Attached files
file | filename |
---|---|
8-K - 8-K - LIBERTY PROPERTY TRUST | a13-4394_28k.htm |
EX-99.3 - EX-99.3 - LIBERTY PROPERTY TRUST | a13-4394_2ex99d3.htm |
EX-99.2 - EX-99.2 - LIBERTY PROPERTY TRUST | a13-4394_2ex99d2.htm |
Exhibit 99.1
Liberty Property Trust
Statement of Operations
December 31, 2012
(Unaudited and in thousands, except per share amounts)
|
|
Quarter Ended |
|
Year ended |
| ||||||||
|
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2012 |
|
December 31, 2011 |
| ||||
Operating Revenue |
|
|
|
|
|
|
|
|
| ||||
Rental |
|
$ |
121,709 |
|
$ |
118,171 |
|
$ |
478,835 |
|
$ |
464,053 |
|
Operating expense reimbursement |
|
54,518 |
|
50,533 |
|
206,717 |
|
199,188 |
| ||||
Total operating revenue |
|
176,227 |
|
168,704 |
|
685,552 |
|
663,241 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Expenses |
|
|
|
|
|
|
|
|
| ||||
Rental property |
|
37,704 |
|
34,105 |
|
133,630 |
|
125,761 |
| ||||
Real estate taxes |
|
18,407 |
|
18,336 |
|
79,859 |
|
76,982 |
| ||||
General and administrative |
|
18,286 |
|
16,547 |
|
64,730 |
|
59,367 |
| ||||
Depreciation and amortization |
|
42,923 |
|
39,994 |
|
165,628 |
|
156,242 |
| ||||
Total operating expenses |
|
117,320 |
|
108,982 |
|
443,847 |
|
418,352 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Operating Income |
|
58,907 |
|
59,722 |
|
241,705 |
|
244,889 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other Income/Expense |
|
|
|
|
|
|
|
|
| ||||
Interest and other |
|
1,320 |
|
1,472 |
|
9,289 |
|
8,389 |
| ||||
Interest |
|
(29,738 |
) |
(29,510 |
) |
(119,630 |
) |
(120,718 |
) | ||||
Total other income/expense |
|
(28,418 |
) |
(28,038 |
) |
(110,341 |
) |
(112,329 |
) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income before property dispositions, income taxes, noncontrolling interest and equity in earnings of unconsolidated joint ventures |
|
30,489 |
|
31,684 |
|
131,364 |
|
132,560 |
| ||||
Gain on property dispositions |
|
1,305 |
|
1,664 |
|
4,123 |
|
5,025 |
| ||||
Income taxes |
|
(331 |
) |
(51 |
) |
(976 |
) |
(1,020 |
) | ||||
Equity in earnings (loss) of unconsolidated joint ventures |
|
716 |
|
1,026 |
|
(681 |
) |
3,496 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
|
32,179 |
|
34,323 |
|
133,830 |
|
140,061 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Discontinued operations (including net gains on property dispositions of $8,837 and $5,860 for the quarters ended December 31, 2012 and 2011 and net gains of $11,383 and $60,582 for the years ended December 31, 2012 and 2011) |
|
8,392 |
|
6,922 |
|
13,921 |
|
70,649 |
| ||||
Net Income |
|
40,571 |
|
41,245 |
|
147,751 |
|
210,710 |
| ||||
Noncontrolling interest - operating partnerships |
|
(2,416 |
) |
(6,453 |
) |
(10,590 |
) |
(27,222 |
) | ||||
Noncontrolling interest - consolidated joint ventures |
|
275 |
|
|
|
275 |
|
511 |
| ||||
Net Income available to common shareholders |
|
$ |
38,430 |
|
$ |
34,792 |
|
$ |
137,436 |
|
$ |
183,999 |
|
|
|
|
|
|
|
|
|
|
| ||||
Net income |
|
$ |
40,571 |
|
$ |
41,245 |
|
$ |
147,751 |
|
$ |
210,710 |
|
Other comprehensive income (loss) |
|
389 |
|
(217 |
) |
3,436 |
|
(281 |
) | ||||
Comprehensive income |
|
40,960 |
|
41,028 |
|
151,187 |
|
210,429 |
| ||||
Less: comprehensive income attributable to noncontrolling interest |
|
(2,153 |
) |
(6,446 |
) |
(10,422 |
) |
(26,705 |
) | ||||
Comprehensive income attributable to common shareholders |
|
$ |
38,807 |
|
$ |
34,582 |
|
$ |
140,765 |
|
$ |
183,724 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic income per common share |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
0.26 |
|
$ |
0.24 |
|
$ |
1.06 |
|
$ |
1.00 |
|
Discontinued operations |
|
$ |
0.07 |
|
$ |
0.06 |
|
$ |
0.12 |
|
$ |
0.60 |
|
Total basic income per common share |
|
$ |
0.33 |
|
$ |
0.30 |
|
$ |
1.18 |
|
$ |
1.60 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted income per common share |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
0.25 |
|
$ |
0.24 |
|
$ |
1.06 |
|
$ |
1.00 |
|
Discontinued operations |
|
$ |
0.07 |
|
$ |
0.06 |
|
$ |
0.11 |
|
$ |
0.59 |
|
Total diluted income per common share |
|
$ |
0.32 |
|
$ |
0.30 |
|
$ |
1.17 |
|
$ |
1.59 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average shares |
|
|
|
|
|
|
|
|
| ||||
Basic |
|
117,556 |
|
115,373 |
|
116,863 |
|
114,755 |
| ||||
Diluted |
|
118,378 |
|
116,090 |
|
117,694 |
|
115,503 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Amounts attributable to common shareholders |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
|
$ |
30,293 |
|
$ |
28,090 |
|
$ |
123,945 |
|
$ |
115,653 |
|
Discontinued operations |
|
8,137 |
|
6,702 |
|
13,491 |
|
68,346 |
| ||||
Net income |
|
$ |
38,430 |
|
$ |
34,792 |
|
$ |
137,436 |
|
$ |
183,999 |
|