Liberty Property Trust (LRY), Monday revealed its second quarter financial results, reporting an increase in profit, with a decline in Funds From Operations from the same quarter a year ago. Revenus for the second quarter increased from a year ago, however, came in below Street estimates.
Quarterly net income available for the common shareholders increased to $36.671 million or $0.35 per share from $31.629 million or $0.34 per share in the same quarter a year ago.
Quarterly results included an impairement charge of $3.8 million as well as termination fees of $1.1 milion. Excluding charges, funds from operations for the second quarter declined to $0.72 per share from $0.80 per share in the corresponding quarter a year ago. Funds from operations for the second quarter also included a debt extinguishment gain related to the purchase of $3.5 million of its March 2011 senior notes.
On average, twelve analysts polled by Thomson Reuters expected quarterly earnings of $0.70 per share. Analysts' estimate typically excludes special items such as one-time charges or gains.
Income from continuing operations for the second quarter increased to $38.745 million or $0.31 per share from $33.889 million or $0.29 per share in the same quarter a year ago.
Income from discontinuing operations for the second quarter declined to $4.467 million or $0.04 per share from $4.489 million or $0.05 per share in the same quarter last year.
Revenues for the second quarter increased to $185.664 million from $179.995 million in the same quarter a year ago, primarily helped by an increase in rental reveneus. Quarterly revenus, however, was below the Street's view of $189.71 million.
The company recorded rental revenues for the second quarter of $130.846 million, up from $123.557 million in the same quarter last year.
Quarterly operating expenses declined to $111.717 million from $114.050 million in the same quarter a year ago.
During the second quarter, Liberty generated net proceeds of $122.2 million through the sale of 5.5 million shares pursuant to a continuous offering program. Liberty also sold 10 properties in operations for $34.7 million in the second quarter.
For the six-month period, net income available for the common shareholders increased to $64.560 million from $61.590 million in the same period a year ago, while on a per share basis, net income declined to $0.62 from $0.67 in the same period last year.
Funds From Operations for the six-month period was $1.44 per share, down from $1.60 per share in the same period a year ago.
Total opearting revenues for the period increased to $372.818 million from $367.360 million in the same period last year.
LRY closed Monday's trading at $26.13, up $0.73 or 2.87%, on a volume of 1.545 million shares on the NYSE. In after hours, the stock lost $0.29 or 11.1%, to trade at $25.86.
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