Liberty Prop misses by $0.01, reports revs in-line; guides FY14 FFO in-line
Reports Q1 (Mar) funds from operations of $0.58 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.59; revenues rose 11.9% year/year to $197.6 mln vs the $196.67 mln consensus.
Co issues in-line guidance for FY14, sees FFO of $2.45-2.55 vs. $2.52 Capital IQ Consensus Estimate.
- Results for the first quarter of 2014 reflect the sale of 6.6 million square feet of suburban office and flex properties which closed in two installments during December 2013 and January 2014. Year-over-year results are reflective of strategic portfolio transformation activities that have increased Liberty's industrial portfolio and decreased its office exposure.
- Leasing: At March 31, 2014, Liberty's in-service portfolio of 101.5 million square feet was 91.0% occupied, compared to 91.6% at the end of the fourth quarter of 2013. During the quarter, Liberty completed lease transactions totaling 5.3 million square feet of space.
- Same Store Performance: Property level operating income for same store properties decreased by 1.4% on a cash basis and by 1.8% on a straight line basis for the first quarter of 2014 compared to the same quarter in 2013.
Co issues in-line guidance for FY14, sees FFO of $2.45-2.55 vs. $2.52 Capital IQ Consensus Estimate.