Wayne’s Liberty Property Trust Defends Its Strategy After Call to Sell Remaining Properties
Wayne-based Liberty Property Trust defended its warehouse strategy after a call by an investor for the company to sell its remaining properties, writes Joseph DiStefano for The Philadelphia Inquirer.
Jonathan Litt, founder of Liberty shareholder Land & Buildings Investment Management, has urged the company’s chairman Bill Hankowsky and other members of the board to perform a complete review of all the strategic alternatives. The request was made due to Liberty’s stock consistently staying below the net asset value of its properties.
In response, Liberty said its management team and board have had a number of discussions with Litt’s team. According to the company, it “has taken aggressive actions to position its portfolio for enhanced growth and drive solid financial results by divesting office properties and redeploying the proceeds into value-enhancing industrial assets and development opportunities.”
The company said it “remains encouraged by the continued strength in the industrial markets, increasing demand for quality industrial space, and outstanding development opportunities.”
Liberty said that its board is mindful of its fiduciary duties and obligations to shareholders. As such, it is committed to taking actions that improve value for all shareholders.
Read more about Liberty Property Trust in The Philadelphia Inquirer here.
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