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Liberty Property Trust Announces Second Quarter 2014 Results and Revised Full-Year Financial Projections


News provided by

Liberty Property Trust

Jul 22, 2014, 08:00 ET

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MALVERN, Pa., July 22, 2014 /PRNewswire/ -- Liberty Property Trust reported that funds from operations available to common shareholders (diluted) ("FFO") for the second quarter of 2014 was $0.59 per share, compared to $0.66 per share for the second quarter of 2013. FFO per share for the six-month period ended June 30, 2014 was $1.17, compared to $1.31 per share for the same period in 2013. 

Net income per common share (diluted) was $0.20 for the quarter ended June 30, 2014, compared to $0.33 for the quarter ended June 30, 2013. Net income per common share (diluted) for the six-month period ended June 30, 2014 was $0.69, compared to $0.93 for the same period in 2013.

Results for the first half of 2014 reflect the sale of 6.6 million square feet of suburban office and flex properties which closed in two installments during December 2013 and January 2014. Year-over-year results are reflective of strategic portfolio transformation activities that have increased Liberty's industrial portfolio and decreased its office exposure.

Funds from Operations Guidance

Liberty now expects to report 2014 FFO per share in the range of $2.42 - $2.48. Previous guidance was $2.45-$2.55 per share. The revised guidance reflects reduced acquisition volumes for the year, minor delays in expected development starts, and slower than budgeted occupancy increases in the core portfolio.

Commenting on the quarter and revised projections, chairman and chief executive officer Bill Hankowsky said, "We continued to see good activity in the industrial markets, with solid demand and rent increases. The thin and pricey industrial transaction market is offering few acquisition opportunities that meet our investment criteria, therefore it has taken longer than expected to deploy the capital on our balance sheet in a manner that creates value. We believe that the delays in leasing and development starts that have contributed to our revised projections are somewhat situational and that they are not indicative of negative market trends."

Portfolio Performance

Leasing: At June 30, 2014, Liberty's in-service portfolio of 102.5 million square feet was 91.7% occupied, compared to 91.0% at the end of the first quarter of 2014. During the quarter, Liberty completed lease transactions totaling 7.2 million square feet of space.

Same Store Performance: Property level operating income for same store properties decreased by 2.3% on a cash basis and by 0.6% on a straight line basis for the second quarter of 2014 compared to the same quarter in 2013.

Real Estate Investments

Development: In the second quarter, Liberty brought into service one development property for a total investment of $12.4 million. The property contains 227,000 square feet of leasable space and was 100% occupied as of June 30, 2014. The current yield on this property is 8.8%.

Also during the quarter, Liberty began development on three properties for a projected investment of $69.2 million. The properties consist of an 800,000 square foot distribution building in Bethlehem, PA and a 130,000 square foot multi-tenant industrial building in Richmond, Virginia, both for inventory, and a fully-leased 76,000 square foot flex building in Philadelphia.

In addition, Liberty announced that agreements were executed to develop, in a joint venture with Comcast Corporation, a $933 million office and hotel property in Philadelphia. The project will include 1.334 million square feet of rentable office space and a 222-room Four Seasons Hotel.  Construction began earlier this month. The joint venture is 20% owned by Liberty and Liberty's investment in the project is expected to be approximately $185 million.

Acquisitions: Liberty acquired six properties for $53.2 million during the second quarter. They consist of five industrial properties which contain 705,000 square feet in Durham, North Carolina and an 85,000 square foot distribution building in Garden Grove, California. The properties are 100% leased. 

Real Estate Dispositions

Liberty sold three distribution buildings in southern New Jersey for $32.2 million into a joint venture in which Liberty holds a 25% interest. The properties total 603,000 square feet.

FFO Guidance Reconciliation

As stated above, Liberty expects to report 2014 funds from operations ("FFO") per share in the range of $2.42 - $2.48. A reconciliation of projected FFO to projected GAAP net income for 2014 is below (all amounts projected):



2014 Range (original)


2014 Range (revised)












Low


High


Low


High

Net income per share


$ 1.30


$ 1.40


$ 1.42


$ 1.51

Depreciation and amortization of









   unconsolidated joint ventures


0.09


0.11


0.09


0.11

Depreciation and amortization


1.53


1.61


1.52


1.56

Gain on property dispositions


(0.44)


(0.54)


(0.58)


(0.68)

Noncontrolling interest share of addbacks


(0.03)


(0.02)


(0.03)


(0.02)










Funds from operations per share


$ 2.45


$ 2.55


$ 2.42


$ 2.48

About the Company

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 103 million square foot portfolio includes more than 750 properties which provide office, distribution and light manufacturing facilities to 1,800 tenants. 

Additional information about the Company, including Liberty's Quarterly Supplemental Package with detailed financial information, is available in the Investors section of the Company's web site at www.libertyproperty.com. If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at 610-648-1704, or by e-mail to [email protected].

Liberty will host a conference call during which management will discuss second quarter results, on Tuesday, July 22, 2014, at 1:00 p.m. Eastern Time. To access the conference call, please dial 855-277-7530. The passcode needed for access is 72369583. A replay of the call will be available until August 22, 2014, 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 contained in this press release may include forward-looking statements within the meaning of the federal securities law. These forward-looking statements include statements relating to, among others things, the timing of leasing, development and acquisition activity, expectations for our operating results, business and financial condition, our joint venture with Comcast, the impact of our strategic transformation activities on our portfolio and business and our growth prospects, as well as statements that are generally accompanied by words such as "believes," "anticipates," "expects," "estimates," "should," "seeks," "intends," "proposed," "planned," "outlook"  and "goal" or similar expressions. 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 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, including without limitation litigation involving entities that we have a acquired or may acquire, and the potential adverse impact of market interest rates on the market price for the company's securities, and other risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K for the year ended December 31, 2013.  The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 Liberty Property Trust 

 Statement of Operations 

June 30, 2014

 (Unaudited and in thousands, except per share amounts) 
















 Quarter Ended 



 Six months ended 




June 30, 2014


June 30, 2013



June 30, 2014



June 30, 2013








 Operating Revenue 











 Rental  


$                           139,377


$                           106,955



$                           278,311



$                           207,788

  Operating expense reimbursement


53,582


44,069



112,263



90,362


 Total operating revenue 


192,959


151,024



390,574



298,150













 Operating Expenses 











  Rental property


31,928


26,684



70,489



51,913

 Real estate taxes 


25,716


18,906



50,217



36,863

 General and administrative


14,973


16,455



33,334



36,248

 Depreciation and amortization 


57,872


37,527



114,606



74,748


 Total operating expenses 


130,489


99,572



268,646



199,772














 Operating Income 


62,470


51,452



121,928



98,378













 Other Income/Expense 











 Interest and other  


3,117


5,352



5,570



9,732

 Interest  


(38,470)


(28,133)



(77,677)



(55,872)


 Total other income/expense 


(35,353)


(22,781)



(72,107)



(46,140)













 Income before property dispositions, income taxes, noncontrolling interest 











    and equity in earnings of unconsolidated joint ventures 


27,117


28,671



49,821



52,238

 Gain on property dispositions 


1,896


-



1,896



-

 Income taxes 


(693)


(660)



(1,224)



(1,151)

 Equity in earnings of unconsolidated joint ventures 


1,546


1,566



5,705



3,323













 Income from continuing operations 


29,866


29,577



56,198



54,410













 Discontinued operations (including net gains on property dispositions of 












$140 and $7,625 for the quarters ended June 30, 2014 and 2013, respectively and $46,256 and $49,338 for the six month periods ended June 30, 2014 and 2013, respectively)


241


13,666



48,015



63,489

 Net Income 


30,107


43,243



104,213



117,899


 Noncontrolling interest - operating partnerships 


(821)


(3,134)



(2,674)



(6,551)


 Noncontrolling interest - consolidated joint ventures 


(37)


-



(390)



-

 Net Income available to common shareholders     


$                             29,249


$                             40,109



$                           101,149



$                           111,348














 Net income 


$                             30,107


$                             43,243



$                           104,213



$                           117,899


 Other comprehensive income (loss) - foreign currency translation 


6,464


40



7,811



(4,812)


 Other comprehensive loss - change in net unrealized gain on derivative instruments
 


(1,145)


-



(1,656)



-

 Comprehensive income 


35,426


43,283



110,368



113,087


 Less: comprehensive income attributable to noncontrolling interest 


(983)


(3,135)



(3,209)



(6,406)

 Comprehensive income attributable to common shareholders 


$                             34,443


$                             40,148



$                           107,159



$                           106,681













 Basic income per common share  












 Continuing operations 


$                                 0.20


$                                 0.22



$                                 0.37



$                                 0.42


 Discontinued operations 


$                                     -


$                                 0.11



$                                 0.32



$                                 0.51

 Total basic income per common share 


$                                 0.20


$                                 0.33



$                                 0.69



$                                 0.93













 Diluted income per common share 












 Continuing operations 


$                                 0.20


$                                 0.22



$                                 0.37



$                                 0.42


 Discontinued operations 


$                                     -


$                                 0.11



$                                 0.32



$                                 0.51

 Total diluted income per common share 


$                                 0.20


$                                 0.33



$                                 0.69



$                                 0.93













 Weighted average shares 












 Basic 


147,012


120,081



146,749



119,416


 Diluted 


147,774


120,911



147,444



120,229













 Amounts attributable to common shareholders     












 Income from continuing operations 


$                             29,014


$                             26,848



$                             54,262



$                             49,751


 Discontinued operations 


235


13,261



46,887



61,597


 Net income 


$                             29,249


$                             40,109



$                           101,149



$                           111,348













 Liberty Property Trust 

 Statement of Funds From Operations 

June 30, 2014

 (Unaudited and in thousands, except per share amounts) 
































 Quarter Ended 


 Six months ended 




June 30, 2014


June 30, 2013


June 30, 2014


June 30, 2013





Per 



Per 



Per 



Per 





Weighted



Weighted



Weighted



Weighted





 Average  



 Average  



 Average  



 Average  




Dollars

Share


Dollars

Share


Dollars

Share


Dollars

Share













 Reconciliation of net income to FFO - basic: 













 Basic - income available to common shareholders 


$              29,249

$             0.20


$              40,109

$                         0.33


$        101,149

$             0.69


$        111,348

$              0.93















 Adjustments: 













 Depreciation and amortization of unconsolidated joint ventures 


3,341



3,301



6,632



6,698


 Depreciation and amortization 


57,509



44,804



113,616



89,776


 Gain on property dispositions 


(2,085)



(7,658)



(47,611)



(49,364)


 Noncontrolling interest share in addback for depreciation and amortization 














 and gain on property dispositions 


(1,380)



(1,199)



(1,707)



(1,399)


 Funds from operations available to common shareholders - basic 

$              86,634

$             0.59


$              79,357

$                         0.66


$        172,079

$             1.17


$        157,059

$              1.32















 Reconciliation of net income to FFO - diluted: 













 Diluted - income available to common shareholders 


$              29,249

$             0.20


$              40,109

$                         0.33


$        101,149

$             0.69


$        111,348

$              0.93















 Adjustments: 













 Depreciation and amortization of unconsolidated joint ventures 


3,341



3,301



6,632



6,698


 Depreciation and amortization  


57,509



44,804



113,616



89,776


 Gain on property dispositions 


(2,085)



(7,658)



(47,611)



(49,364)


 Noncontrolling interest excluding preferred unit distributions  


703



1,226



2,438



3,432


 Funds from operations available to common shareholders - diluted 

$              88,717

$             0.59


$              81,782

$                         0.66


$        176,224

$             1.17


$        161,890

$              1.31















 Reconciliation of weighted average shares: 













 Weighted average common shares - all basic calculations 


147,012



120,081



146,749



119,416


 Dilutive shares for long term compensation plans 


762



830



695



813


 Diluted shares for net income calculations 


147,774



120,911



147,444



120,229


 Weighted average common units 


3,551



3,714



3,555



3,714


 Diluted shares for Funds from operations calculations 


151,325



124,625



150,999



123,943












































The Company believes that the calculation of Funds from operations is helpful to investors and management as it is a measure of the Company's operating performance that excludes depreciation and amortization and gains and losses from property dispositions.  As a result, year over year comparison of Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income.  In addition, management believes that Funds from operations provides useful information to the investment community about the Company's financial performance when compared to other REITs since Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT.  Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Funds from operations available to common shareholders does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company's operating performance or to cash flows as a measure of liquidity. Funds from operations available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP.















Liberty Property Trust

Balance Sheet 

June 30, 2014

(Unaudited and in thousands, except share and unit amounts)



























June 30, 2014


December 31, 2013


Assets








Real estate:









Land and land improvements



$                      1,162,397


$                      1,139,455



Building and improvements



5,244,783


5,144,758



Less: accumulated depreciation



(1,135,864)


(1,057,680)












Operating real estate



5,271,316


5,226,533












Development in progress



329,685


209,187


Land held for development



241,196


233,055












Net real estate




5,842,197


5,668,775












Cash and cash equivalents



228,678


163,414


Restricted cash




18,980


51,456


Accounts receivable



15,272


13,900


Deferred rent receivable



107,473


99,956


Deferred financing and leasing costs, net of accumulated







amortization (2014, $158,313; 2013, $140,958)


221,121


226,607


Investments in and advances to unconsolidated joint ventures


203,876


179,655


Assets held for sale  



-


275,957


Prepaid expenses and other assets



94,142


95,840












Total assets




$                      6,731,739


$                      6,775,560












Liabilities








Mortgage loans




$                         537,338


$                         545,306


Unsecured notes




2,708,668


2,708,213


Credit facility




-


-


Accounts payable 



56,073


70,406


Accrued interest




28,530


25,777


Dividend and distributions payable



71,864


71,323


Other liabilities




219,050


250,819












Total liabilities




3,621,523


3,671,844












Noncontrolling interest - operating partnership - 301,483 preferred units







outstanding as of June 30, 2014 and December 31, 2013


7,537


7,537












Equity








Shareholders' equity:







Common shares of beneficial interest, $.001 par value, 283,987,000 shares







authorized, 149,008,030 (includes 1,249,909 in treasury) and 147,846,801







(includes 1,249,909 in treasury) shares issued and outstanding as of 







June 30, 2014 and December 31, 2013, respectively


149


148


Additional paid-in capital



3,709,753


3,669,618


Accumulated other comprehensive income



15,752


9,742


Distributions in excess of net income



(630,706)


(591,713)


Common shares in treasury, at cost, 1,249,909 shares as of







June 30, 2014 and December 31, 2013



(51,951)


(51,951)


Total shareholders' equity



3,042,997


3,035,844












Noncontrolling interest - operating partnership








3,553,566 and 3,556,566 common units outstanding as of June 30, 2014 and December 31, 2013, respectively


55,763


56,713


Noncontrolling interest - consolidated joint ventures



3,919


3,622












Total equity




3,102,679


3,096,179












Total liabilities, noncontrolling interest - operating partnership & equity


$                      6,731,739


$                      6,775,560












SOURCE Liberty Property Trust

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