Liberty Property Trust Revises 2014 Financial Projections

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MALVERN, PA – Liberty Property Trust announced Tuesday that reduced acquisitions, minor delays in starting developments and slower occupancy rates have caused it to be a bit more cautious in its financial projections for 2014.

Bill Hankowsky
Bill Hankowsky (Photo courtesy of REIT.com)

However, Bill Hankowsky, chairman and chief executive officer, said the revised projections are situational and not indicative of negative market trends.

“We continued to see good activity in the industrial markets, with solid demand and rent increases,” Hankowsky said. The thin and pricey industrial transaction market is offering few acquisition opportunities that meet our investment criteria, therefore it has taken longer than expected to deploy the capital on our balance sheet in a manner that creates value.”

Liberty said funds from operations available to common shareholders (diluted) (“FFO”) for the second quarter of 2014 was $0.59 per share, compared to $0.66 per share for the second quarter of 2013. FFO per share for the six-month period ended June 30, 2014 was $1.17, compared to $1.31 per share for the same period in 2013.

Also, net income per common share (diluted) was $0.20 for the quarter ended June 30, 2014, compared to $0.33 for the quarter ended June 30, 2013. Net income per common share (diluted) for the six-month period ended June 30, 2014 was $0.69, compared to $0.93 for the same period in 2013.

Results for the first half of 2014 reflect the sale of 6.6 million square feet of suburban office and flex properties which closed in two installments during December 2013 and January 2014.Liberty said the year-over-year results reflect strategic portfolio transformations that have increased Liberty’s industrial portfolio and decreased its office exposure.

Liberty now expects to report 2014 FFO per share in the range of $2.42 – $2.48. Previous guidance was $2.45-$2.55 per share. Liberty’s quarterly supplemental package with detailed financial information is available in here in the Investors section of the company’s web site.

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