Q4 2010 Earnings Call Transcript

Transcript Call Date 02/08/2011

Operator: Good afternoon. My name is, Tabatha, and I will be your conference operator today. At this time I'd like to welcome everyone to the Liberty Property Trust Quarterly Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Thank you. Ms. Leonard. You may begin your conference.

Jeanne A. Leonard - IR: Thank you, Tabatha. Thank you everyone for tuning in today. You will hear prepared remarks from Chief Executive Office, Bill Hankowsky; Chief Financial Officer, George Alburger; and Chief Investment Officer, Mike Hagan; and Chief Operating Officer,

Rob Fenza.

During the call, management will be referring to our quarterly supplemental information package. You can access this package as well as the corresponding press release in the Investors' section of Liberty's website at In this package and in the press release, you will also find a reconciliation of non-GAAP financial measures we reference today to GAAP measures.

I will also remind you that some of the statements made during this call will include forward-looking statements within the meaning of the Federal Securities law. Although Liberty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that these 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, risks that were detailed in the issued press release and from time-to-time in the Company's filings with the Securities and Exchange Commission.

The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Bill, would you like to begin?

William P. Hankowsky - Chairman, President and CEO: Thank you, Jeanne, and good afternoon, everyone. With the announcement of our fourth quarter earnings today, Liberty completes 2010, a year of very solid performance for the Company. We leased 17 million square feet last year in nearly 900 transactions, a Company record. This solid leasing performance was aided by a 61% renewal rate for the year. As a result, we maintained our occupancy throughout the year between 88% and 89%, ending the year at 88.7%. We also executed extremely well on the capital front, putting in place a new $500 million credit facility, and issuing $350 million in 10-year senior unsecured notes.

2010 was a year of modest investment activity on the acquisition and disposition fronts, and we saw our development pipeline fully delivered.

Let me turn to 2011, and now that we are five weeks into the New Year, I'd like to update our view of 2011 in three areas. First, we think the national economy maybe in line for a stronger 2011 than we anticipated 90 days ago. We've had six consecutive quarters with positive GDP growth, and the sense from our customer base is that positive economic traction is underway.

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