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Liberty Ratchets Up 'Green' Initiatives

MALVERN, PA-Liberty's profits spike 54% in Q2, based on improving markets, higher rents and two large capital deals.

By Marita Thomas | Updated on July 26, 2006

MALVERN, PA-Second-quarter profits at Liberty Property Trust rose 54%, compared with the same quarter a year ago. Net income for the quarter was $65.8 million, compared with $44.6 million in the same quarter of 2005.

Improvements in nearly all markets led to increased occupancy and higher rent rates in the locally based REIT’s 64-million-sf portfolio. As of June 30, overall occupancy was 92.8%, versus 89.9% at the same time a year ago. During a conference call, Bill Hankowsky, chairman and CEO, cited an ongoing shift in the portfolio, which includes dispositions and new initiatives that raise the portfolio’s overall quality. More green building development and management are in the company’s plans.

Two significant recapitalization deals during the quarter, both involving joint ventures, also propelled profits and income, Hankowsky said. One was a sale of 75% of its 2.1-million-sf Chicago portfolio along with 104 acres of land to a JV with New York State Common Retirement Fund. This JV plans $500 million in development over the next five years.

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