Summary: Liberty Property's fourth-quarter 2013 FFO per share came in line with the Zacks Consensus Estimate and the prior-year quarter figure. Results were driven by revenue growth, strong leasing and portfolio restructuring activity. Going forward, we believe that the repositioning efforts by the company through strategic acquisitions, JV investments and dispositions would help it ride on the growth trajectory. In particular, the Cabot buyout accomplishment and Comcast deal are expected to enhance the company's growth prospects. Furthermore, the improving U.S. industrial market positions Liberty Property well for future growth. Yet, the company's large development pipeline increases operational risks. Also, modest office space demand due to adequate space availability exerts pressure on rent and occupancies while an expected rise in interest rates in the long term adds to its woes.

Overview:

Based in Pennsylvania, Liberty Property Trust is one of the major real estate investment trusts (REIT) that provides leasing, property management, development, construction management, design management, and related services for a portfolio of industrial and office properties. Liberty Property, which provides office, distribution and light manufacturing facilities to 1,800 tenants, focuses primarily on premier properties in the Mid-Atlantic and Midwestern regions of the U.S. and U.K.

As of Dec 31, 2013, Liberty Property had 489 industrial and 223 office properties (totaling 89.5 million square feet) in operation, 16 properties under development and 1,315 acres of developable land. Also, the company had 45 industrial and 34 office properties (totaling 13.5 million square feet) in operation and 1 asset under development that are owned through joint ventures (JVs). In addition, as of that date, Liberty Property had an ownership interest through unconsolidated JVs in 518 acres of developable land for commercial use.

LIBERTY PPTY TR (LPT): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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