- "The thin and pricey industrial transaction market is offering few acquisition opportunities that meet our investment criteria, therefore it has taken longer than expected to deploy the capital on our balance sheet in a manner that creates value," said Liberty Property Trust (NYSE:LPT) CEO Bill Hankowsky after the company reported an earnings miss and cut its FY14 FFO per share guidance to $2.42-$2.48 from $2.45-$2.55 (and consensus $2.50).
- "We believe that the delays in leasing and development starts that have contributed to our revised projections are somewhat situational and that they are not indicative of negative market trends," he added, perhaps sparing the rest of the industrial sector from losses. While LPT declined 3.8% yesterday, STAG, CSG, FR, DCT. EGP, and PLD were all in the green.
- UBS downgrades LPT to Neutral and Wells Fargo to Market Perform following the results.
- Previously: Liberty Property Trust misses by $0.02, misses on revenue