The office and industrial real estate investment trust (:REIT), Liberty Property Trust (LRY), reported third-quarter 2013 funds from operations (:FFO) of 57 cents per share. This missed the Zacks Consensus Estimate of 61 cents as well as the prior-year quarter figure of 64 cents. <\/p>\n
The quarterly results were affected by costs related to the buyout of Cabot Industrial Value Fund III Operating Partnership, L.P, share dilutions and higher termination fees. <\/p>\n
However, total operating revenue during the quarter came in at $183.4 million, up 9.4% from $167.7 million in the prior-year period but fell short of the Zacks Consensus Estimate of $186 million. <\/p>\n
Inside the Headlines <\/p>\n
Liberty Property continued strong leasing activity in the third quarter, with about 8.7 million square feet of leased space. With this, the company set a new leasing record. <\/p>\n
As of Sep 30, 2013, the occupancy at the in-service portfolio of Liberty Property spanning 83.7 million square feet declined 220 basis points (bps) to 90.6% from 92.8% sequentially. This was due to the timing of the initiation of some lease agreements. Nevertheless, on a signed basis, the in-service portfolio was 92.4% leased at the end of the quarter. <\/p>\n
On the other hand, in third-quarter 2013, same-store properties operating income upped 1.8% on a cash basis and 1.0% on a straight-line basis from the year-ago quarter. <\/p>\n
Portfolio Restructuring Activity <\/p>\n
During the said quarter, Liberty Property acquired a Phoenix, Ariz.-based industrial building for $27.9 million. The untenanted property (at the time of acquisition) spans 593,600 square feet of leasable space. <\/p>\n
The company also brought 4 development assets (35% occupied as of Sep 30, 2013) into operation with a total investment of $163.2 million. The asset, spanning 2.5 million square feet of leasable space, generates a current yield of 5.1% and a stabilized yield of 8.9%. <\/p>\n
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See the article here: The office and industrial real estate investment trust (:REIT), Liberty Property Trust (LRY), reported third-quarter 2013 funds from operations (:FFO) of 57 cents per share. This missed the Zacks Consensus Estimate of 61 cents as well as the prior-year quarter figure of 64 cents. Continue reading
\nLRY Misses Q3 Ests.; Cuts 2013 Guidance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"