Liberty's Income Slips in 'Acutely Competitive' Climate

MALVERN, PA-Net income for locally based Liberty Property Trust dropped to 45 cents a share on a diluted basis in the fourth quarter of this year, compared with 53 cents a share for the same quarter a year ago. FFO for the opening quarter of this year was 81 cents a share, compared with 88 cents a share for the comparable quarter a year ago.

Operating results for the most recent quarter included lease termination fees of $1.8 million, and $1.2 million in development profit associated with the County of Kent’s sale of residential land at the company’s Kings Hill business park development in the UK. Liberty’s leasing productivity was “on target,” according to Bill Hankowsky, CEO.

“The overall real estate environment remains acutely competitive,” Hankowsky adds. “We continue to believe this year will provide increased development opportunities, but our focus will remain on leasing the core portfolio.”