331 | 118,688 | $ | 0.41 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 147,095 | $ | 0.32 | $ | 48,331 | 119,532 | $ | 0.41 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 146,425 | $ | 0.49 | $ | 71,239 | 118,688 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 147,095 | $ | 0.49 | $ | 71,239 | 119,532 | $ | 0.6 | ||||||||||||
Income_per_Common_Unit_of_the_1
Income per Common Unit of the Operating Partnership (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Share | Income | Weighted | Per Share | |||||||||||||||||
(Loss) (Numerator) | Average | (Numerator) | Average | |||||||||||||||||||
Shares | Shares | |||||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 146,425 | $ | 0.17 | $ | 22,908 | 118,688 | $ | 0.19 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations net of noncontrolling interest | $ | 25,250 | 147,095 | $ | 0.17 | $ | 22,908 | 119,532 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 146,425 | $ | 0.32 | $ | 48,331 | 118,688 | $ | 0.41 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations net of noncontrolling interest | $ | 46,650 | 147,095 | $ | 0.32 | $ | 48,331 | 119,532 | $ | 0.41 | ||||||||||||
Basic income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 146,425 | $ | 0.49 | $ | 71,239 | 118,688 | $ | 0.6 | ||||||||||||
Dilutive shares for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common share | ||||||||||||||||||||||
Net income available to common shareholders | $ | 71,900 | 147,095 | $ | 0.49 | $ | 71,239 | 119,532 | $ | 0.6 | ||||||||||||
Liberty Property Limited Partnership [Member] | ' | |||||||||||||||||||||
Income Per Common Unit [Line Items] | ' | |||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts): | ||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||
Income | Weighted | Per Unit | Income | Weighted | Per Unit | |||||||||||||||||
(Loss) (Numerator) | Average Units | (Numerator) | Average Units | |||||||||||||||||||
(Denominator) | (Denominator) | |||||||||||||||||||||
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures | $ | 25,978 | $ | 24,828 | ||||||||||||||||||
Less: Preferred unit distributions | (118 | ) | (1,211 | ) | ||||||||||||||||||
Basic income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 25,860 | 149,981 | $ | 0.17 | $ | 23,617 | 122,402 | $ | 0.19 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from continuing operations | ||||||||||||||||||||||
Income from continuing operations available to common unitholders | $ | 25,860 | 150,651 | $ | 0.17 | $ | 23,617 | 123,246 | $ | 0.19 | ||||||||||||
Basic income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | 47,775 | 149,981 | $ | 0.32 | $ | 49,828 | 122,402 | $ | 0.41 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income from discontinued operations | ||||||||||||||||||||||
Discontinued operations | $ | 47,775 | 150,651 | $ | 0.32 | $ | 49,828 | 123,246 | $ | 0.41 | ||||||||||||
Basic income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 73,635 | 149,981 | $ | 0.49 | $ | 73,445 | 122,402 | $ | 0.6 | ||||||||||||
Dilutive units for long-term compensation plans | — | 670 | — | 844 | ||||||||||||||||||
Diluted income per common unit | ||||||||||||||||||||||
Income available to common unitholders | $ | 73,635 | 150,651 | $ | 0.49 | $ | 73,445 | 123,246 | $ | 0.6 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 Income (Loss) (in thousands): | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Foreign Currency Translation: | |||||||||
Beginning balance | $ | 8,592 | $ | 3,195 | |||||
Translation adjustment | 1,346 | (4,851 | ) | ||||||
Ending balance | 9,938 | (1,656 | ) | ||||||
Net unrealized gain (loss) on derivative instruments: | |||||||||
Beginning balance | 1,584 | — | |||||||
Unrealized losses | (511 | ) | — | ||||||
Ending balance | 1,073 | — | |||||||
Total accumulated other comprehensive income | 11,011 | (1,656 | ) | ||||||
Less: portion included in noncontrolling interest – operating partnership | (454 | ) | (149 | ) | |||||
Total accumulated other comprehensive income (loss) included in shareholders' equity | $ | 10,557 | $ | (1,805 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||
Schedule of Segment Reporting Information, by Segment, Revenue and Net Operating Income [Table Text Block] | ' | |||||||||
The operating information by reportable segment is as follows (in thousands): | ||||||||||
For the Three Months | ||||||||||
Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
Operating revenue | ||||||||||
Carolinas | $ | 8,316 | $ | 7,279 | ||||||
Chicago/Milwaukee | 8,570 | 2,693 | ||||||||
Houston | 11,867 | 8,334 | ||||||||
Lehigh/Central PA | 29,623 | 24,677 | ||||||||
Minnesota | 13,750 | 15,383 | ||||||||
Orlando | 7,995 | 7,696 | ||||||||
Philadelphia | 9,408 | 8,333 | ||||||||
Richmond/Hampton Roads | 10,068 | 10,146 | ||||||||
South Florida | 12,309 | 8,558 | ||||||||
Southeastern PA | 38,437 | 41,054 | ||||||||
Tampa | 13,173 | 12,963 | ||||||||
United Kingdom | 4,102 | 1,100 | ||||||||
Other | 35,039 | 29,735 | ||||||||
Segment-level operating revenue | 202,657 | 177,951 | ||||||||
Reconciliation to total operating revenues | ||||||||||
Discontinued operations | (4,763 | ) | (31,080 | ) | ||||||
Other | (279 | ) | 256 | |||||||
Total operating revenue | $ | 197,615 | $ | 147,127 | ||||||
Net operating income | ||||||||||
Carolinas | $ | 5,742 | $ | 4,914 | ||||||
Chicago/Milwaukee | 5,163 | 2,174 | ||||||||
Houston | 7,053 | 5,250 | ||||||||
Lehigh/Central PA | 19,240 | 16,668 | ||||||||
Minnesota | 6,619 | 7,712 | ||||||||
Orlando | 5,492 | 5,251 | ||||||||
Philadelphia | 6,721 | 5,879 | ||||||||
Richmond/Hampton Roads | 5,920 | 6,226 | ||||||||
South Florida | 7,527 | 4,575 | ||||||||
Southeastern PA | 19,600 | 22,613 | ||||||||
Tampa | 8,441 | 8,254 | ||||||||
United Kingdom | 3,526 | (133 | ) | |||||||
Other | 21,731 | 17,123 | ||||||||
Segment-level net operating income | 122,775 | 106,506 | ||||||||
Reconciliation to income from continuing operations | ||||||||||
Interest expense (1) | (39,764 | ) | (32,082 | ) | ||||||
Depreciation/amortization expense (2) | (44,536 | ) | (29,307 | ) | ||||||
Equity in earnings of unconsolidated joint ventures | 4,159 | 1,757 | ||||||||
General and administrative expense (2) | (12,401 | ) | (13,877 | ) | ||||||
Discontinued operations excluding gain on property dispositions | (1,658 | ) | (8,115 | ) | ||||||
Income taxes (2) | (483 | ) | (491 | ) | ||||||
Other | (1,761 | ) | 437 | |||||||
Income from continuing operations | $ | 26,331 | $ | 24,828 | ||||||
-1 | Includes interest on discontinued operations. | |||||||||
-2 | Excludes costs which are included in determining segment-level net operating income. | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||
The Company's total assets by reportable segment as of March 31, 2014 and December 31, 2013 is as follows (in thousands): | ||||||||||
March 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Total assets | ||||||||||
Carolinas | $ | 260,502 | $ | 257,230 | ||||||
Chicago/Milwaukee | 411,677 | 413,585 | ||||||||
Houston | 389,279 | 380,248 | ||||||||
Lehigh/Central PA | 952,396 | 938,824 | ||||||||
Minnesota | 339,772 | 335,613 | ||||||||
Orlando | 253,311 | 253,888 | ||||||||
Philadelphia | 323,098 | 316,810 | ||||||||
Richmond/Hampton Roads | 248,580 | 250,008 | ||||||||
South Florida | 378,121 | 380,138 | ||||||||
Southeastern PA | 695,294 | 695,966 | ||||||||
Tampa | 335,984 | 337,300 | ||||||||
United Kingdom | 261,819 | 247,537 | ||||||||
Other | 1,501,146 | 1,735,393 | ||||||||
Segment-level total assets | 6,350,979 | 6,542,540 | ||||||||
Corporate Other | 411,685 | 233,020 | ||||||||
Total assets | $ | 6,762,664 | $ | 6,775,560 | ||||||
Accounting_for_the_Impairment_1
Accounting for the Impairment or Disposal of Long-Lived Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting for the Impairment or Disposal of Long-Lived Assets [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
A summary of the results of operations for the Portfolio Sale and other properties classified as discontinued operations through the respective disposition dates is as follows (in thousands): | |||||||||
For the Three Months Ended | |||||||||
March 31, 2014 | March 31, 2013 | ||||||||
Portfolio Sale | |||||||||
Revenues | $ | 4,763 | $ | 27,140 | |||||
Operating expenses | (2,570 | ) | (9,433 | ) | |||||
Interest and other income | 22 | 49 | |||||||
Interest expense | (557 | ) | (3,772 | ) | |||||
Depreciation and amortization | — | (7,311 | ) | ||||||
Income before gain on property dispositions | 1,658 | 6,673 | |||||||
Gain on property dispositions | 46,074 | — | |||||||
Income from discontinued operations - Portfolio Sale | $ | 47,732 | $ | 6,673 | |||||
Noncontrolling interest | (1,125 | ) | (200 | ) | |||||
Income from discontinued operations available to common shareholders - Portfolio Sale | $ | 46,607 | $ | 6,473 | |||||
Add back noncontrolling interest | 1,125 | $ | 200 | ||||||
Income from discontinued operations - Portfolio Sale | $ | 47,732 | $ | 6,673 | |||||
Income from discontinued operations - other properties | 43 | 43,155 | |||||||
Income from discontinued operations | $ | 47,775 | $ | 49,828 | |||||
Noncontrolling_Interest_Operat1
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ||||||||||||
Schedule of Preferred Units [Table Text Block] | ' | ||||||||||||
ISSUE | AMOUNT | UNITS | LIQUIDATION | DIVIDEND | |||||||||
PREFERENCE | RATE | ||||||||||||
(in 000’s) | |||||||||||||
Series I-2 | $ | 7,537 | 301 | $25 | 6.25 | % | |||||||
Disclosure_of_Fair_Value_of_Fi1
Disclosure of Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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, 2013 and March 31, 2014 (in thousands): | |||||||||||||||||
Mortgage Loans | Unsecured Notes | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
As of December 31, 2013 | $ | 545,306 | $ | 573,944 | $ | 2,708,213 | $ | 2,764,831 | |||||||||
As of March 31, 2014 | $ | 542,809 | $ | 569,140 | $ | 2,708,440 | $ | 2,830,329 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Future Minimum Rental Payments | ' | ||||
Year | Amount | ||||
2014 | $ | 274 | |||
2015 | 384 | ||||
2016 | 403 | ||||
2017 | 403 | ||||
2018 | 403 | ||||
2019 through 2034 | 5,575 | ||||
Total | $ | 7,442 | |||
Supplemental_Disclosure_to_Sta1
Supplemental Disclosure to Statements of Cash Flows (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure to Statements of Cash Flows | ' | |||||||
2014 | 2013 | |||||||
Write-off of fully depreciated property and deferred costs | $ | 11,279 | $ | 7,182 | ||||
Write-off of depreciated property and deferred costs due to sale | $ | 131,026 | $ | 23,906 | ||||
Unrealized losses on cash flow hedge | $ | (511 | ) | $ | — | |||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Narrative) (Details) | Mar. 31, 2014 |
Organization and Basis of Presentation [Abstract] | ' |
Ownership interest in operating partnership - Limited Partnership | 97.60% |
Income_per_Common_Share_of_the2
Income per Common Share of the Trust (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income per Common Share of the Trust [Abstract] | ' | ' | ' |
Income from continuing operations net of noncontrolling interest | $25,250 | $22,908 | ' |
Weighted Average Number of Shares Outstanding, Basic | 146,425,000 | 118,688,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.17 | $0.19 | ' |
Dilutive shares for long-term compensation plans | 670,000 | 844,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 147,095,000 | 119,532,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.17 | $0.19 | ' |
Income from Discontinued Operations, Net of Tax, Attributable to Parent | 46,650 | 48,331 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0.32 | $0.41 | ' |
Discontinued operations net of noncontrolling interest, Per Diluted Share | $0.32 | $0.41 | ' |
Net Income Available to Common Stockholders, Basic | $71,900 | $71,239 | ' |
Earnings Per Share, Basic | $0.49 | $0.60 | ' |
Earnings Per Share, Diluted | $0.49 | $0.60 | ' |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,247,000 | 992,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 504,000 |
Income_per_Common_Unit_of_the_2
Income per Common Unit of the Operating Partnership (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Per Common Unit [Line Items] | ' | ' | ' |
Income from continuing operations | $25,250 | $22,908 | ' |
Weighted Average Number of Shares Outstanding, Basic | 146,425,000 | 118,688,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.17 | $0.19 | ' |
Dilutive units for long-term compensation plans | 670,000 | 844,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 147,095,000 | 119,532,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.17 | $0.19 | ' |
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 47,775 | 49,828 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0.32 | $0.41 | ' |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0.32 | $0.41 | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 71,900 | 71,239 | ' |
Earnings Per Share, Basic | $0.49 | $0.60 | ' |
Earnings Per Share, Diluted | $0.49 | $0.60 | ' |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,247,000 | 992,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 504,000 |
Liberty Property Limited Partnership [Member] | ' | ' | ' |
Income Per Common Unit [Line Items] | ' | ' | ' |
Income from continuing operations | 25,978 | 24,828 | ' |
Less: Preferred unit distributions | -118 | -1,211 | ' |
Income from Continuing Operations available to Common Unitholders | 25,860 | 23,617 | ' |
Weighted Average Number of Shares Outstanding, Basic | 149,981,000 | 122,402,000 | ' |
Income from Continuing Operations, Per Basic Share | $0.17 | $0.19 | ' |
Dilutive units for long-term compensation plans | 670,000 | 844,000 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 150,651,000 | 123,246,000 | ' |
Income from Continuing Operations, Per Diluted Share | $0.17 | $0.19 | ' |
Income from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 47,775 | 49,828 | ' |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0.32 | $0.41 | ' |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $0.32 | $0.41 | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $73,635 | $73,445 | ' |
Earnings Per Share, Basic | $0.49 | $0.60 | ' |
Earnings Per Share, Diluted | $0.49 | $0.60 | ' |
Dilutive Shares, Shares Issued, Shares Acquired on Exchange [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,247,000 | 992,000 | ' |
Stock Issued During Period, Shares, Stock Options Exercised | 1,000 | ' | 504,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Cumulative Translation Adjustment Summary [Roll Forward] | ' | ' | ' |
Beginning balance | $8,592 | $3,195 | ' |
Translation adjustment | 1,346 | -4,851 | ' |
Ending balance | 9,938 | -1,656 | ' |
Cumulative Cash Flow Hedge Adjustment Summary [Roll Forward] | ' | ' | ' |
Beginning balance | 1,584 | 0 | ' |
Unrealized losses | -511 | 0 | ' |
Ending balance | 1,073 | 0 | ' |
Total accumulated other comprehensive income | 11,011 | -1,656 | ' |
Less: portion included in noncontrolling interest - operating partnership | -454 | -149 | ' |
Total accumulated other comprehensive income included in shareholders' equity | $10,557 | ($1,805) | $9,742 |
Segment_Information_Performanc
Segment Information - Performance of the Reportable Segments Based on Property Level Operating Income (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | $197,615,000 | $147,127,000 | ||
Net operating income | 59,458,000 | 46,928,000 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Interest expense | -39,207,000 | -27,739,000 | ||
Depreciation and amortization expense | -57,589,000 | -45,585,000 | ||
Equity in earnings of unconsolidated joint ventures | 4,159,000 | 1,757,000 | ||
General and administrative expense | -18,361,000 | -19,793,000 | ||
Income taxes | -531,000 | -491,000 | ||
Income from continuing operations | 26,331,000 | 24,828,000 | ||
Intersegment Eliminations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 0 | 0 | ||
Operating Segments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 202,657,000 | 177,951,000 | ||
Net operating income | 122,775,000 | 106,506,000 | ||
Operating Segments [Member] | Carolinas [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 8,316,000 | 7,279,000 | ||
Net operating income | 5,742,000 | 4,914,000 | ||
Operating Segments [Member] | Chicago Milwaukee [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 8,570,000 | 2,693,000 | ||
Net operating income | 5,163,000 | 2,174,000 | ||
Operating Segments [Member] | Houston [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 11,867,000 | 8,334,000 | ||
Net operating income | 7,053,000 | 5,250,000 | ||
Operating Segments [Member] | Lehigh Central PA [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 29,623,000 | 24,677,000 | ||
Net operating income | 19,240,000 | 16,668,000 | ||
Operating Segments [Member] | Minnesota [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 13,750,000 | 15,383,000 | ||
Net operating income | 6,619,000 | 7,712,000 | ||
Operating Segments [Member] | Orlando [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 7,995,000 | 7,696,000 | ||
Net operating income | 5,492,000 | 5,251,000 | ||
Operating Segments [Member] | Philadelphia [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 9,408,000 | 8,333,000 | ||
Net operating income | 6,721,000 | 5,879,000 | ||
Operating Segments [Member] | Richmond Hampton Roads [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 10,068,000 | 10,146,000 | ||
Net operating income | 5,920,000 | 6,226,000 | ||
Operating Segments [Member] | South Florida [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 12,309,000 | 8,558,000 | ||
Net operating income | 7,527,000 | 4,575,000 | ||
Operating Segments [Member] | Southeastern PA [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 38,437,000 | 41,054,000 | ||
Net operating income | 19,600,000 | 22,613,000 | ||
Operating Segments [Member] | Tampa [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 13,173,000 | 12,963,000 | ||
Net operating income | 8,441,000 | 8,254,000 | ||
Operating Segments [Member] | United Kingdom [Member] | European Union [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 4,102,000 | 1,100,000 | ||
Net operating income | 3,526,000 | -133,000 | ||
Operating Segments [Member] | Other Segments [Member] | North America [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | 35,039,000 | 29,735,000 | ||
Net operating income | 21,731,000 | 17,123,000 | ||
Discontinued Operations [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | -4,763,000 | -31,080,000 | ||
Corporate, Non-Segment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Operating revenue | -279,000 | 256,000 | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ||
Interest expense | -39,764,000 | [1] | -32,082,000 | [1] |
Depreciation and amortization expense | -44,536,000 | [2] | -29,307,000 | [2] |
Equity in earnings of unconsolidated joint ventures | 4,159,000 | 1,757,000 | ||
General and administrative expense | -12,401,000 | [2] | -13,877,000 | [2] |
Discontinued operations excluding gain on property dispositions | -1,658,000 | -8,115,000 | ||
Income taxes | -483,000 | [2] | -491,000 | [2] |
Other | ($1,761,000) | $437,000 | ||
[1] | Includes interest on discontinued operations. | |||
[2] | Excludes costs which are included in determining segment-level net operating income. |
Segment_Information_Total_Asse
Segment Information - Total Assets by Segment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $6,762,664,000 | $6,775,560,000 |
Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 6,350,979,000 | 6,542,540,000 |
Corporate, Non-Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 411,685,000 | 233,020,000 |
North America [Member] | Operating Segments [Member] | Carolinas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 260,502,000 | 257,230,000 |
North America [Member] | Operating Segments [Member] | Chicago Milwaukee [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 411,677,000 | 413,585,000 |
North America [Member] | Operating Segments [Member] | Houston [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 389,279,000 | 380,248,000 |
North America [Member] | Operating Segments [Member] | Lehigh Central PA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 952,396,000 | 938,824,000 |
North America [Member] | Operating Segments [Member] | Minnesota [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 339,772,000 | 335,613,000 |
North America [Member] | Operating Segments [Member] | Orlando [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 253,311,000 | 253,888,000 |
North America [Member] | Operating Segments [Member] | Philadelphia [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 323,098,000 | 316,810,000 |
North America [Member] | Operating Segments [Member] | Richmond Hampton Roads [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 248,580,000 | 250,008,000 |
North America [Member] | Operating Segments [Member] | South Florida [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 378,121,000 | 380,138,000 |
North America [Member] | Operating Segments [Member] | Southeastern PA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 695,294,000 | 695,966,000 |
North America [Member] | Operating Segments [Member] | Tampa [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 335,984,000 | 337,300,000 |
North America [Member] | Operating Segments [Member] | Other Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 1,501,146,000 | 1,735,393,000 |
European Union [Member] | Operating Segments [Member] | United Kingdom [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $261,819,000 | $247,537,000 |
Accounting_for_the_Impairment_2
Accounting for the Impairment or Disposal of Long-Lived Assets (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Discontinued Operations [Member] | Discontinued Operations [Member] | Portfolio Sale, Total [Member] | Portfolio Sale, Total [Member] | Portfolio Sale, Total [Member] | Portfolio Sale, Total [Member] | Other Properties [Member] | Other Properties [Member] | Portfolio Sale, first settlement [Member] | Portfolio Sale, Second Settlement [Member] | Portfolio Sale, Second Settlement [Member] | Portfolio Sale, Second Settlement [Member] | Portfolio Sale, Second Settlement [Member] | |||
properties | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | acre | Other Segments [Member] | Other Segments [Member] | Southeastern PA [Member] | |||||||
sqft | properties | Maryland [Member] | New Jersey [Member] | sqft | |||||||||||
sqft | properties | properties | properties | ||||||||||||
sqft | sqft | ||||||||||||||
acre | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | 97 | ' | ' | ' | ' | 49 | ' | 23 | 24 | 1 |
Area of Real Estate Property | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | 4,000,000 | ' | 1,400,000 | 1,200,000 | 37,000 |
Significant Disposals, Sale Proceeds | ' | ' | ' | ' | ' | $697,300,000 | ' | ' | ' | ' | $367,700,000 | $329,600,000 | ' | ' | ' |
Number of Real Estate Settlements | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140 | ' | 19 | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 74,700,000 | ' | ' | ' | ' | ' |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | 4,763,000 | 27,140,000 | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | -2,570,000 | -9,433,000 | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | 22,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | -557,000 | -3,772,000 | ' | ' | ' | ' | ' | ' | ' |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | 0 | -7,311,000 | ' | ' | ' | ' | ' | ' | ' |
Income before gain on property dispositions | ' | ' | ' | ' | ' | ' | 1,658,000 | 6,673,000 | ' | ' | ' | ' | ' | ' | ' |
Gain on property dispositions | 46,117,000 | 41,713,000 | ' | ' | ' | ' | 46,074,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations | 47,775,000 | 49,828,000 | 47,775,000 | 49,828,000 | ' | ' | 47,732,000 | 6,673,000 | 43,000 | 43,155,000 | ' | ' | ' | ' | ' |
Noncontrolling Interest | ' | ' | ' | ' | ' | ' | -1,125,000 | -200,000 | ' | ' | ' | ' | ' | ' | ' |
Income from discontinued operations available to common shareholders | ' | ' | ' | ' | ' | ' | 46,607,000 | 6,473,000 | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Operating Cash Flows | ' | ' | -2,700,000 | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operations, Investing Cash Flows | ' | ' | $313,100,000 | ($3,800,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Narra
Noncontrolling Interests - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Common units, units outstanding | 3,553,566 | 3,556,556 |
Market value of common units based on closing price | $131.30 | ' |
Limited_Partners_Equity_of_the1
Limited Partners' Equity of the Operating Partnership - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Limited Partners' Capital Account [Line Items] | ' | ' |
market value of the outstanding common units | $131.30 | ' |
Liberty Property Limited Partnership [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 3,553,566 | 3,556,556 |
market value of the outstanding common units | $131.30 | ' |
Noncontrolling_Interest_Operat2
Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ' |
Preferred Units, Outstanding | 0 | 0 |
Series I 2 [Member] | ' | ' |
Limited Partners' Capital Account - Preferred Units [Line Items] | ' | ' |
Noncontrolling Interest in Operating Partnerships | $7,537 | ' |
Preferred Units, Outstanding | 301,483 | 301,483 |
Redeemable Preferred Units Liquidation Preference | $25 | ' |
Preferred Stock Dividends Rate Percentage Or Per Dollar Amount | 6.25% | ' |
Indebtedness_Details
Indebtedness (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Line of Credit [Member] | Line of Credit [Member] | Total Debt to Total Assets Ratio [Member] | EBITDA to Fixed Charges Ratio [Member] | Unsecured Debt to Unencumbered Asset Ratio [Member] | Unencumbered Net Operating Income to Unsecured Interest Expense [Member] | |||
Old Credit Facility [Member] | New Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |||
New Credit Facility [Member] | New Credit Facility [Member] | New Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.05% | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 2-Nov-15 | 26-Mar-18 | ' | ' | ' | ' |
Line of Credit Facility, Competitive Bid Option, Percentage | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $500,000,000 | $800,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | 0.20% | ' | ' | ' | ' |
Borrowed Funds | ' | ' | ' | ' | 0.6 | ' | ' | ' |
Assets | 6,762,664,000 | 6,775,560,000 | ' | ' | 1 | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Earnings before Interest, Taxes, Depreciation and Amortization to Fixed Charges Ratio | ' | ' | ' | ' | ' | $1.50 | ' | ' |
Line of Credit Facility, Unsecured Debt to Unencumbered Asset Value, Maximum | ' | ' | ' | ' | ' | ' | 60.00% | ' |
Line of Credit Facility, Unencumbered Net Operating Income to Unsecured Interest Expense, Minimum | ' | ' | ' | ' | ' | ' | ' | 175.00% |
Disclosure_of_Fair_Value_of_Fi2
Disclosure of Fair Value of Financial Instruments (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reported Value Measurement [Member] | Unsecured Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | $2,708,440 | $2,708,213 |
Reported Value Measurement [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | 542,809 | 545,306 |
Estimate of Fair Value Measurement [Member] | Unsecured Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | 2,830,329 | 2,764,831 |
Estimate of Fair Value Measurement [Member] | Mortgage Loans on Real Estate [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | $569,140 | $573,944 |
Business_Combination_Details
Business Combination (Details) (Cabot Industrial Value Fund III [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Oct. 08, 2013 | Dec. 31, 2013 |
sqft | ||
Business Acquisition [Line Items] | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 8-Oct-13 |
Business Acquisition, Name of Acquired Entity | ' | 'Cabot Industrial Fund III Operating Partnership, L.P. |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ' |
Area of Real Estate Property | 23,000,000 | ' |
Business Combination, Consideration Transferred | $1,469 | ' |
Industrial Property [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Real Estate Properties | 177 | ' |
Mortgages [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | $229.80 | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Interest Rate Derivatives [Abstract] | ' | ' |
Number of interest rate swap contracts | 3 | ' |
aggregate notional amount | $104,900,000 | $105,200,000 |
Termination value of interest rate swap, including accrued interest | 8,800,000 | ' |
Interest Rate Cash Flow Hedges [Abstract] | ' | ' |
Change in fair value of swaps as a decrease to other comprehensive income | 871,000 | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 360,000 | ' |
Ineffective portion of the change in the fair value of swaps as an adjustment to interest expense | 18,000 | ' |
Fair value of interest rate swaps | 8,400,000 | 8,400,000 |
Amount estimated to be reclassified from accumulated other comprehensive income as an adjustment to interest expense | $1,400,000 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Operating ground lease expense | $47,000 | $40,000 | ' |
Loss Contingency, Pending Claims, Number | 0 | ' | ' |
Letter of credit obligations | 8,100,000 | ' | ' |
Development in Process | 242,771,000 | ' | 209,187,000 |
Construction in Progress [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Number of Real Estate Properties | 15 | ' | ' |
Leasable space of buildings | 4,900,000 | ' | ' |
Anticipated aggregate investment | 406,100,000 | ' | ' |
Deferred Costs, Leasing, Gross | 10,800,000 | ' | ' |
Development Not Yet Commenced [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Anticipated aggregate investment | 12,700,000 | ' | ' |
Land and building improvements | 12,800,000 | ' | ' |
Land Held for Development [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | 52,800,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Potential payments for tenant allowances | $36,300,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
2014 | $274 |
2015 | 384 |
2016 | 403 |
2017 | 403 |
2018 | 403 |
2019 through 2034 | 5,575 |
Total | $7,442 |
Supplemental_Disclosure_to_Sta2
Supplemental Disclosure to Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Write off of fully depreciated property and deferred costs | $11,279 | $7,182 |
Write off of depreciated property and deferred costs due to sale | 131,026 | 23,906 |
Unrealized losses on cash flow hedge, non cash transaction | ($511) | $0 |