MALVERN, Pa., Dec. 11, 2012 /PRNewswire/ --Liberty Property Trust has announced its expected 2013 financial results, and is affirming previously-announced expectations for 2012. Liberty expects to report funds from operations ("FFO") per share in the range of $2.57 - $2.59 for 2012 and in the range of $2.60 - $2.70 for 2013.
Commenting on this guidance, Liberty's chief executive officer, Bill Hankowsky said: "In developing guidance for 2013, we have assumed that the economic recovery will continue to slowly improve. We expect occupancy to increase for both our office and industrial portfolios. We believe that market rents have bottomed in both office and industrial, but we are still experiencing roll-downs in rents in our office portfolio as we release space previously leased at height-of-the-market rates. At this point, acquisition opportunities are scarce and we expect our external growth to be primarily through development. We should continue to benefit from increased development opportunities as new space is required to satisfy pent-up demand and changes in how companies are doing business."
A reconciliation of projected FFO to projected GAAP net income for both 2012 and 2013 is below (all amounts projected):
2012 Range
2013 Range
Low
High
Low
High
Net income per share
Continued here: