Liberty Property Trust (LPT) Misses Q1 EPS by 24c

Liberty Property Trust (NYSE: LPT) reported Q1 FFO of $0.12, $0.24 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $176.6 million versus the consensus estimate of $125.9 million.

2018 Outlook

• Liberty has revised its guidance range for 2018 net income available to common shareholders to $3.24 - $3.59 per diluted share. This change reflects charges incurred in the second quarter.
• Liberty has revised its guidance range for 2018 NAREIT FFO to $2.01 - $2.08 per diluted share. This change reflects charges incurred in the second quarter. Without charges, the new range would be $2.58 - $2.65 per diluted share.
• Guidance range for year-over-year growth in 2018 industrial same store NOI (GAAP) increased from 3.0% - 4.0% to 3.5% - 4.0% and same store NOI (Cash) increased from 4.0% - 5.0% to 4.5% - 5.0%
• Average occupancy of the industrial portfolio is now expected to be 96% -97%
• Rental increases on renewal and replacement leases in the industrial portfolio are expected to range from 12% - 15% on a GAAP basis and from 4% to 6% on a Cash basis
• Disposition activity range increased from $600 - $800 million to $700 – $900 million at a projected yield of 6.75% - 7.25%

For earnings history and earnings-related data on Liberty Property Trust (LPT) click here.

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