Liberty Property Trust (LRY) recently disclosed the leasing of 7.5 million square feet in its industrial portfolio in third-quarter 2013. With this, the company recorded the highest quarterly leasing volume, since its inception in 1972.
In the operating portfolio, Liberty Property inked new lease deals for 1.4 million square feet of space and renewal leases for 3.8 million square feet of space. Moreover, Liberty Property penned a deal for leasing an in-construction build-to-suit distribution facility, spanning 945,720 square foot, at 1467 Perryman Roadin Aberdeen, MD. The development of the leased facility will complete in Jul 2014.
Also, in its existing development pipeline, Liberty Property leased the newly completed distribution facility (1.2 million square foot) at 2785 Commerce Center Blvd.in Bethlehem, PA. The property is leased to Wal-Mart Stores Inc. (WMT). In addition, Liberty Property inked lease deals with two tenants for 85,000 square feet of space at 13220 Wilfred Lanein Rogers, Minn.
We remain encouraged with Liberty Property’s landmark achievement in industrial portfolio leasing. Moreover, the company’s diversified tenant base got a boost from these transactions.
Notably, the U.S. industrial market is gradually emerging on the back of healthy demand with net absorption rate improving and vacancy rates declining. Hence, with the high-end tenant base, Liberty Property is poised to enjoy steady growth in rental revenue, going forward.
This Pa.-based real estate investment trust (:REIT) currently has a Zacks Rank #3 (Hold). Better performing REITs that are worth a look include Sovran Self Storage Inc. (SSS) and Douglas Emmett Inc (DEI). Sovran Self Storage carries a Zacks Rank #1 (Strong Buy) and Douglas Emmett holds a Zacks Rank #2 (Buy).