Liberty Property Trust income down for 1Q
Liberty Property Trust, of Malvern, developer of the Comcast Center in Center City, today reported net income of 33 cents per share for the quarter ended March 31, compared with 43 cents per share a year earlier - a 23 percent decline.
Liberty Property Trust, of Malvern, developer of the Comcast Center in Center City, today reported net income of 33 cents per share for the quarter ended March 31, compared with 43 cents per share a year earlier - a 23 percent decline.
The commercial real estate developer, which has a 74 million-square-foot portfolio in the United States and United Kingdom, reported total first-quarter operating revenue of $193.5 million, compared with $164.8 million in the first quarter of 2007.
Net income fell almost 25 percent, to $29.9 million, from $39.7 million a year ago.
The value of Liberty Property's net real estate holdings decreased to $4.5 billion from $4.9 billion a year ago.
Shares were up 14 cents to $34.43 in morning trading on the New York Stock Exchange.