Liberty Property Trust Announces Financial Projections and Updates Fourth Quarter 2014 Activity

MALVERN, Pa., Dec. 16, 2014 /PRNewswire/ -- Liberty Property Trust has announced expected 2014 financial results and projections for 2015 financial performance. Liberty expects to report funds from operations ("FFO") per share in the range of $2.45- $2.47 for 2014 and of $2.55 - $2.65 for 2015. FFO for the fourth quarter of 2014 includes approximately $2 million from a gain on land sales in the United Kingdom previously expected to occur in 2015. Additional information and assumptions contributing to this guidance are available in the Investors section of Liberty's website at www.libertyproperty.com.

Commenting on this guidance, Liberty's chief executive officer Bill Hankowsky said: "Liberty has successfully transformed to a company primarily focused on industrial real estate, with national capabilities and opportunities. With industrial markets remaining strong, we expect our industrial platform to provide the basis for solid FFO growth from expected increases in occupancy and rents in 2015. We intend to continue to enhance our industrial focus through development, limited acquisition activity, and the continued sale of suburban office properties."  

Liberty also updated information on activity during the fourth quarter of 2014.

• Fourth quarter development starts (wholly-owned) comprise five projects for $98 million. The projects total 556,000 square feet and are 55% pre-leased. The anticipated yield on this development is 8.5%.
• Fourth quarter development starts (joint venture) comprise two projects representing $21 million and total 369,000 square feet. Liberty holds a 50% interest in these properties. The anticipated yield on this development is 8.7%.
• Fourth quarter acquisitions will total $27.3 million and consist of one vacant 374,000 square foot distribution building in southern California.
• Fourth quarter dispositions to date total $70.7 million of suburban office and non-core industrial properties totaling 745,000 square feet. Additional dispositions consistent with previously-announced fourth quarter guidance are anticipated to close by year-end.

A reconciliation of projected FFO to projected GAAP net income for both 2014 and 2015 is below (all amounts projected):

About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) 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 105 million square foot portfolio includes more than 750 properties providing office, distribution and light manufacturing facilities to 1,800 tenants.

Liberty will host a conference call during which management will discuss these projections and underlying assumptions, on Tuesday, December 16, 2014, at 10:00 a.m. Eastern Time. To access the conference call, please dial 855-277-7530. The passcode needed for access is 41183014. A replay of the call will be available until January 16, 2015, by dialing 1-855-859-2056 using the same passcode as above. The call can also be accessed in the Investors section of Liberty's web site at www.libertyproperty.com.

The statements in this release contain statements that are or will be forward-looking, such as statements relating to, among others, business and financial results, our future development, acquisition and disposition activities. These forward-looking statements generally are accompanied by words such as "believes," "anticipates," "expects," "estimates," "should," "seeks," "intends," "proposed," "planned," " are confident," "outlook" and "goal" or similar expressions. Although the company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the company can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of the company. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to financing arrangements and sales of securities, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the company and sensitivity of the company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation, and the potential adverse impact of market interest rates on the market price for the company's securities

Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704

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SOURCE Liberty Property Trust

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