Liberty Property Trust Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Revises Earnings Guidance for the Full Year 2016
For the six months, the company's total operating revenue was $376,795,000 compared to $410,419,000 a year ago. Operating income was $128,776,000 compared to $122,014,000 a year ago. Income before property dispositions, income taxes, non-controlling interest and equity in earnings of unconsolidated joint ventures was $76,823,000 compared to $65,230,000 a year ago. Net income available to common shareholders was $107,181,000 compared to $66,464,000 a year ago. Diluted income per common share continuing operations was $0.73 compared to $0.45 a year ago. FFO available to common shareholders for the six months ended June 30, 2016 was $195.3 million, or $1.30 per diluted share, compared to $209.5 million, or $1.37 per diluted share, for the first six months of 2015.
For the year 2016, the company now expects to report net income per diluted share to be $2.60 to $2.70 and FFO per diluted share to be $2.30 to $2.40 against its previous forecast of net income per diluted share to be $1.25 to $1.50 and FFO per diluted share to be $2.35 to $2.55.