Liberty Property Trust (LRY) reported that its third-quarter net income available to common shareholders was $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 available to common shareholders for the third quarter was $0.72 per share, compared to $0.80 per share for the third quarter of 2008.
Total operating revenues for the quarter rose to $187.49 million, from $182.43 million in the year ago-quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $185.59 million for the quarter. Analysts' estimates typically exclude special items.
For 2009, Liberty now expects to report funds from operations to be in the range of $2.81 - $2.83 per share. Net income is now expected to be in the range of $1.32 - $1.37 per share. Analysts expect the company to report earnings of $2.83 per share for fiscal 2009.
While announcing the first-quarter result, the company had slashed its forecast for FFO to a range of $2.70 - $2.90 per share from the prior guidance of $3.00 to $3.20 per share. Earnings were anticipated between $0.84 and $1.04 per share, down from the earlier range of $1.24 to $1.44 per share.
For 2010, the company expects funds from operations to be in the range of $2.60 - $2.80 per share. Net income is expected to be in the range of $1.12- $1.33 per share. Analysts expect the company to report earnings of $2.69 per share for fiscal 2010.
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