Saturday, July 4, 2015

Liberty sells offices, buys warehouses; profits flat

Philadelphia-based Liberty Property is doubling down on East Coast warehouse and distribution properties, and selling smaller office buildings

Liberty sells offices, buys warehouses; profits flat

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Malvern-based landlord Liberty Property Trust, which this morning reported "funds from operations" (a real estate investment trust proxy for profits) were flat at $78 million compared to a year ago - earnings report here - has continued to sell office buildings and small-market properties, and stock up on warehouses:

- Since April 1, Liberty has raised more than $320 million, selling 55 buildings/3.4 million square feet: 32 "office and high-finish flex properties" in the Allentown-Bethlehem area; 14 others around Richmond, Va.; a distribution center in Sturtevant, Wisc.; 4 office buildings in Milwaukee (for $41 million, and a $4 million impairment charge); plus small to midsized office buildings in Mount Laurel, Horsham, Tampa and Milwaukee; and three joint-venture investments; 

- Liberty also spent $100 milion buying an industrial building in Charlotte; an empty distribution building in the Allentown-Bethlehem area, for which Liberty has found tenants; and two industrial properties in Elwood, Ill., for which Liberty has found additional tenants.

Liberty shares were up modestly in early trading today, as stock indices fell. 



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About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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