Liberty Property Trust
) touched a 52-week high of $41.45 on Tuesday, Apr 2, 2013, as it
gained momentum from decent fourth-quarter 2012 results. The
closing price of this office real estate investment trust (REIT)
on Apr 2, 2013 was $40.64, representing a solid year-to-date
return of 14%. The average trading volume over the last 3 months
was 2.05 million shares.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold)
stock has plenty of upside left given its strong fundamentals and
strategic portfolio repositioning efforts.
Liberty Property reported improved fourth-quarter 2012 results
with core FFO (funds from operations) in line with and revenues
beating the Zacks Consensus Estimate. Even in the backdrop of
uneven economic conditions, the results were benefited by
portfolio repositioning activity.
The company's recent efforts to boost its portfolio
restructuring initiatives are also encouraging. Last month, it
divested a Philadelphia-based office property and in Feb it
unveiled its plan to construct an office building for The
Vanguard Group in Malvern, Pa. We expect these activities to
facilitate Liberty Property to focus on high-end markets
characterized by better job and rent growth prospects and boost
the company's top-line growth.
On Feb 5, Liberty Property reported fourth-quarter 2012 FFO of
63 cents per share, in line with the Zacks Consensus Estimate as
well as the prior-year quarter. The results were attributable to
the strong acquisitions and development activities, slightly
affected by uncertain economic conditions. For full year 2012,
Liberty Property reported FFO of $2.58 per share, well ahead of
the Zacks Consensus Estimate of $2.52. Yet, it was slightly below
the prior-year FFO of $2.61 per share.
Over the last 30 days, the Zacks Consensus Estimate for
full-year 2013 and 2014 have remained unchanged at $2.65 and
$2.80 per share, respectively.
On Apr 2, a number of other REITs also crafted 52-week highs.
Kimco Realty Corp.
Duke Realty Corp.
Note: 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
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LIBERTY PPTY TR (LRY): Free Stock Analysis
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