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WAYNE, Pa., July 22, 2019 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today issued the following statement in response to the letter publicly disclosed by Land & Buildings Investment Management, LLC (“Land & Buildings”).
Liberty Property Trust issued the following statement:
Liberty Property Trust maintains open communications with shareholders and values input that may advance our goal of driving long-term shareholder value. Members of Liberty Property Trust’s Board of Trustees and senior management team have had numerous discussions and have engaged with Land & Buildings’ principals to better understand their views and perspectives.
Liberty Property Trust has taken aggressive actions to position its portfolio for enhanced growth and drive solid financial results by divesting office properties and redeploying the proceeds into value-enhancing industrial assets and development opportunities. The Company remains encouraged by continued strength in the industrial markets, increasing demand for quality industrial space, and its outstanding development opportunities.
While our Board and management team believe Liberty’s recognized operational and development excellence, singularly focused on high-quality industrial assets in major logistics markets, best positions us to drive growth and enhance shareholder value, our Board is mindful of its fiduciary duties and obligations to our shareholders, and is committed to taking actions that enhance value for all shareholders.
About the Company
Liberty Property Trust (NYSE: LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty's 108 million square foot operating portfolio provides productive work environments to 1,200 tenants.
Forward Looking Statements
This press release contains statements that may relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to, among other things, the letter publicly disclosed by Land & Buildings Investment Management LLC, actions taken, or contemplated to be taken, by Liberty to enhance shareholder value, actions taken by Liberty to better position the Company’s portfolio for growth and the enhancement of shareholder value, including Liberty’s plans to focus on high-quality industrial assets in major logistics markets, Liberty’s plans to redeploy the proceeds from the divestment of office properties into value-enhancing industrial assets and development opportunities, the strength of the industrial markets, the demand for industrial space, the development opportunities available to Liberty, the achievement of strategic targets, expectations for Liberty’s operating results, business and financial condition, business and its growth prospects, as well as statements that are generally accompanied by words such as “anticipates,” “believes,” “expects,” “estimates,” “forecasts,” “should,” “seeks,” “intends,” “proposed,” “projects,” “planned,” “outlook,” “remain confident,” “goal,” “will,” or other words of similar meaning. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, risks relating to the continued repositioning of Liberty's portfolio, risks relating to construction and development activities, risks relating to acquisition and disposition activities, risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that we have issued or may issue in connection with such relationships, risks related to properties developed by Liberty on a fee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to Liberty and sensitivity of Liberty's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which Liberty's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potential adverse impact of market interest rates on the market price for Liberty's securities, risks, disruption, costs and uncertainty caused by or related to the actions of Land & Buildings Investment Management LLC and other activist shareholders, and other risks and uncertainties detailed in Liberty’s filings with the Securities and Exchange Commission. Liberty disclaims any obligation to update or supplement any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704