Liberty Property Trust Achieves Record Industrial Leasing In Third Quarter

Oct 01, 2013, 08:25 ET from Liberty Property Trust

MALVERN, Pa., Oct. 1, 2013 /PRNewswire/ -- Liberty Property Trust announced today that the company leased 7.5 million square feet in its industrial portfolio in the third quarter of 2013, the highest quarterly leasing total in its 41 year history. Contributing to leasing volume were the following:

Existing development pipeline

  • 2785 Commerce Center Blvd., Bethlehem, PA. Walmart has leased this recently completed 1.2 million square foot distribution facility. The lease will commence January 1, 2014.
  • 13220 Wilfred Lane, Rogers, MN. Leases signed with two tenants totaling 85,000 square feet.

New development commencements

  • A lease was executed for a 945,720 square foot build-to-suit distribution facility at 1467 Perryman Road, Aberdeen, MD. Construction commenced in August and will be completed in July of 2014.

In-service portfolio

  • The remaining leasing occurred in Liberty's in-service portfolio, and includes 1.4 million square feet of new leases and 3.8 million square feet of renewal leases.

Nearly 60% of the total leasing volume occurred in the Lehigh Valley market.  

About the Company

Liberty Property Trust (NYSE: LRY) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 81 million square foot portfolio includes 662 properties which provide office, distribution and light manufacturing facilities to 1,700 tenants. 

The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law.  Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved.  As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results.  These factors include, without limitation, the uncertainties affecting real estate businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, the financial condition of tenants, the uncertainties of real estate development and construction activity, the costs and availability of financing, the effects of local economic and market conditions, regulatory changes, potential liability relative to environmental matters and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission.  The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE Liberty Property Trust