(RTTNews) - Monday, real estate investment holding trust Liberty Property Trust (LRY: News ) reported an increase in third quarter profit, with an increase in Funds From Operations from the same quarter a year ago. Revenues for the quarter improved from a year ago, however, came in below Street estimates. Looking ahead, the company revised its fiscal 2009 guidance.

The Malvern, Pennsylvania-based company reported net income available to common shareholders for the third quarter of $43.90 million or $0.39 per share, compared to $38.55 million or $0.41 per share in the year-ago quarter.

Funds from operations or FFO available to common shareholders for the third quarter of 2009 was $83.06 million or $0.72 per share, compared to $78.26 million or $0.80 per share in the third quarter of 2008.

Funds from operations for the third quarter include termination fees of $6.2 million, and an impairment charge of $4.8 million.

On average, twelve analysts polled by Thomson Reuters expected the company to earn $0.70 per share for the quarter. Analysts estimates typically exclude special items.

Income from continuing operations for the third quarter increased to $40.58 million or $0.30 per share from $33.80 million or $0.29 per share in the same quarter a year ago.

Income from discontinuing operations for the third quarter declined to $10.17 million or $0.09 per share from $12.15 million or $0.12 per share in the same quarter last year.

Total operating revenue for the quarter increased to $187.49 million from $182.43 million in the prior-year quarter. Six analysts had a revenue consensus of $185.59 million for the third quarter.
The company recorded rental revenues for the third quarter of $130.64 million, up from $126.42 million in the same quarter last year. Operating expense reimbursement increased marginally to $56.85 million from $56.01 million in the third quarter of 2009.

Quarterly operating expenses declined to $113.80 million from $114.98 million in the same quarter a year ago.

At September 30, 2009, Liberty's in-service portfolio of 77.4 million square feet was 89.3% occupied. During the quarter, Liberty completed lease transactions totaling 3.5 million square feet of space.

Property level operating income for same store properties increased by 0.4% on a cash basis and by 2.0% on a straight line basis for the third quarter of 2009 compared to the same quarter in 2008.

For the nine-month period, The company's net income available to common shareholders increased to $108.46 million or $1.02 per share from $100.14 million or $1.08 per share in the similar period of last year.

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