A subsidiary of Liberty Property Trust (LRY), a real estate investment trust (:REIT), recently priced an underwritten public offering of $300 million worth of 3.375% senior unsecured notes.The notes are scheduled to mature in June 2023 to yield 3.386% to maturity. <\/p>\n
The proceeds from the offering are expected to be utilized to repay debt under the companys revolving credit facility and for other general corporate purposes. <\/p>\n
Earlier in the third quarter of 2012, Liberty Property repaid 6.375% Senior Notes totalling $230.1 million. At the end of third quarter 2012, Liberty Property had nearly $34.1 million in cash and cash equivalents. The companymaintains a balanced and flexible balance sheet with ample liquidity and minimal debt maturities that enable it to capitalize on potential opportunities to fuel top-line growth. <\/p>\n
Liberty Property reported third quarter 2012 FFO (funds from operations) of $77.6 million or 64 cents per share compared with $ 77.1 million or 64 cents in the year-earlier quarter. <\/p>\n
Based in Pennsylvania, Liberty Property provides leasing, property management, development, construction management, design management, and related services for a portfolio of industrial and office properties. The company is continuing with its portfolio repositioning program as it focuses on higher growth markets characterized by better job and rent growth prospects. <\/p>\n
Liberty Property currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE) also carries a Zacks #3 Rank. <\/p>\n
Note: Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. <\/p>\n
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Liberty Property Prices Senior Notes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A subsidiary of Liberty Property Trust (LRY), a real estate investment trust (:REIT), recently priced an underwritten public offering of $300 million worth of 3.375% senior unsecured notes.The notes are scheduled to mature in June 2023 to yield 3.386% to maturity. The proceeds from the offering are expected to be utilized to repay debt under the companys revolving credit facility and for other general corporate purposes. Continue reading