MALVERN, PA—Liberty Property Trust will reposition its portfolio through planned sales of approximately 8.5 million square feet of suburban office properties. Liberty CEO Bill Hankowsky says the REIT expects this sale strategy to enable it to report funds from operations for 2016 in the range of $2.35-$2.55, with timing of the sales contributing to the wider range.
The company reaffirmed its previously announced expectation to report FFO per share for 2015 in the range of $2.66-$2.69.
"In 2013, Liberty set in motion a five-year strategic plan for transforming our company to one that can take full advantage of changes in how business utilizes real estate, and fully devote our unique development, leasing and management talents to higher-value opportunities," says Liberty's chief executive officer, Bill Hankowsky. "As we approach 2016, we can see the conclusion of this transformation being completed. Our intent is to sell most, if not all, of our remaining non-core suburban office product. The result will be a Liberty footprint comprising our US and UK industrial platform plus a value-add focused office platform in four markets."
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