Liberty Property Trust of Malvern says it is seeing fertile ground for development and increased demand for Class A properties.

Results for the first nine months of 2014 reflect the sale of 6.6 million square feet of suburban office and flex properties. Liberty says year-over-year results reflect strategic portfolio transformation activities that increased its industrial portfolio and decreased its suburban office exposure.

Notable activity included leasing 151 S. Warner Road in King of Prussia; 100 percent leasing of three development properties (a $200 million investment); and two joint venture properties, including a $921.2 million office and hotel property at 1800 Arch St., Philadelphia.

The firm reported funds from operations available to common shareholders (diluted) (“FFO”) for the third quarter of 2014 was $0.64 per share, compared to $0.57 per share for the third quarter of 2013. FFO per share was $1.80 for the nine-month period ended Sept. 30, 2014 compared to $1.86 per share for the same period in 2013.

Net income per common share (diluted) was $0.23 for the quarter ended Sept. 30, 2014, compared to $0.21 for the quarter ended Sept. 30, 2013. Net income per common share (diluted) for the nine-month period ended Sept. 30, 2014 was $0.92, compared to $1.11 for the same period in 2013.

Liberty reported $6,660,842 in assets on Sept. 30, compared to $6,775,560 in assets on Dec. 31, 2013.  The company had liabilities of  $3,585,317 on Sept. 30 compared to $3,671,844 on Dec. 31.

“As we anticipated, the industrial markets are providing fertile ground to ramp up our development pipeline, and we continue to take advantage of positive supply/demand dynamics in our industrial markets,” said Bill Hankowsky, chairman and CEO.