Liberty Property Trust (LPT) recently disclosed the achievement of LEED (Leadership in Energy and Environmental Design) Silver certification for its Phoenix-based new office property. Notably, shares of this real estate investment trust (:REIT) upped 0.66% during the trading session on NYSE on Mar 11. This achievement is favorable for the company’s strategy of gaining environment stewardship for its properties.
Situated at 4500 E. Cotton Center Blvd, the Class A office asset spans 39,403 square foot. The two-story building, which was constructed in 2013, is fully leased to Aetna Inc. (AET). The office property has top quality cooling and fan systems, interior and exterior lighting and an insulation that minimizes solar heat.
These factors paved way for winning the LEED tag for the building. Moreover, Liberty Property expects Aetna to save 20–30% in energy costs, owing to the certification achievement.
As a matter of fact, Liberty Property is known for its premium green office and industrial properties in the U.S. The company owns about 2.8 million square feet of office space in Phoenix comprising several LEED Gold and Energy Star certified properties.
Liberty Property has been focusing on gaining this environment friendly tag for its buildings to give its tenants cost saving benefits and contribute towards environmental norms. Amid sluggish growth in jobs and persistent office space efficiency trends, we view this move of Liberty Property to gain an edge over its peers.
Liberty Property currently carries a Zacks Rank #2 (Buy). Some other stocks worth considering in the REIT sector include Cousins Properties Inc. (CUZ) and Public Storage (PSA). Both stocks have the same Zacks Rank as Liberty Property.