This is despite a mid-2003 SEC clarification about earnings from the redemption of preferred shares, which resulted in a decrease of $.05 per share in both net income and FFO for the REIT. Liberty's 2003 FFO was also impacted by a new NAREIT guidance requiring impairment write-downs to be included in FFO, which resulted in a decrease of $.14 a share in FFO this year, compared with full-year 2002.
Liberty's operating results for 2003 included $14.1 million in lease termination fees, up from $8.4 million the previous year. During 2003, the REIT completed lease transactions for more than 12.5 million sf, and on Dec. 31, 2003, the REIT's 54-million-sf portfolio was 91.8% occupied, up from 90.7% at the end of 2002.
"In the fourth quarter (2003) our leasing productivity was excellent," says Bill Hankowsky, CEO. "We increased occupancy, and were able to execute well on the acquisition and development fronts.
"We fully expect to be facing the same tough environment throughout 2004," Hankowsky adds, "as space availability in the marketplace will more than offset any modest demand gains, which will continue to depress rental rates."
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