Liberty Property Trust
) recently acquired a property in Washington, D.C. for $133.5
million. The property - 2100 M Street NW - is a nearly 291,000
square feet, eight-story office building, which is currently 77%
occupied with space available for lease of 66,366 square feet.
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It has a premium location with a decent amenity base within a
three-block radius. Also, it enjoys easy accessibility for being
in close proximity with the Red and Orange/Blue Metro rail lines.
The property has retail tenants like The UPS Store of
United Parcel Service Inc.
) and M Street Store. Moreover, its office tenants are The Urban
Institute, George Washington University, Stewart & Stewart,
The deal brings in leasable space to Liberty Property, whose
current downtown properties are mostly occupied (99% leased).
Moreover, it offers opportunities to redevelop and expand to a
maximum of 415,000 square feet.
Last month, Liberty Property reported first-quarter 2013 FFO
(funds from operations) of 65 cents per share, beating the Zacks
Consensus Estimate by 2 cents. The result was attributable to a
consistent performance of the overall portfolio as well as strong
leasing and development activities.
Liberty Property currently holds a Zacks Rank #3 (Hold). Two
other REIT stocks that are performing well and deserve a look
The Macerich Company
), both carrying a Zacks Rank #2.
Funds from operations, a widely accepted and reported measure
of REITs performance, are derived by adding depreciation,
amortization and other non-cash expenses to net income.