Liberty Property Trust
), a real estate investment trust (REIT), has recently provided
an initial guidance for fiscal 2013. At the same time, the
company reiterated its earlier guidance for the current year,
whereby it expects funds from operations (FFO) in the range of
$2.57 - $2.59 per share.
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LIBERTY PPTY TR (LRY): Free Stock Analysis
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The company presently expects FFO for full year 2013 in the range
of $2.60 - $2.70 per share. The underlying assumption for the
current outlook primarily hinges on a sedate economic recovery.
Liberty Property expects an overall rise in occupancy in both its
office and industrial portfolios, with organic growth through
increased development opportunities. At the same time, the
company anticipates limited scope for acquisitions, as it
releases space previously leased at pre-recession market rates.
Based in Pennsylvania, Liberty Property provides leasing,
property management, development, construction management, design
management, and related services for a portfolio of industrial
and office properties. The company has a strong portfolio of
multi-tenant industrial and office properties in prime business
locations in the U.S. and U.K., and operates across multiple
markets that mitigate geographical risks.
Liberty Property specifically focuses on metro-office,
multi-tenant industrial and flex properties and markets that
possess strong demographic and economic fundamentals, which
ensure a steady revenue stream for the company.
The company reports on the following geographical segments:
Northeast, Midwest, Mid-Atlantic, South, Philadelphia, and the
United Kingdom. Each of the reportable segments of Liberty
Property is managed separately in order to concentrate market
knowledge within a geographic area.
Liberty Property is presently continuing with its portfolio
repositioning program as it focuses on higher growth markets
characterized by better job and rent growth prospects. The
company also maintains a conservative balance sheet and offers a
steady dividend payout to shareholders which augur well for its
We maintain our long-term Neutral recommendation for Liberty
Property, which currently has a Zacks #3 Rank that translates
into a short-term Hold rating. We also have a long-term Neutral
recommendation and a Zacks #3 Rank for
Duke Realty Corp.
), one of the competitors of Liberty Property.
Note: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.