NYSE:LPT

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Second-rate dividend payer with poor track record.


Similar Companies

Share Price & News

How has Liberty Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

0.2%

LPT

1.2%

US REITs

1.0%

US Market


1 Year Return

26.6%

LPT

22.9%

US REITs

8.0%

US Market

Return vs Industry: LPT exceeded the US REITs industry which returned 22.9% over the past year.

Return vs Market: LPT exceeded the US Market which returned 8% over the past year.


Shareholder returns

LPTIndustryMarket
7 Day0.2%1.2%1.0%
30 Day0.4%2.6%-0.07%
90 Day-3.5%7.9%-1.0%
1 Year31.0%26.6%28.1%22.9%10.4%8.0%
3 Year41.0%25.7%37.1%19.9%46.2%36.7%
5 Year84.5%47.5%65.8%30.7%64.3%46.2%

Price Volatility Vs. Market

How volatile is Liberty Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Liberty Property Trust undervalued compared to its fair value and its price relative to the market?

37.8x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: LPT ($50.94) is trading above our estimate of fair value ($50.66)

Significantly Below Fair Value: LPT is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: LPT is poor value based on its PE Ratio (37.8x) compared to the REITs industry average (37.2x).

PE vs Market: LPT is poor value based on its PE Ratio (37.8x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

PEG Ratio: LPT is poor value based on its PEG Ratio (90.6x)


Price to Book Ratio

PB vs Industry: LPT is overvalued based on its PB Ratio (2.3x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Liberty Property Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

0.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: LPT's forecast earnings growth (0.4% per year) is below the savings rate (2.7%).

Earnings vs Market: LPT's earnings (0.4% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: LPT's earnings are forecast to grow, but not significantly.

Revenue vs Market: LPT's revenue (5.5% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: LPT's revenue (5.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: LPT's Return on Equity is forecast to be low in 3 years time (6.3%).


Next Steps

Past Performance

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

4.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: LPT's earnings have grown by 4.7% per year over the past 5 years.

Accelerating Growth: LPT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: LPT had negative earnings growth (-3.5%) over the past year, making it difficult to compare to the REITs industry average (16.9%).


Return on Equity

High ROE: LPT's Return on Equity (6.2%) is considered low.


Return on Assets

ROA vs Industry: LPT's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: LPT's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Liberty Property Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: LPT has a high level of physical assets or inventory.

Debt Coverage by Assets: LPT's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: LPT's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if LPT has a sufficient allowance for bad loans.

Low Risk Liabilities: LPT reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if LPT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: LPT has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if LPT has an appropriate level of bad loans.


Next Steps

Dividend

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

3.22%

Current Dividend Yield


Dividend Yield vs Market

company3.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years3.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: LPT's dividend (3.22%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: LPT's dividend (3.22%) is low compared to the top 25% of dividend payers in the US market (3.68%).

Stable Dividend: LPT's dividend payments have been volatile in the past 10 years.

Growing Dividend: LPT's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (58.7%), LPT's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: LPT's dividends in 3 years are forecast to be thoroughly covered by earnings (0.3% payout ratio).


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Bill Hankowsky (68yo)

16.8yrs

Tenure

US$4,007,869

Compensation

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. Hankows ...


CEO Compensation Analysis

Compensation vs. Market: Bill's total compensation ($USD4.01M) is about average for companies of similar size in the US market ($USD6.88M).

Compensation vs Earnings: Bill's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.3yrs

Average Tenure

61yo

Average Age

Experienced Management: LPT's management team is considered experienced (3.3 years average tenure).


Board Age and Tenure

5.3yrs

Average Tenure

61.5yo

Average Age

Experienced Board: LPT's board of directors are considered experienced (5.3 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellUS$103,92807 Feb 19
David Lingerfelt
EntityIndividual
Role
Member of the Board of Directors
Independent Trustee
Shares2,200
Max PriceUS$47.24
SellUS$213,99014 Dec 18
Mary Morrissey
EntityIndividual
Role
Chief Accounting Officer
Senior VP & Chief Accounting Officer
Shares4,701
Max PriceUS$45.52

Ownership Breakdown


Management Team

  • Bill Hankowsky (68yo)

    Chairman

    • Tenure: 16.8yrs
    • Compensation: US$4.01m
  • Herman Fala (69yo)

    Senior VP & Senior Legal Advisor

    • Tenure: 0.3yrs
    • Compensation: US$1.61m
  • Chris Papa (53yo)

    Executive VP & CFO

    • Tenure: 3.3yrs
    • Compensation: US$1.79m
  • Mike Hagan (61yo)

    Executive VP & Chief Investment Officer

    • Tenure: 14.4yrs
    • Compensation: US$1.79m
  • Massie Flippin

    Senior VP & Regional Director

    • Tenure: 0.8yrs
  • Caren Hosansky

    Senior Vice President of Human Resources

    • Tenure: 11.8yrs
  • Jeanne Leonard

    Vice President

    • Tenure: 0yrs
  • Mary Morrissey (58yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 3.3yrs
  • Shelby Christensen

    Senior Vice President of Operations

    • Tenure: 0.2yrs
  • Shawn Neuman

    General Counsel & Secretary

    • Tenure: 0.3yrs

Board Members

  • Dan Garton (61yo)

    Lead Independent Trustee

    • Tenure: 5.6yrs
    • Compensation: US$207.03k
  • David Lingerfelt (66yo)

    Independent Trustee

    • Tenure: 24.4yrs
    • Compensation: US$177.03k
  • Tom DeLoach (71yo)

    Independent Trustee

    • Tenure: 20.4yrs
    • Compensation: US$177.03k
  • Wendy Dietze (61yo)

    Independent Trustee

    • Tenure: 8.8yrs
    • Compensation: US$187.03k
  • Bill Hankowsky (68yo)

    Chairman

    • Tenure: 16.8yrs
    • Compensation: US$4.01m
  • Fred Tomczyk (63yo)

    Independent Trustee

    • Tenure: 4.9yrs
    • Compensation: US$188.53k
  • Marguerite Nader (50yo)

    Independent Trustee

    • Tenure: 2.3yrs
    • Compensation: US$172.28k
  • Lawrence Raiman (58yo)

    Independent Trustee

    • Tenure: 0.5yrs
  • Rob Gifford (62yo)

    Independent Trustee

    • Tenure: 1.7yrs
    • Compensation: US$177.03k
  • Antonio Fernandez (60yo)

    Independent Trustee

    • Tenure: 4.9yrs
    • Compensation: US$183.53k

Company Information

Liberty Property Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Liberty Property Trust
  • Ticker: LPT
  • Exchange: NYSE
  • Founded: 1972
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: US$8.187b
  • Market Cap: US$8.037b
  • Shares outstanding: 161.29m
  • Website: https://www.libertyproperty.com

Number of Employees


Location

  • Liberty Property Trust
  • 650 East Swedesford Road
  • Suite 400
  • Wayne
  • Pennsylvania
  • 19087
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LPTNYSE (New York Stock Exchange)YesCommon SharesUSUSDJun 1994
LLZDB (Deutsche Boerse AG)YesCommon SharesDEEURJun 1994

Biography

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 23:36
End of Day Share Price2019/10/21 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.