Liberty Property: 4Q Earnings Snapshot
WAYNE, Pa. (AP) _ Liberty Property Trust (LPT) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Wayne, Pennsylvania-based real estate investment trust said it had funds from operations of $109.5 million, or 74 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 63 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $169.7 million, or $1.14 per share.
The real estate investment holding trust posted revenue of $180.3 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $162.2 million.
For the year, the company reported funds from operations of $325.7 million, or $2.20 per share. Revenue was reported as $704.9 million.
Liberty Property expects full-year funds from operations to be $2.53 to $2.65 per share.
The company’s shares have risen 13 percent since the beginning of the year. The stock has climbed 17 percent in the last 12 months.