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Liberty Property Trust Announces Third Quarter 2019 Results

WAYNE, Pa., Oct. 27, 2019 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE: LPT) announced financial and operating results for the third quarter of 2019.
Financial Results
Net Income: Net income available to common shareholders was $0.66 per diluted share for the third quarter of 2019, compared to $1.01 per diluted share for the same period in 2018. For the nine months ended September 30, 2019, net income available to common shareholders was $1.70 per diluted share, compared to $2.09 per diluted share for the same period in 2018.Net income for the third quarter and first nine months of 2019 reflects gain on property dispositions net of impairments (including the Companya??s share of impairment in unconsolidated joint ventures) of $49.8 million and $109.3 million, respectively, as compared to $96.9 million and $239.4 million, respectively, for the comparative periods in 2018. Net income for first nine months of 2018 includes $86.0 million in charges for the Comcast Technology Center and Camden Waterfront projects.NAREIT FFO* available to common shareholders was $0.69 per diluted share for the third quarters of both 2019 and 2018. FFO for the third quarter of 2019 includes gains on sales of non-depreciable assets, partially offset by expensed pursuit costs, totaling $6.4 million, or $0.04 per diluted share.NAREIT FFO* available to common shareholders for the nine months ended September 30, 2019 was $2.00 per diluted share, compared to $1.46 per diluted share for the first nine months of 2018. FFO for the first nine months of 2018 includes $86.0 million, or $0.57 per diluted share, in charges for the Comcast and Camden projects discussed above.
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