Liberty Property: 2Q Earnings Snapshot
MALVERN, Pa. (AP) _ Liberty Property Trust (LPT) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Malvern, Pennsylvania, said it had funds from operations of $103.6 million, or 69 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 $19.6 million, or 13 cents per share.
The real estate investment holding trust posted revenue of $176.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $166.7 million.
Liberty Property expects full-year funds from operations in the range of $2.01 to $2.08 per share.
The company’s shares have risen almost 1 percent since the beginning of the year. The stock has climbed nearly 5 percent in the last 12 months.