Recently, Liberty Property Trust LPT signed an agreement with Crown Castle USA, Inc., to lease out 51,840 square feet of space in one of its properties - 6035 Southern Boulevard - at the five-building Liberty Airport Center. With this lease, this property which is the second building at the master plan park has achieved full occupancy. Crown Castle USA plans to move in once the fit-out is complete.
Notably, this Liberty Airport Center will include 660,740 square feet of area and provide state-of-the-art warehouse and distribution spaces. The center's first building - 6017 Southern Boulevard - also achieved 100% occupancy soon after its completion in 2017. The third building is currently under construction and will likely be ready by the first quarter of 2019. Building Two and Three consist of 77,760 square feet of space, while Building One includes 140,400 square feet of area.
Per management, Liberty Property Center has shown considerable demand since beginning. This has mainly been due to its strategic location. The center is situated just two miles from the west of the Palm Beach International Airport and Interstate 95, and midway between Interstate 95 and the Florida Turnpike.
Liberty Property Trust is expected to benefit from its focus on industrial properties and positive fundamentals in the real estate market. However, many new buildings are slated to be completed and made available in the market, in the near term, leading to lesser scope for growth.
Liberty Property currently carries a Zacks Rank #3 (Hold). In the past year, the company's shares have gained 3%, while the industry
has declined 0.1%.
Some better-ranked stocks in the same industry include Americold Realty Trust COLD
, Corrections Corp of America CXW
and City Office REIT, Inc. CIO
). While Americold Realty Trust and Corrections Corp of America flaunt a Zacks Rank of 1 (Strong Buy), City Office REIT carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here
Americold Realty Trust's Zacks Consensus Estimate for 2018 funds from operations (FFO) per share has been revised 2.7% upward over the last 60 days. Also, its shares have gained 9.6% in the past three months.
Corrections Corp of America's Zacks Consensus Estimate for current-year FFO per share inched up 1.8% in 60 days' time. The stock has climbed 20.7% over the past three months.
City Office REIT's Zacks Consensus Estimate for 2018 FFO per share moved 1.8% north over the last 60 days. The company's shares have rallied nearly 9.4% in three months' time. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) - a widely used metric to gauge the performance of REITs. The Hottest Tech Mega-Trend of All
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report City Office REIT, Inc. (CIO): Free Stock Analysis Report Liberty Property Trust (LPT): Free Stock Analysis Report Corrections Corp. of America (CXW): Free Stock Analysis Report Americold Realty Trust (COLD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research