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WAYNE, Pa., Sept. 12, 2019 (GLOBE NEWSWIRE) -- On September 10, 2019, Liberty completed its previously announced sale of 8.0 million common shares, plus the exercise in full of the underwriters’ option totaling an additional 1.2 million shares, at a price of $50.50 per share. Estimated net proceeds from the offering totaled $447.9 million.
Liberty expects to use the proceeds from this offering to:
This equity offering and the expected use of proceeds (including the estimated loss on early extinguishment of debt) were not included in the Company’s previously issued earnings guidance, which the Company expects to revise when it releases its operating results for the quarter ending September 30, 2019.
“Liberty has historically benefited from the strength of our balance sheet, which has allowed us to perform in all economic environments,” said Christopher J. Papa, executive vice president and chief financial officer. “These transactions further strengthen that balance sheet with enhanced capacity to support our robust development pipeline, as well as our ability to opportunistically pursue future value-added development in this dynamic industrial real estate market.”
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and the United Kingdom through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty’s 109 million square foot operating portfolio provides productive work environments to 1,200 tenants.
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the company can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of the company. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, retention of leases and dependence on tenants’ business operations), risks relating to the company’s ability to maintain and increase property occupancy and rental rates, risks relating to the continued repositioning of the company’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 the company has acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that the company has issued or may issue in connection with such relationships, risks related to properties developed by the company 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 the company and sensitivity of the company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company’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 the company’s securities, and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704