Liberty Property Trust

Liberty Property Trust
Public company
Traded as NYSE: LPT
S&P 400 component
Industry Real estate investment trust
Founded 1972 (1972)
Headquarters Malvern, Pennsylvania
Key people
 William P. Hankowsky, Chairman & CEO
Christopher J. Papa, CFO
Revenue Increase $0.719 billion (2017)
Decrease $0.290 billion (2017)
Total assets Increase $6.439 billion (2017)
Total equity Increase $3.148 billion (2017)
Number of employees
 295 (2017)
Website www.libertyproperty.com
Footnotes / references
[1]

Liberty Property Trust is a publicly-traded real estate investment trust that invests in office buildings and industrial properties. As of December 31, 2017, the company owned interests in 461 industrial and 48 office properties comprising 86.0 million square feet.[1]

History

The company traces its history to Rouse & Associates, which was formed in 1972 by Willard Rouse, George Congdon, David Hammers, and Menard Doswell to develop warehouse space in southern New Jersey.[2]

In 1974, Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania. This property was the first office park to incorporate a graduate college, a business development and training center, and a day care center.[2]

In 1987, Rouse & Associates opened One Liberty Place, the first skyscraper in Philadelphia to be taller than Philadelphia City Hall, and the tallest building in Pennsylvania from 1987-2007.[3]

In 1994, Rouse & Associates changed its name to Liberty Property Trust and became a public company via an initial public offering.[1]

In 1995, the company acquired Lingerfelt Development Corporation in a $125 million transaction.[4]

In 1997, the company acquired 2 portfolios of properties for $130 million.[5]

In 2003, founder and chief executive officer William Rouse died from lung cancer.[2]

In 2013, the company acquired 2100 M St NW in Washington, D.C. for $133.5 million.[6]

In 2014, in a joint venture with Comcast, the company began construction of the Comcast Technology Center, which at 1,142 feet (348 m), will be the tallest building in the Western Hemisphere outside of Manhattan and Chicago and was designed by Norman Foster, Baron Foster of Thames Bank.[7] The company owns a 20% interest in the project, which is expected to cost $932.0 million.[1]

In 2016, the company sold a portfolio of 8 properties for $131.1 million,[8] an 8 building portfolio in Herndon, Virginia for $97 million,[9] and a portfolio of 108 properties for $969 million.[10][11]

In 2017, the company sold vacant land for $10.32 million.[12]

References

  1. 1 2 3 4 "Liberty Property Trust 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 Trainor, Tim (May 29, 2003). "Developer Bill Rouse Dies at Age 60". CoStar Group.
  3. ↑ Kostelni, Natalie (May 28, 2003). "Willard Rouse, 60, dies; transformed Phila.'s skyline". American City Business Journals.
  4. ↑ "LIBERTY PROPERTY ACQUIRES LINGERFELT FOR $125 MILLION". The New York Times. March 7, 1995.
  5. ↑ "LIBERTY PROPERTY TRUST ADDING PROPERTIES". The New York Times. Bloomberg News. March 8, 1997.
  6. ↑ Sernovitz, Daniel J. (May 22, 2013). "Liberty Property Trust pays $133.5 M for 2100 M St. NW". American City Business Journals.
  7. ↑ Kostelni, Natalie (January 15, 2014). "Comcast, Liberty Property to construct new $1.2B skyscraper". American City Business Journals.
  8. ↑ Kostelni, Natalie (February 17, 2016). "Local REITs on selling spree". American City Business Journals.
  9. ↑ Sernovitz, Daniel J. (August 31, 2016). "MRP makes play near Silver Line's planned Innovation Center station". American City Business Journals.
  10. ↑ "Workspace Property Trust closes acquisition on $969 Million portfolio from Liberty Property Trust" (Press release). PR Newswire. October 5, 2016.
  11. ↑ Kostelni, Natalie (October 4, 2016). "Liberty Property closes on $1B asset sale". American City Business Journals.
  12. ↑ Bandell, Brian (July 20, 2017). "Liberty Property Trust sells apartment development site in Boca Raton office park". American City Business Journals.
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