This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Liberty Property Trust's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: LRY

So we certainly escape with the split personality. On the one hand we continue to see leasing activity in our markets clearly stronger on the industrial side than the office side. But on the other hand today’s anxiety may translate into curtail 2012 business plans for our customers. And that’s what keeps us up at night. How this all plays out, we will take the next several months to see.

Liberty’s plan in this environment is to be very active, very alert, and very adroit to respond to both the challenges and the opportunities that will arise. As I said, if we can advance our strategy in this environment we’ll sell more suburban office and acquire more industrial product. We anticipate more development built-to-suit activity given the large pipeline we currently have. The largest we’ve seen in three years. And we will be very, very selective with inventory development in the few discrete markets. Rob will explain on this in just a moment.

Let me close by commenting on our continued strong execution on the balance sheet front with our recent Moody’s upgrade and our $500 million line of credit. Our balance sheet and our platform are poised and we will apply classic Liberty patience, discipline and hard work to take advantage of these unsettled times.

And with that, let me turn it over to George.

George Alburger

Thank you, Bill. FFO for the third quarter of 2011 was $0.65 per share. The operating results for the quarter include $1.1 million in lease termination fees, which is in line with our guidance that lease termination fees would be in the $0.04 to $0.06 per share range for the year.

FFO for the quarter also includes a $1 million gain on sale of land. During the quarter, we sold seven operating properties and the land I mentioned above for $75 million. Five of the properties that were sold were office properties and they accounted for $61 million of the sale proceeds.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs