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Alexandria Real Estate Equities, Inc. (ARE) - $25 value - yours FREE >>
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Liberty Property Announces Pricing of $400M Senior Notes
Liberty Property Trust has priced a public offering of $400 million senior unsecured notes. The 3.25% senior notes, due on Oct 1, 2026, is likely to add to the financial flexibility of the Malvern, PA-based real estate investment trust (“REIT”).
Liberty Property is engaged in leasing, property management, development, construction management, design management and related services for a portfolio of industrial and office properties. Subject to the satisfaction of certain customary closing conditions, the offering is likely to be completed on Sep 20, 2016. The company intends to utilize the proceeds to redeem 5.50% senior notes totaling $300 million, due on Dec 15, 2016. The remaining proceeds, if any, would be invested for meeting working capital requirements and for other general corporate purposes.
Notably, Liberty Property reported second-quarter 2016 funds from operations (“FFO”) per share of 68 cents, which beat the Zacks Consensus Estimate of 64 cents. The prior-year quarter figure was 67 cents. Results reflect growth in same-store operating income for the industrial distribution portfolio.
LIBERTY PPTY TR Price
LIBERTY PPTY TR Price | LIBERTY PPTY TR Quote
Liberty Property currently carries a Zacks Rank #3 (Hold).
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. (ARE - Free Report) , Arbor Realty Trust Inc. (ABR - Free Report) and CareTrust REIT, Inc. (CTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Note: All EPS numbers presented in this write-up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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