Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

MALVERN, PA-Liberty Property Trust’s third-quarter net income reached $51.9 million, up from $39.5 million for the same quarter a year ago. Year-to-date 2005 income reached $142 million, up from $115.5 million for the same period of 2004. The locally based REIT’s revenues for the first three quarter of this year reached $518.2 million, up from $478.4 million.

During a conference call, William Hankowsky, chairman, said Liberty would “take advantage of the investment market’s demand for product by recycling capital through asset sales.” While “pruning where it makes sense to prune,” he also said there are more large tenants in the industrial market, while larger office space deals are rare. “The office activity is among smaller tenants,” he said.

Regarding the office market, he cited strength in Florida, Minnesota and Virginia Beach/Norfolk and, on the downside, softness in the Philadelphia suburbs, Detroit and the Carolinas. Meanwhile, the company will continue the focus on its development pipeline, as it did during third quarter. During the quarter it began construction of five projects totaling 1.9 million sf at an investment of $124 million.

As of Sept. 30, the company had 27 projects, aggregating 6.1 million sf over 17 markets, in the pipeline. The total investment is $850 million, and this pipeline is 55% preleased, according to Liberty. Included are six build-to-suits under construction, another out for bid, and six additional ones currently under consideration.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.