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Liberty Property

LPT is a registered REIT with an operating portfolio of commercial real estate properties focused on the industrial space. LPT primarily operates industrial properties (~89% of total net rent at 3Q18) and also has exposure to office properties (~11%). At 3Q18, LPT's wholly-owned portfolio included 467 industrial and 28 office properties in operation, in addition to 27 properties under development and 9 held for redevelopment. LPT had an ownership interest, through joint ventures, in 47 industrial and 18 office properties, in addition to 9 properties under development and 1 under redevelopment. Geographically diverse in the U.S., top regions include: Lehigh/Central PA (~25% of total net rent of wholly owned properties at 3Q18) and Houston (~9%). As of 3Q18, the top tenant was Amazon at 2.2% of annual rent. (21 Nov 2018)

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Liberty Property: 3Q18 Earnings Quick Cuts

Worth Watching: 23 Oct 2018, 9:52 PM ET - Liberty Property (LPT) reported good 3Q18 results as FFO came in ahead of consensus estimates. The company posted a solid operating quarter as same store cash NOI growth came in ahead of forecasts at 4.1%, driven by strong re-leasing spreads of ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Liberty Property: 2Q18 Earnings Quick Cuts

Worth Watching: 24 Jul 2018, 10:18 PM ET - Liberty Property (LPT) reported a solid fundamental 2Q18 despite the headline miss as FFO came under consensus due to two relatively idiosyncratic charges taken in the quarter (discussed below). From an operating perspective, the company had a s ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Liberty Property: 1Q18 Earnings Quick Cuts

Worth Watching: 24 Apr 2018, 5:28 PM ET - Liberty Property (LPT) reported a solid 1Q18 as FFO came in ahead of consensus estimates. The company had a strong operating quarter as same store cash NOI growth came in ahead of company expectations at a strong 7%, driven by solid leasing ac ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

Liberty Property: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:53 PM ET - Liberty Property (LPT) turned in a strong 4Q17 that beat consensus estimates for both FFO and revenue. We agree with management's sentiment that the fourth quarter was the strongest of the year, reflected in above-trend same store NOI growth, s ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.

REITs: 4Q17 Earnings Season Halftime Report

Earnings Note: 04 Feb 2018, 10:25 PM ET - With roughly half of the 4Q17 REIT earnings season in the bag, we summarize results for the companies that have reported thus far, highlighting the most important issuer themes and giving investors a quick 'pulse check' on the sector.

Real Estate and REIT 2018 Outlook: Healthcare

Sector Outlook: 23 Jan 2018, 11:40 AM ET - We take a look at the healthcare CRE and REIT market heading into 2018, including discussions on the various sub-property types including senior living, skilled nursing, and medical office.

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