Liberty Property Trust (LRY, Financial) filed Quarterly Report for the period ended 2010-03-31.
Liberty Property Trust has a market cap of $3.76 billion; its shares were traded at around $33.34 with a P/E ratio of 12.1 and P/S ratio of 5.1. The dividend yield of Liberty Property Trust stocks is 5.6%.LRY is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Property level operating income, exclusive of Termination Fees, for the Same Store properties decreased to $118.9 million for the three months ended March 31, 2010 from $123.4 million for the three months ended March 31, 2009, on a straight line basis (which recognizes rental revenue evenly over the life of the lease), and decreased to $116.9 million for the three months ended March 31, 2010 from $119.7 million for the three months ended March 31, 2009 on a cash basis. These decreases of 3.6% and 2.3%, respectively, are primarily due to a decrease in occupancy.
During the three months ended March 31, 2009, the Company purchased $11.4 million principal amount of its 7.75% April 2009 senior unsecured notes and $6.9 million of its 8.50% August 2010 senior unsecured notes. These notes were purchased at an aggregate $0.5 million discount. This discount is included in net income as a debt extinguishment gain. There were no similar transactions during the three months ended March 31, 2010.
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Liberty Property Trust has a market cap of $3.76 billion; its shares were traded at around $33.34 with a P/E ratio of 12.1 and P/S ratio of 5.1. The dividend yield of Liberty Property Trust stocks is 5.6%.LRY is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Consistent with the current reduced level of economic growth in the United States, rental demand for the Properties in Operation has remained weak for the three months ended March 31, 2010 even though improved when compared to the three months ended March 31, 2009. Despite this weakness, the Company successfully leased 3.8 million square feet in its Properties in Operation during the three months ended March 31, 2010 and attained occupancy of 88.7% for the Wholly Owned Properties in Operation and 86.0% for the JV Properties in Operation for a combined occupancy of 88.2% for the Properties in Operation, all as of that date. At December 31, 2009, occupancy for the Wholly Owned Properties in Operation was 89.5% and for the JV Properties in Operation was 87.7% for a combined occupancy for the Properties in Operation of 89.2%. The Company believes that straight line rents on renewal and replacement leases for 2010 will on average be 10% to 15% lower than rents on expiring leases. Furthermore, the Company believes that average occupancy for its Properties in Operation will not increase or decrease by more than 1% for 2010 compared to 2009.Property level operating income, exclusive of Termination Fees, for the Same Store properties decreased to $118.9 million for the three months ended March 31, 2010 from $123.4 million for the three months ended March 31, 2009, on a straight line basis (which recognizes rental revenue evenly over the life of the lease), and decreased to $116.9 million for the three months ended March 31, 2010 from $119.7 million for the three months ended March 31, 2009 on a cash basis. These decreases of 3.6% and 2.3%, respectively, are primarily due to a decrease in occupancy.
During the three months ended March 31, 2009, the Company purchased $11.4 million principal amount of its 7.75% April 2009 senior unsecured notes and $6.9 million of its 8.50% August 2010 senior unsecured notes. These notes were purchased at an aggregate $0.5 million discount. This discount is included in net income as a debt extinguishment gain. There were no similar transactions during the three months ended March 31, 2010.
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