The Real Deal Miami

Liberty Property Trust reports earnings slump

REIT owns 19 commercial properties in South Florida
By Ina Cordle | April 21, 2015 01:30PM

miami international tradeport and George Alburger Jr.

Miami International Tradeport and Liberty Property Trust CEO George Alburger Jr.

Liberty Property Trust, a real estate investment trust based in Malvern, Pennsylvania, on Tuesday reported $31.8 million in first quarter net income, down 57 percent from $74.1 million in the first quarter of 2014.

In South Florida, Liberty owns 19 commercial properties, including Miami International Tradeport.

Net income per common share was $0.21 per share for the quarter ended March 31, 2015, compared to $0.49 per share for the quarter ended March 31, 2014. Net income for the latest quarter reflects gains on sales of $0.02 per share, compared with $0.31 per share for the 2014 period.

At March 31, Liberty’s portfolio of 105 million square feet was 93.2 percent occupied, compared to 93 percent at the end of the fourth quarter of 2014. During the first quarter, Liberty completed lease transactions totaling 6.7 million square feet of space.

The $8.9 billion REIT”s portfolio includes 750 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants throughout the United States and the United Kingdom.