Liberty Property Trust (LPT) Misses Q1 EPS by 1c, Revenues Beat; Raises Low-End EPS Guidance

Liberty Property Trust (NYSE: LPT) reported Q1 EPS of $0.27, $0.01 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $157.75 million versus the consensus estimate of $126.1 million.

Highlights for First Quarter 2019

• 8.9 million square feet of leasing in quarter
• Rents increased 16.3% on a GAAP basis
• Cash same store operating income increased by 4.6%
• Six development projects delivered, 87.8% occupied at 3/31, 100% leased today
• NAREIT Funds from Operations $0.62 per diluted share
• 2019 FFO guidance raised

Management Comments

“Demand from users for industrial space continues to be outstanding. The dynamism of the market is reflected in an extraordinarily active quarter with nearly nine million square feet of leasing activity, including significant renewals of 2020 expirations at very favorable rents and longer than typical lease terms,” said Bill Hankowsky, Chairman and Chief Executive Officer. “We are updating expectations for the year to reflect the solid performance of our portfolio.”

GUIDANCE:

Liberty Property Trust sees FY2019 EPS of $2.23-$2.32, versus the consensus of $1.31.

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

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