MALVERN, Pa., July 24, 2012 \/PRNewswire\/ -- Liberty Property Trust (LRY) reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the second quarter of 2012 was $0.63 per share, compared to $0.69 per share for the same period in 2011. Funds from operations for the second quarter of 2012 include lease termination fees of $0.7 million. <\/p>\n
FFO per share for the six-month period ended June 30, 2012 was $1.31, compared to $1.34 per share for the same period in 2011. <\/p>\n
Net income per common share (diluted) was $0.29 per share for the quarter ended June 30, 2012, compared to $0.74 per share (diluted) for the quarter ended June 30, 2011. Net income for the six-month period ended June 30, 2012 was $0.61 per share, compared with $0.99 per share for the same period in 2011. Net income for the three months ended June 30, 2012 and June 30, 2011 includes net gains on property dispositions of $3.3 million ($0.03 per share) and $50.5 million ($0.44 per share) respectively, and net income for the six months ended June 30, 2012 and June 30, 2011 includes net gains on property dispositions of $4.9 million ($0.04 per share) and $52.1 million ($0.45 per share), respectively. <\/p>\n
\"Liberty's execution in the second quarter was exceptional on all fronts,\" said Bill Hankowsky, chairman and chief executive officer. \"We took steps to enhance the future profitability of our portfolio through the sale of a significant amount of commodity office space, we leased over five million square feet of space, and we enhanced our already outstanding balance sheet with well-timed capital events.\" <\/p>\n
Portfolio Performance <\/p>\n
Leasing: At June 30, 2012 Liberty's in-service portfolio of 77 million square feet was 90.7% occupied, compared to 90.5% at the end of the first quarter. During the second quarter, Liberty completed lease transactions totaling 5.5 million square feet of space. <\/p>\n
Same Store Performance: Property level operating income for same store properties decreased by 0.6% on a cash basis and decreased by 1.0% on a straight line basis for the second quarter of 2012 compared to the same quarter in 2011. <\/p>\n
Portfolio Activity <\/p>\n
During the second quarter, Liberty furthered the execution of its portfolio repositioning strategy through property sales and acquisitions. <\/p>\n
Dispositions: During the quarter, Liberty sold 54 operating properties containing 2.7 million square feet, and 58 acres of land for $208.6 million. The properties were 82.3% leased, and consisted primarily of single-story and mid-rise suburban office and high-finish flex product in Wisconsin, Maryland, Virginia, North Carolina and New Jersey. <\/p>\n<\/p>\n
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Liberty Property Trust Announces Second Quarter Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MALVERN, Pa., July 24, 2012 \/PRNewswire\/ -- Liberty Property Trust (LRY) reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the second quarter of 2012 was $0.63 per share, compared to $0.69 per share for the same period in 2011. Continue reading