Wells Fargo Downgrades Liberty Property Trust (LRY) to Market Perform; Adjusts Valuation Range and Estimates

October 28, 2009 8:39 AM EDT

Wells Fargo downgrades Liberty Property Trust (NYSE: LRY) to Market Perform. Valuation range $27-$30 from $26-$30.

Wells analyst says, "While company's 2010 guidance is in line with our expectations and our val. range has been modestly adjusted upward, we believe the current valuation is appropriately inline with the peer group. LRY's stabilizing occupancy and strong capital position are positives, yet are offset by deteriorating net rent economics and uncertainty in future earnings growth. We view LRY as a core mixed Office/Industrial REIT holding, but do not expect significant near-term outperformance. Our 2010 FFO est. goes to $2.69 from $2.70. Our FY'09 estimate is unchanged at $2.83. Our 2011 FFO estimate is $2.72/sh (FAD at $2.01/sh) and our 2012 FFO/FAD estimates are $2.79 /$2.03."

To see more analyst ratings on LRY Click Here.

Liberty Property Trust is a publicly owned real estate investment holding trust. Through its subsidiary, it provides leasing, property management, development, acquisition, and other tenant-related services for a portfolio of industrial and office properties.

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