Liberty sells offices, buys warehouses; profits flat

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.