WASHINGTON (dpa-AFX) - Liberty Property Trust (LRY) announced a decline in Funds from operations or FFO of $77.165 million or $0.65 per share compared to $78.81 million or $0.70 per share last year. FFO available to common shareholders was $35.32 million or $0.31 per share compared to $34.644 million or $0.30 per share a year ago. Funds from operations for the third quarter include lease termination fees of $1.1 million, and a $1.0 million gain on the sale of land.
On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.64 for the quarter. Analysts' estimates typically exclude one-time items.
Net income available to common shareholders increased to $35.32 million from $34.644 million a year ago. On a per share basis, net income was $0.31, compared to $0.30 per share in the prior year. Net income includes net gains on property dispositions of $6.0 million or $0.05 per share and $0.9 million or $0.01 per share.
Looking ahead, the company expects 2011 FFO in the range of $2.55 to $2.58 share and net income per share in a range of $1.55 to $1.59 per share. Street expects FFO per share of $2.58 on revenue of $700.36 million.
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