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MALVERN, PA-Locally based Liberty Property Trust will issue 2.7 million shares of common stock in an offering underwritten by Goldman, Sachs & Co. The REIT grants the underwriters an option to purchase up to an additional 405,000 share to cover over-allotments.

Liberty trades on the NYSE as LRY. On Dec. 10, shares opened trading at $38.40. At that price, the initial offering would add just under $104 million to Liberty’s coffers, and the over-allotment would bring in another approximately $15.5 million.

On Dec. 3, LYR shares hit a new 52-week high of $38.69 per share. The 52-week low is $29.13 a share, reached this January. The shares are being issued through a prospectus supplement under Liberty’s existing shelf registration with the Securities and Exchange Commission. The supplement has not yet been filed.

The Liberty portfolio encompasses 53 million sf of office and industrial properties, and approximately 2.5 million sf are in the greater Philadelphia region. For the quarter ended Sept. 30, it reported a net income of $39.1 million on revenues of $159.8 million, which compares with a net income of $35.7 million on revenues of $156.1 million for the same quarter in 2002.

Funds from operations rose from 80 cents a share in third-quarter 2002 to 85 cents a share in third-quarter this year. The results included five cents a share in lease termination fees and beat analysts’ estimates by six cents a share.

Between Sept. 30 and Nov. 12 this year, the REIT acquired nine properties with an aggregate 537,000 sf for approximately $60 million. It does not indicate its plans for using the proceeds from the current stock offering.

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