December 29, 2014 11:02 AM ET

Capital Markets

Company Overview of Liberty Property Limited Partnership

Company Overview

Liberty Property Limited Partnership provides leasing, property management, development, acquisition, and other tenant related services for industrial and office properties located in the Mid-Atlantic, Southeastern, and Mid western United States, as well as in the United Kingdom. The partnership’s industrial properties consist of warehouse, distribution, service, assembly, light manufacturing, and research and development facilities, which include both single-tenant and multi tenant facilities. Its office properties include multi-story and single-story office buildings located in suburban mixed-use developments or office parks. As of June 30, 2007, the partnership owned and operated 373 indu...

500 Chesterfield Parkway

Malvern, PA 19355

United States

Founded in 1994

471 Employees

Phone:

610-648-1700

Key Executives for Liberty Property Limited Partnership

Chairman of Liberty Property Trust
Age: 63
Chief Financial Officer of Liberty Property Trust - General Partner
Age: 66
Compensation as of Fiscal Year 2014.

Liberty Property Limited Partnership Key Developments

Liberty Property Trust Announces New $800 Million Unsecured Line Facility

Liberty Property Trust announced that Liberty Property Limited Partnership (together with Liberty Property Trust, Liberty) has entered into a new $800 million unsecured revolving credit facility maturing March 26, 2018, which replaces its previous $500 million credit line scheduled to mature November 2, 2015. Based upon Liberty's current credit ratings, borrowings under the new facility will bear interest at LIBOR plus 105 basis points, with a 20 basis point facility fee. Based on current credit ratings, interest under the previous facility was LIBOR plus 125 basis points, with a 25 basis point facility fee. The new line contains an accordion feature which allows Liberty to increase its credit facility amount up to $1.2 billion. Liberty also has options to extend the maturity date for up to one additional year. For this financing, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC were Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. is acting as Administrative Agent; JPMorgan Chase Bank, N.A. as Syndication Agent; PNC Bank, National Association, RBS Citizens Bank, N.A., US Bank National Association, and Wells Fargo Bank, National Association as Documentation Agents; Citibank, N.A. and Goldman Sachs Bank USA as Senior Managing Agents; and Capital One, National Association and Union Bank, N.A. as Managing Agents. Other participants include Branch Banking and Trust Company, SunTrust Bank, Regions Bank, TD Bank, N.A., and Huntington National Bank.

Liberty Property Limited Partnership Announces Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2013

Liberty Property Limited Partnership announced unaudited consolidated earnings results for the nine months ended September 30, 2013. For the nine months, the company reported operating revenue of $536.18 million, operating income of $182.3 million, income before property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures of $88.78 million, income from continuing operations available to common shareholders of $94.16 million or diluted earnings per share of $0.73 compared to operating revenue of $497.14 million, operating income of $177.41 million, income before property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures of $95.52 million, income from continuing operations available to common shareholders of $91.34 million or diluted earnings per share of $0.75 for the same period last year. On proforma basis, the company reported operating revenue of $454.78 million, operating income of $151.59 million, income before property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures of $58.06 million, income from continuing operations available to common shareholders of $63.44 million or diluted earnings per share of $0.49 compared to operating revenue of $417.18 million, operating income of $145.14 million, income before property dispositions, income taxes and equity in earnings (loss) of unconsolidated joint ventures of $63.26 million, income from continuing operations available to common shareholders of $59.07 million or diluted earnings per share of $0.49 for the same period last year.

Nupathe Inc. Enters into Lease Agreement with Liberty Property Limited Partnership

NuPathe Inc. entered into a lease agreement with Liberty Property Limited Partnership on September 18, 2013, pursuant to which NuPathe Inc. will lease office and lab space at 7 Great Valley Parkway, Suite 300, Malvern, Pennsylvania. The facility will serve as NuPathe Inc.'s new corporate headquarters. The facility will initially consist of approximately 13,260 rentable square feet. The new lease will commence on September 30, 2013 and has an initial term of 132 months. Subject to payment of a $2,500 termination fee, NuPathe Inc. may elect to terminate the new lease effective as of September 30, 2014 if the company does not enter into a commercial partnership for Zecuity and raise at least $50 million by April 30, 2014 (the new drug early termination option). The company may also terminate the new lease effective as of the end of the 96th full month of the term by paying a termination fee equal to the landlord's unamortized lease transaction costs plus a fee equal to three months of rent and operating expenses at the then current rates on the terms specified in the new lease. In the event the company does not terminate the new lease pursuant to the new drug early termination option, the company will perform the facility improvements specified in the new lease and the premises occupied by the company will be increased to 21,266 rentable square feet.

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Recent Private Companies Transactions

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Date
Target
Merger/Acquisition
October 21, 2014
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Merger/Acquisition
August 28, 2014
68.9-Acre Site in Palm Beach County
Merger/Acquisition
April 22, 2014
60,000 Square Foot Distribution Building in Southern California
 

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