Liberty Property: 2Q Earnings Snapshot
WAYNE, Pa. (AP) _ Liberty Property Trust (LPT) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Wayne, Pennsylvania-based real estate investment trust said it had funds from operations of $103.6 million, or 68 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 65 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 $99.8 million, or 67 cents per share.
The real estate investment holding trust posted revenue of $161.3 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $160 million.
The company’s shares have climbed 27% since the beginning of the year. The stock has climbed 27% in the last 12 months.