Liberty Property Trust

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Liberty Property Trust
Public company
Traded as NYSELPT
S&P 400 component
Industry Real estate investment trust
Founded 1972; 45 years ago (1972)
Headquarters Malvern, Pennsylvania
Key people
William P. Hankowsky, Chairman & CEO
Christopher J. Papa, CFO[1]
Revenue Decrease $0.746 billion (2016)[1]
Increase $0.366 billion (2016)[1]
Total assets Decrease $5.992 billion (2016)[1]
Total equity Increase $3.003 billion (2016)[1]
Number of employees
301 (2016)[1]
Website www.libertyproperty.com

Liberty Property Trust is a publicly-traded real estate investment trust that invests in office buildings and industrial properties.

As of December 31, 2016, the company owned interests in 450 industrial and 55 office properties totalling 86.0 million square feet.[1]

History[edit]

The company traces its history to Rouse & Associates, which was formed in 1972 by Willard Rouse, George Congdon, David Hammers, and Menard Doswell to develop warehouse space in southern New Jersey.[2]

In 1974, Rouse & Associates purchased the Great Valley Corporate Center (GVCC) in Malvern, Pennsylvania. This property was the first office park to incorporate a graduate college, a business development and training center, and a day care center.[2]

In 1987, Rouse & Associates opened One Liberty Place, the first skyscraper in Philadelphia to be taller than Philadelphia City Hall, and the tallest building in Pennsylvania from 1987-2007.[3]

In 1994, Rouse & Associates changed its name to Liberty Property Trust and became a public company via an initial public offering.[1]

In 1995, the company acquired Lingerfelt Development Corporation in a $125 million transaction.[4]

In 1997, the company acquired 2 portfolios of properties for $130 million.[5]

In 2003, founder and chief executive officer William Rouse died from lung cancer.[2]

In 2013, the company acquired 2100 M St NW in Washington, D.C. for $133.5 million.[6]

In 2014, in a joint venture with Comcast, the company began construction of the Comcast Technology Center, which at 1,142 feet (348 m), will be the tallest building in the Western Hemisphere outside of Manhattan and Chicago and was designed by Norman Foster, Baron Foster of Thames Bank.[7] The company owns a 20% interest in the project, which is expected to cost $932.0 million.[1]

In 2016, the company sold a portfolio of 8 properties for $131.1 million,[8] an 8 building portfolio in Herndon, Virginia for $97 million,[9] and a portfolio of 108 properties for $969 million.[10][11]

In 2017, the company sold vacant land for $10.32 million.[12]

References[edit]

External links[edit]