Liberty Property Offers Senior Notes - Analyst Blog - Citigroup (NYSE:C), Bank of America (NYSE:BAC)

Liberty Property Trust (LRY), a leading real estate investment trust (REIT), has recently announced an offer to sell $350 million worth of 4.75% senior unsecured notes due October 2020. The notes are priced at 99.76% to yield 4.78%.

BofA Merrill Lynch, the investment banking and wealth management division of Bank of America Corporation (BAC), Citigroup Inc. (C), and Wells Fargo Securities, part of Wells Fargo & Company (WFC), are acting as joint book-running managers for the offering. Liberty Property intends to utilize the proceeds from the offer to repay debt under its unsecured revolving credit facility and for other general corporate purposes.

Based in Pennsylvania, Liberty Property provides leasing, property management, development, construction management, design management, and related services for a portfolio of industrial and office properties. The company focuses primarily on prime suburban properties in the Southeast, Mid-Atlantic, and Midwest regions of the U.S. In addition, Liberty Property also owns certain assets in the U.K.

Liberty Property's assets are designed to accommodate various types of tenants and space requirements. The company specifically focuses on metro-office, multi-tenant industrial and flex properties and markets that have strong demographic and economic fundamentals, ensuring a steady revenue stream for the company.

Furthermore, Liberty Property operates in multiple markets that enable it to diversify geographical risk. In each of these markets, the company offers an appropriate mix of office and industrial properties. The company is also repositioning its portfolio as it intends to focus on higher growth markets characterized by better job and rent growth prospects. The current rating on Liberty Property is “Neutral” with a Zacks #3 Rank, which translates into a short-term ‘Hold' recommendation.

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Liberty Property Offers Senior Notes - Analyst Blog

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