Liberty Property Profit Rises

Liberty Property Trust(LRY Quote), a real estate investment trust operator, said its first-quarter earnings rose 98.3% from the year-ago period, on $59.6 million gain on the sale of properties.

The company earned $90.4 million, or $1.01 a share, in the quarter, compared with $45.6 million, or 52 cents a share, a year ago. Adjusted for $59.6 million, or 66 cents a share gain on the sale of properties, earnings were $30.8 million, or 35 cents a share in the most recent quarter. On that basis analysts surveyed by Thomson First Call were expecting earnings of $32.9 million, or 37 cents a share in the most recent quarter.

First-quarter revenue rose 4.2% from a year ago period to $168.8 million. Analysts were expecting revenue of $175.1 million in the most recent quarter. ...