MALVERN, Pa., Oct. 23, 2012 \/PRNewswire\/ --Liberty Property Trust (LRY) reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the third quarter of 2012 was $0.64 per share, compared to $0.64 per share for the same period in 2011. Funds from operations for the third quarter of 2012 include lease termination fees of $0.9 million. <\/p>\n
FFO per share for the nine-month period ended September 30, 2012 was $1.94, compared to $1.98 per share for the same period in 2011. <\/p>\n
Net income per common share (diluted) was $0.24 per share for the quarter ended September 30, 2012, compared to $0.31 per share for the quarter ended September 30, 2011. Net income for the nine-month period ended September 30, 2012 was $0.84 per share, compared with $1.29 per share for the same period in 2011. Net income per common share (diluted) for the nine months ended September 30, 2012 and September 30, 2011 includes net gains on property dispositions of $5.4 million ($0.05 per share) and $58.1 million ($0.50 per share), respectively. <\/p>\n
\"The economy continues to improve at a very slow pace, resulting in occupancy gains in the industrial portfolio offset by decreases in rental rates on signed leases in certain office markets,\" said Bill Hankowsky, chairman and chief executive officer. \"As far as external growth is concerned, we continue to see solid demand for high-quality industrial space from large corporate users and build-to suit opportunities for both industrial and office users. Our growing development pipeline is now delivering new product into service at solid returns.\" <\/p>\n
Portfolio Performance <\/p>\n
Leasing: At September 30, 2012, Liberty's in-service portfolio of 78 million square feet was 91.8% occupied, compared to 90.7% at the end of the second quarter. During the third quarter, Liberty completed lease transactions totaling 3.8 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 decreased by 0.3% on a straight line basis for the third quarter of 2012 compared to the same quarter in 2011. <\/p>\n
Portfolio Activity <\/p>\n
Development: Liberty brought into service two development properties representing a total investment of $15.7 million. These two build-to-suit developments total 282,000 square feet and were completed at current yield of 8.6%. <\/p>\n
Liberty commenced development of three properties totaling 530,000 square feet at a projected investment of $55.5 million. The new development properties include a 100% pre-leased, 139,000 square foot office building in Phoenix, AZ, and two industrial distribution buildings in Houston, TX and Rogers, MN totaling 391,000 square feet which are being developed for inventory. <\/p>\n<\/p>\n
Read more: MALVERN, Pa., Oct. 23, 2012 \/PRNewswire\/ --Liberty Property Trust (LRY) reported that funds from operations available to common shareholders (diluted) (\"FFO\") for the third quarter of 2012 was $0.64 per share, compared to $0.64 per share for the same period in 2011. Continue reading
\nLiberty Property Trust Announces Third Quarter Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"