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Liberty Property Trust

NYSE:LPT
Snowflake Description

Second-rate dividend payer with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LPT
NYSE
$7B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Liberty Property Trust is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. The last earnings update was 12 days ago. More info.


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LPT Share Price and Events
7 Day Returns
0.8%
NYSE:LPT
1.8%
US REITs
-0.7%
US Market
1 Year Returns
13.4%
NYSE:LPT
16.3%
US REITs
3%
US Market
LPT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Liberty Property Trust (LPT) 0.8% -0.6% 1% 13.4% 33.9% 26.2%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • LPT underperformed the REITs industry which returned 16.3% over the past year.
  • LPT outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
LPT
Industry
5yr Volatility vs Market

LPT Value

 Is Liberty Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Liberty Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Liberty Property Trust.

NYSE:LPT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:LPT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (43.14%))
0.807
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.807 * 5.96%)
7.54%

Discounted Cash Flow Calculation for NYSE:LPT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Liberty Property Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Liberty Property Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:LPT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.54%)
2019 316.25 Analyst x6 294.08
2020 330.52 Analyst x6 285.80
2021 353.90 Analyst x1 284.56
2022 368.50 Analyst x1 275.52
2023 387.40 Analyst x1 269.35
2024 404.53 Est @ 4.42% 261.54
2025 420.37 Est @ 3.91% 252.72
2026 435.33 Est @ 3.56% 243.37
2027 449.74 Est @ 3.31% 233.80
2028 463.85 Est @ 3.14% 224.23
Present value of next 10 years cash flows $2,624.97
NYSE:LPT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $463.85 × (1 + 2.73%) ÷ (7.54% – 2.73%)
$9,907.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $9,907.13 ÷ (1 + 7.54%)10
$4,789.12
NYSE:LPT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,624.97 + $4,789.12
$7,414.09
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,414.09 / 151.80
$48.84
NYSE:LPT Discount to Share Price
Calculation Result
Value per share (USD) From above. $48.84
Current discount Discount to share price of $48.07
= -1 x ($48.07 - $48.84) / $48.84
1.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Liberty Property Trust is available for.
Intrinsic value
2%
Share price is $48.07 vs Future cash flow value of $48.84
Current Discount Checks
For Liberty Property Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Liberty Property Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Liberty Property Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Liberty Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Liberty Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:LPT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.05
NYSE:LPT Share Price ** NYSE (2019-05-17) in USD $48.07
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Liberty Property Trust.

NYSE:LPT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:LPT Share Price ÷ EPS (both in USD)

= 48.07 ÷ 1.05

45.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Liberty Property Trust is overvalued based on earnings compared to the US REITs industry average.
  • Liberty Property Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Liberty Property Trust's expected growth come at a high price?
Raw Data
NYSE:LPT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 45.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
3.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:LPT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 45.58x ÷ 3.9%

11.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Liberty Property Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Liberty Property Trust's assets?
Raw Data
NYSE:LPT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $22.48
NYSE:LPT Share Price * NYSE (2019-05-17) in USD $48.07
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:LPT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:LPT Share Price ÷ Book Value per Share (both in USD)

= 48.07 ÷ 22.48

2.14x

* Primary Listing of Liberty Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Liberty Property Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Liberty Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Liberty Property Trust has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LPT Future Performance

 How is Liberty Property Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Liberty Property Trust expected to grow at an attractive rate?
  • Liberty Property Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Liberty Property Trust's earnings growth is positive but not above the United States of America market average.
  • Liberty Property Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:LPT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:LPT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 3.9%
NYSE:LPT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:LPT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:LPT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 844 233 1
2022-12-31 792 224 1
2021-12-31 724 214 2
2020-12-31 575 212 6
2019-12-31 552 212 6
NYSE:LPT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 690 344 155
2018-12-31 705 383 153
2018-09-30 701 368 200
2018-06-30 702 352 210
2018-03-31 688 346 242
2017-12-31 665 337 241
2017-09-30 631 314 319
2017-06-30 650 343 317
2017-03-31 677 325 324
2016-12-31 675 341 330
2016-09-30 767 377 243
2016-06-30 775 393 280

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Liberty Property Trust's earnings are expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
  • Liberty Property Trust's revenue is expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:LPT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Liberty Property Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LPT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.53 1.53 1.53 1.00
2022-12-31 1.47 1.47 1.47 1.00
2021-12-31 1.51 1.54 1.48 2.00
2020-12-31 1.44 1.64 1.35 5.00
2019-12-31 1.46 1.82 1.26 4.00
NYSE:LPT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.05
2018-12-31 1.04
2018-09-30 1.36
2018-06-30 1.43
2018-03-31 1.64
2017-12-31 1.64
2017-09-30 2.18
2017-06-30 2.17
2017-03-31 2.21
2016-12-31 2.25
2016-09-30 1.66
2016-06-30 1.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Liberty Property Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Liberty Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Liberty Property Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LPT Past Performance

  How has Liberty Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Liberty Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Liberty Property Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Liberty Property Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Liberty Property Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Liberty Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Liberty Property Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LPT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 690.17 155.44 55.51
2018-12-31 704.89 153.07 53.84
2018-09-30 701.35 199.67 54.05
2018-06-30 701.75 209.91 52.80
2018-03-31 688.04 241.60 56.35
2017-12-31 665.38 241.10 56.19
2017-09-30 631.01 319.43 59.27
2017-06-30 650.28 317.27 62.67
2017-03-31 677.38 323.95 63.09
2016-12-31 675.32 329.69 63.07
2016-09-30 767.03 243.12 69.17
2016-06-30 775.15 280.20 69.47
2016-03-31 792.01 266.09 70.90
2015-12-31 773.96 228.92 68.26
2015-09-30 813.08 239.83 66.68
2015-06-30 812.46 182.79 65.85
2015-03-31 801.90 176.23 63.77
2014-12-31 792.63 169.63 63.33
2014-09-30 781.38 105.16 61.58
2014-06-30 738.37 93.05 64.05
2014-03-31 696.43 90.54 65.53
2013-12-31 645.93 87.90 66.96
2013-09-30 516.64 68.31 71.76
2013-06-30 528.97 73.84 69.15
2013-03-31 542.44 76.69 67.29
2012-12-31 560.28 86.43 64.69
2012-09-30 665.85 115.02 62.94
2012-06-30 662.39 118.21 61.95

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Liberty Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Liberty Property Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Liberty Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Liberty Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Liberty Property Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LPT Health

 How is Liberty Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Liberty Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Liberty Property Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Liberty Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Liberty Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Liberty Property Trust Company Filings, last reported 1 month ago.

NYSE:LPT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,404.15 3,148.12 96.95
2018-12-31 3,404.31 3,097.40 84.92
2018-09-30 3,297.12 3,089.86 17.77
2018-06-30 3,204.76 2,915.86 24.21
2018-03-31 3,255.83 2,807.68 30.38
2017-12-31 3,155.90 2,911.79 11.88
2017-09-30 3,079.53 2,850.31 47.67
2017-06-30 3,068.20 2,734.20 14.75
2017-03-31 3,062.45 2,674.33 36.54
2016-12-31 3,070.46 2,561.84 43.64
2016-09-30 2,929.52 3,383.93 42.29
2016-06-30 2,939.98 3,269.66 29.34
2016-03-31 2,969.39 3,153.37 43.66
2015-12-31 3,037.79 3,154.12 35.35
2015-09-30 3,014.65 3,289.67 48.65
2015-06-30 3,052.80 3,167.61 73.05
2015-03-31 3,061.75 3,151.46 38.76
2014-12-31 3,093.91 3,158.37 69.35
2014-09-30 3,075.53 3,192.38 39.09
2014-06-30 3,110.22 3,255.11 228.68
2014-03-31 3,128.83 3,259.65 370.55
2013-12-31 3,103.72 3,261.92 163.41
2013-09-30 3,079.71 3,017.26 1,124.57
2013-06-30 2,268.53 2,711.23 61.68
2013-03-31 2,284.53 2,563.81 54.43
2012-12-31 2,225.36 2,653.61 38.36
2012-09-30 2,226.02 2,402.74 34.07
2012-06-30 2,239.44 2,473.81 154.12
  • Liberty Property Trust's level of debt (92.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (104.2% vs 92.5% today).
  • Debt is not well covered by operating cash flow (10.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Liberty Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Liberty Property Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LPT Dividends

 What is Liberty Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.41%
Current annual income from Liberty Property Trust dividends. Estimated to be 3.38% next year.
If you bought $2,000 of Liberty Property Trust shares you are expected to receive $68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Liberty Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Liberty Property Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:LPT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:LPT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.60 1.00
2022-12-31 1.60 1.00
2021-12-31 1.63 4.00
2020-12-31 1.64 8.00
2019-12-31 1.62 8.00
NYSE:LPT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-21 1.640 3.382
2018-12-07 1.600 3.571
2018-09-11 1.600 3.732
2018-06-14 1.600 3.660
2018-03-07 1.600 3.866
2017-12-11 1.600 3.888
2017-09-07 1.600 3.715
2017-05-24 1.600 3.841
2017-02-17 1.600 4.028
2016-12-08 1.900 4.820
2016-09-15 1.900 4.832
2016-06-15 1.900 4.739
2016-03-15 1.900 5.404
2015-12-14 1.900 6.373
2015-09-11 1.900 5.759
2015-06-12 1.900 5.776
2015-03-12 1.900 5.380
2014-12-12 1.900 4.959
2014-09-15 1.900 5.493
2014-06-13 1.900 5.215
2014-03-12 1.900 5.038
2013-12-13 1.900 5.336
2013-09-16 1.900 5.386
2013-06-14 1.900 5.187
2013-03-13 1.900 4.611
2013-02-26 1.900 4.870
2013-02-05 1.900 4.841
2012-12-14 1.920 5.161
2012-09-18 1.900 5.324
2012-06-14 1.900 5.213
2012-03-19 1.900 5.366
2011-12-20 1.900 5.740
2011-09-16 1.900 6.322
2011-06-16 1.900 5.826
2011-03-18 1.900 5.609
2010-12-14 1.900 5.788
2010-09-15 1.900 5.871
2010-06-16 1.900 6.227
2010-03-17 1.900 5.825
2009-12-15 1.900 6.045
2009-09-17 1.900 6.122
2009-06-10 1.900 7.111

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Liberty Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (277x coverage).
X
Income/ dividend checks
We assess Liberty Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Liberty Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Liberty Property Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LPT Management

 What is the CEO of Liberty Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Hankowsky
COMPENSATION $4,007,869
AGE 67
TENURE AS CEO 16.3 years
CEO Bio

Mr. William P. Hankowsky, also known as Bill, serves as Director of Citizens Financial Group, Inc. since 2006. He has served as a Trustee of Liberty Property Trust (the “Trust”) since May 2003. Mr. Hankowsky joined the Trust in January 2001 as Executive Vice President and Chief Investment Officer and was promoted to the position of President in March 2002. Mr. Hankowsky became the Chief Executive Officer of the Trust in January 2003 and Chairman in June 2003. Prior to joining the Trust, Mr. Hankowsky served as President of the Philadelphia Industrial Development Corporation ("PIDC") from 1989 through 2000. In this capacity he oversaw the City of Philadelphia's economic development agency. Prior to that time, Mr. Hankowsky served as an executive with a variety of economic development projects and agencies. Mr. Hankowsky currently serves on the boards of Philadelphia Shipyard Development Corporation, Delaware River Waterfront Corporation, Pennsylvania Academy of Fine Arts, Greater Philadelphia Chamber of Commerce, and the Philadelphia Convention and Visitors Bureau, and United Way of Greater Philadelphia and Southern New Jersey. He has served on the boards of Directors of subsidiaries of Citizens Financial Group, Inc., CBNA and CBPA since November 2006. Mr. Hankowsky received a B.A. in economics from Brown University. Mr. Hankowsky was Director of Aqua America, Inc. till May 02, 2019.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year.
  • Bill's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Liberty Property Trust management team in years:

9.7
Average Tenure
60
Average Age
  • The average tenure for the Liberty Property Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bill Hankowsky

TITLE
Chairman
COMPENSATION
$4M
AGE
67
TENURE
16.3 yrs

Chris Papa

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
52
TENURE
2.9 yrs

Mike Hagan

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$2M
AGE
60
TENURE
14 yrs

Herman Fala

TITLE
General Counsel & Secretary
COMPENSATION
$2M
AGE
68
TENURE
5.3 yrs

Mary Morrissey

TITLE
Senior VP & Chief Accounting Officer
AGE
57
TENURE
2.9 yrs

Jeanne Leonard

TITLE
Vice President of Corporate Communications and Investor Relations

James Maneri

TITLE
Senior Vice President of National Leasing & Business Development
TENURE
20.3 yrs

Caren Hosansky

TITLE
Senior Vice President of Human Resources
TENURE
11.3 yrs

Joe Trinkle

TITLE
Senior VP & Regional Director of South-West Region
TENURE
8.1 yrs

John Gattuso

TITLE
Senior VP and Regional Director of Urban & National Development
Board of Directors Tenure

Average tenure and age of the Liberty Property Trust board of directors in years:

4.8
Average Tenure
60.5
Average Age
  • The tenure for the Liberty Property Trust board of directors is about average.
Board of Directors

Bill Hankowsky

TITLE
Chairman
COMPENSATION
$4M
AGE
67
TENURE
15.9 yrs

Wendy Dietze

TITLE
COMPENSATION
$187K
AGE
60
TENURE
8.3 yrs

Antonio Fernandez

TITLE
COMPENSATION
$184K
AGE
59
TENURE
4.5 yrs

Fred Tomczyk

TITLE
COMPENSATION
$189K
AGE
62
TENURE
4.5 yrs

Dan Garton

TITLE
Lead Independent Trustee
COMPENSATION
$207K
AGE
60
TENURE
5.2 yrs

David Lingerfelt

TITLE
COMPENSATION
$177K
AGE
65
TENURE
24 yrs

Tom DeLoach

TITLE
COMPENSATION
$177K
AGE
70
TENURE
20 yrs

Marguerite Nader

TITLE
COMPENSATION
$172K
AGE
49
TENURE
1.9 yrs

Rob Gifford

TITLE
COMPENSATION
$177K
AGE
61
TENURE
1.3 yrs

Lawrence Raiman

TITLE
AGE
57
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. Feb 19 Sell David Lingerfelt Individual 07. Feb 19 07. Feb 19 -2,200 $47.24 $-103,928
14. Dec 18 Sell Mary Morrissey Individual 12. Dec 18 12. Dec 18 -4,701 $45.52 $-213,990
X
Management checks
We assess Liberty Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Liberty Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LPT News

Simply Wall St News

Will Liberty Property Trust's (NYSE:LPT) Earnings Grow In The Next 12 Months?

On 31 March 2019, Liberty Property Trust (NYSE:LPT) released its earnings update. … In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for Liberty Property Trust in the longer term. … See our latest analysis for Liberty Property Trust What can we expect from Liberty Property Trust in the longer term?

Simply Wall St -

You May Have Been Looking At Liberty Property Trust (NYSE:LPT) All Wrong

real estate investment trust (REIT) based in Wayne, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

How Do Analysts See Liberty Property Trust (NYSE:LPT) Performing In The Next Couple Of Years?

The most recent earnings update Liberty Property Trust's (NYSE:LPT) released in December 2018a

Simply Wall St -

Are Insiders Selling Liberty Property Trust (NYSE:LPT) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Liberty Property Trust (NYSE:LPT). … Liberty Property Trust Insider Transactions Over The Last Year. … All up, insiders sold more shares in Liberty Property Trust than they bought, over the last year.

Simply Wall St -

Does Liberty Property Trust's Share Price Gain of 54% Match Its Business Performance?

Just take a look at Liberty Property Trust (NYSE:LPT), which is up 54%, over three years, soundly beating the market return of 41% (not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During the three years of share price growth, Liberty Property Trust actually saw its earnings per share (EPS) drop 12% per year.

Simply Wall St -

Is Liberty Property Trust (NYSE:LPT) Potentially Undervalued?

Liberty Property Trust (NYSE:LPT), which is in the reits business, and is based in United States,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Let’s examine Liberty Property Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity.

Simply Wall St -

How Good Is Liberty Property Trust (NYSE:LPT), When It Comes To ROE?

To keep the lesson grounded in practicality, we'll use ROE to better understand Liberty Property Trust (NYSE:LPT). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.073 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Liberty Property Trust (NYSE:LPT) A Healthy REIT?

Liberty Property Trust is a US$6.3b. … View our latest analysis for Liberty Property Trust. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Liberty Property Trust (NYSE:LPT) Insiders Have Been Selling

So we'll take a look at whether insiders have been buying or selling shares in Liberty Property Trust (NYSE:LPT). … Liberty Property Trust Insider Transactions Over The Last Year. … That means that an insider was selling shares at around the current price of US$44.63.

Simply Wall St -

How Much Did Liberty Property Trust's (NYSE:LPT) CEO Pocket Last Year?

How Does Bill Hankowsky's Compensation Compare With Similar Sized Companies. … Our data indicates that Liberty Property Trust is worth US$6.6b, and total annual CEO compensation is US$4.8m. … A first glance this seems like a real positive for shareholders, since Bill Hankowsky is paid less than the average compensation paid by similar sized companies.

Simply Wall St -

LPT Company Info

Description

Liberty Property Trust is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior logistics, warehouse, manufacturing, and R&D facilities in key markets. Liberty's 108 million square foot operating portfolio provides productive work environments to 1,200 tenants.

Details
Name: Liberty Property Trust
LPT
Exchange: NYSE
Founded: 1972
$7,296,879,386
$7,127,663,132
151,796,950
Website: http://www.libertyproperty.com
Address: Liberty Property Trust
650 East Swedesford Road,
Suite 400,
Wayne,
Pennsylvania, 19087,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LPT Common Shares New York Stock Exchange US USD 17. Jun 1994
DB LLZ Common Shares Deutsche Boerse AG DE EUR 17. Jun 1994
Number of employees
Current staff
Staff numbers
271
Liberty Property Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:35
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/18
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.