Wayne, PA-based Liberty Property Trust recently revealed operating results for the quarter ended June 30, 2018 and according to Bill Hankowsky, CEO, the REIT continues to benefit from strong, unabated demand from industrial users for high-quality, well-located facilities. “This demand is widespread and is evident in all Liberty markets,” he says.
Hankowsky continues that “Due to these market conditions, we anticipate that our same store operating performance for 2018 will likely be at the upper end of our guidance range. In addition, the robust demand from real estate investors should allow us to accelerate sales of non-core office properties this year.”
In the firm’s Q2 report, they revealed that net income available to common shareholders for the second quarter of 2018 was $19.6 million, or $0.13 per diluted share, compared to $51.4 million, or $0.35 per diluted share, for the second quarter of 2017. For the six months ended June 30, 2018, net income available to common shareholders was $159.8 million, or $1.08 per diluted share, compared to $94.4 million, or $0.64 per diluted share, for the first six months of 2017.
At June 30, 2018, Liberty’s operating portfolio of 102.9 million square feet was 97.0% occupied, compared to 96.7% at the end of the first quarter 2018. During the quarter, Liberty completed lease transactions totaling 6.1 million square feet of space, and occupancy on a signed but not yet commenced basis is 97.5%.