MALVERN, PA-Liberty Property Trust saw rents decline 9% duringits third quarter, when the average straight-line rent of itsoffice and industrial properties came in at $5.88. The good news?Executives forecast them to fall between 10% and 15%.

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"This economic recovery will be very long and slow," predictedBill Hankowsky, chairman and chief executive, during the firm'squarterly conference call. "Improvements won't equal positiverental growth."

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One thing that did improve slightly at Liberty was leasing. Thecompany's portfolio was 89% leased compared to 88.7% at the end ofthe second quarter.

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The company currently has an acquisition target of $25 millionto $75 million and wants to unload between $50 million to $100million, primarily of non-core suburban office assets.

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"We would love the opportunity to grow the portfolio," saidMichael Hagen, chief investment officer, adding. "Everybody'strying to search out the market right now, so people can get a fairprice for their real estate."

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Liberty's net income for the period, at 30 cents per share,droped from 39 cents during the same year-ago period. FFO alsofell, from 72 cents to 69 cents. The locally based company ownsabout 700 assets across the country.

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