MALVERN, Pa., April 23, 2013 \/PRNewswire\/ --Liberty Property Trust reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the first quarter of 2013 was $0.65 per share, compared to $0.68 per share for the first quarter of 2012. Funds from operations for the first quarter of 2013 and 2012 include $3.9 million and $3.3 million, respectively, of additional compensation expense due to the accelerated vesting of long-term compensation due to the years of service and ages of certain employees. Funds from operations for the first quarter of 2013 include termination fees of $0.5 million. <\/p>\n
Net income per common share (diluted) was $0.60 per share for the quarter ended March 31, 2013, compared to $0.32 per share (diluted) for the quarter ended March 31, 2012. Net income for the three months ended March 31, 2013 includes net gains on property dispositions of $43.5 million ($0.36 per share) versus $1.6 million ($0.01 per share) for the corresponding quarter in 2012. <\/p>\n
\"Liberty had another solid quarter, with strong leasing and tenant retention,\" said Bill Hankowsky, chairman and chief executive officer. \"Industrial markets continue to strengthen, which is reflected in our occupancy increase for the quarter, while office markets remain tepid. Our performance and market activity is consistent with our expectations going into 2013.\" <\/p>\n
Portfolio Performance <\/p>\n
Leasing: At March 31, 2013, Liberty's in-service portfolio of 80.6 million square feet was 92.6% occupied, compared to 92.1% at the end of the fourth quarter. During the quarter, Liberty completed lease transactions totaling 5.4 million square feet of space. <\/p>\n
Same Store Performance: Property level operating income for same store properties increased by 0.3% on a cash basis and increased by 1.0% on a straight line basis for the first quarter of 2013 compared to the same quarter in 2012. <\/p>\n
Capital Activities and Balance Sheet Management <\/p>\n
Property Sales: During the first quarter, Liberty sold one operating property, which contained 441,000 square feet of leasable space for $74.7 million. The property was 100% leased at the time of the sale. <\/p>\n
Common Share Sales: During the first quarter of 2013, Liberty sold 642,000 shares under the company's continuous equity program, generating net proceeds of $24.3 million. <\/p>\n
Real Estate Investments <\/p>\n
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Liberty Property Trust Announces First Quarter 2013 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MALVERN, Pa., April 23, 2013 \/PRNewswire\/ --Liberty Property Trust reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the first quarter of 2013 was $0.65 per share, compared to $0.68 per share for the first quarter of 2012. Continue reading