Liberty Property Trust Redeems Preferred Units

Mar 08, 2012, 17:36 ET from Liberty Property Trust

MALVERN, Pa., March 8, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) announced two preferred unit transactions today. On February 14, 2012, Liberty redeemed $32.5 million of its outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million excluding accrued dividends. In addition, Liberty has called for the redemption of the entire $95.0 million of 7.45% Series B Cumulative Redeemable Preferred Units, which will be redeemed on March 31, 2012 at par.

In connection with these redemptions, Liberty expects to recognize $4.5 million during the quarter ending March 31, 2012 relating to the excess of preferred unit carrying amount over redemption price net of EITF D-42 charges.

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 79 million square foot portfolio includes approximately 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants. 

SOURCE Liberty Property Trust