A subsidiary of
Liberty Property Trust
), a real estate investment trust (REIT), recently priced an
underwritten public offering of $300 million worth of 3.375%
senior unsecured notes.The notes are scheduled to mature in June
2023 to yield 3.386% to maturity.
The proceeds from the offering are expected to be utilized to
repay debt under the company's revolving credit facility and for
other general corporate purposes.
Earlier in the third quarter of 2012, Liberty Property repaid
6.375% Senior Notes totalling $230.1 million. At the end of third
quarter 2012, Liberty Property had nearly $34.1 million in cash
and cash equivalents. The companymaintains a balanced and
flexible balance sheet with ample liquidity and minimal debt
maturities that enable it to capitalize on potential
opportunities to fuel top-line growth.
Liberty Property reported third quarter 2012 FFO (funds from
operations) of $77.6 million or 64 cents per share compared with
$ 77.1 million or 64 cents in the year-earlier quarter.
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 is continuing with its
portfolio repositioning program as it focuses on higher growth
markets characterized by better job and rent growth
Liberty Property currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
Duke Realty Corp.
) also carries a Zacks #3 Rank.
Note: Fund from operations, a widely used metric to gauge
the performance of REITs, is obtained after adding depreciation
and amortization and other non-cash expenses to net
DUKE REALTY CP (DRE): Free Stock Analysis
LIBERTY PPTY TR (LRY): Free Stock Analysis
To read this article on Zacks.com click here.