This Day On The Street
Continue to site
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

Liberty Property Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript

But perhaps more importantly, 2011 was the year that allowed us to significantly move forward on our long-term strategy. We were able to decrease our portfolio in suburban in high-finish flex product while increasing our industrial and metro office product. We either have or are in the midst of exiting the suburban office markets in Greenville, South Carolina, Greensboro of North Carolina, Richmond, Milwaukee and Lehigh Valley.

By the end of this year 2012, and upon completion of our development pipeline, we’ll increase Liberty’s industrial square feet since 2008 from 49% to 62% of our portfolio. So 2011 was a very solid and productive year for us. We performed well in the core, we exceeded our investment activity and re-advanced our strategy.

Where we see the world now, particularly, since our guidance call in December? There were solid job numbers last Friday, which is encouraging. However, we still have a long way to go to get to a landlord’s market particularly on the office side. So we see a very competitive landscape for office in most markets.

The industrial side is stronger in terms of demand. We see our 2012 business plans remaining as we plan them. This would include a dip in our occupancy during the first half of 2012 due to planned expirations while occupancy would rise in the second half of the year. And as a result, we reaffirm our 2012 guidance of $2.45 to $2.50 a share.

And with that, let me turn over to George and Mike and Rob to provide some further details.

George J. Alburger, Jr.

Thank you, Bill. FFO for the fourth quarter was $0.63 per share. The operating results for the quarter include $700,000 in lease termination fees. For the year, lease termination fees totaled $3.6 million which is a little less than the low end of our guidance, which was at lease termination fees would be in the $0.04 to $0.06 per share range for the year.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs