Liberty Property projections shy of consensus

Liberty Property Trust (LRY) expects 2013 FFO of $2.48-$2.50 per share vs. consensus $2.63 and 2014 FFO of $2.45-$2.55 vs. consensus $2.73.

The company made itself into more of a pure industrial property player this fall, purchasing Cabot Industrial Value Fund III for $1.475B and selling a 6.6M office property portfolio and 159 acres of land for about $700M. The resultant fall of NOI is reflected in the 2014 guidance.

CFO George Alburger: "This change is positive for the company, but the positive impact will not be reflected in our operating results until the proceeds from the sale have been fully deployed, which we anticipate will not occur until the latter part of 2014."

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