Liberty Property Trust Reports Operating Results (10-K)
Liberty Property Trust has a market cap of $3.79 billion; its shares were traded at around $33.15 with a P/E ratio of 12.5 and P/S ratio of 5. The dividend yield of Liberty Property Trust stocks is 5.7%.Hedge Fund Gurus that owns LRY: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns LRY: Chris Davis of Davis Selected Advisers, Pioneer Investments.
Highlight of Business Operations:The aggregate market value of the Common Shares of Beneficial Interest, $0.001 par value (the Common Shares), of Liberty Property Trust held by non-affiliates of Liberty Property Trust was $3.3 billion, based upon the closing price of $28.85 on the New York Stock Exchange composite tape on June 30, 2010. Non-affiliate ownership is calculated by excluding all Common Shares that may be deemed to be beneficially owned by executive officers and trustees, without conceding that any such person is an affiliate for purposes of the federal securities laws.
As of December 31, 2010, the Company had no wholly owned properties under development. Subsequent to December 31, 2010, the Company started the development, on a speculative basis, of two industrial-flex buildings and it signed leases (one of which is subject to certain approvals) committing it to the development of two 100% leased office buildings. The industrial-flex buildings are expected to contain a total of 103,000 square feet of leasable space and represent an anticipated Total Investment of $15 million. The office buildings are expected to contain a total of 360,000 square feet of leasable space and represent an anticipated Total Investment of $130 million.
We have historically relied on access to the credit markets in the conduct of our business. In particular, we currently utilize a $500 million credit facility, and additionally, we have, as of December 31, 2010, $2.0 billion of senior unsecured debt and $320.7 million of secured debt. Our credit facility expires in November 2013. Although we are not aware of any instances in which banks participating in the credit facility have been unable or unwilling to participate in draws under the facility, it is possible that the financial issues confronting the banking industry could lead to such an occurrence. If such a circumstance occurred it is possible that the Company could not access the full amount which is supposed to be available under the credit facility. Our secured and unsecured debt matures at various times between 2011 and 2020. Only a small portion of the principal of our debt is repaid prior to maturity. Therefore, we generally need to refinance our outstanding debt as it matures. In 2011, we have $246.5 million of senior unsecured debt and $6.2 million of secured debt maturing.
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