MALVERN, Pa.—Liberty Property Trust said its third-quarter results declined from a year ago, but the real estate investment trust beat analyst estimates.
Funds from operations, or FFO, totaled $77.2 million, or 65 cents per share, compared with $81.5 million, or 69 cents per share, a year ago.
Funds from operations, or FFO, adds such items as amortization and depreciation to net income and is considered a key measure of a real estate investment trust's performance.
Net income was $35.3 million, or 31 cents per share, compared with $34.6 million, or 30 cents per share a year ago.
Revenue was nearly flat at $175.2 million compared with $175.5 million a year ago.
On average, analysts polled by FactSet expected FFO of 64 cents per share on $174.4 million in revenue.
The company said it expects to report funds from operations for 2011 in the range of $2.55-$2.58 share. The analysts expect $2.58. It will issue earnings guidance for 2012 on Dec. 13.
Liberty Property shares fell 32 cents, or 1 percent, to $30.87. They've fallen 3.3 percent since the beginning of the year.
The Malvern, Pa.-based company owns and operates commercial real estate properties in the United States and United Kingdom. Its portfolio includes nearly 700 properties which provide office, distribution and light manufacturing facilities to 1,900 tenants.