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 mediocre balance sheet.


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%

NYSE:LPT

1.0%

US REITs

0.2%

US Market


1 Year Return

18.6%

NYSE:LPT

9.1%

US REITs

-0.7%

US Market

LPT outperformed the REITs industry which returned 9.3% over the past year.

LPT outperformed the Market in United States of America which returned 0.3% over the past year.


Share holder returns

LPTIndustryMarket
7 Day0.2%1.0%0.2%
30 Day1.7%3.6%-2.7%
90 Day6.4%3.0%1.6%
1 Year22.9%18.6%14.0%9.1%1.6%-0.7%
3 Year43.0%27.1%24.2%8.0%40.0%30.9%
5 Year84.9%47.0%58.6%24.8%53.8%36.8%

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 based on future cash flows and its price relative to the stock market?

2%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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 Based on Earnings

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

Liberty Property Trust earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Liberty Property Trust is overvalued based on assets compared to the US REITs industry average.


Next Steps

Future Growth

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

-0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Liberty Property Trust's revenue is expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).

Liberty Property Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Liberty Property Trust's revenue growth is positive but not above the United States of America market average.

Liberty Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.

Liberty Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Liberty Property Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


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

Liberty Property Trust's year on year earnings growth rate has been positive over the past 5 years.

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.


Return on Equity

Liberty Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Liberty Property Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.


Return on Capital Employed

Liberty Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Liberty Property Trust's financial position?


Financial Position Analysis

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.


Debt to Equity History and Analysis

Liberty Property Trust's level of debt (90.1%) 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 (104.6% vs 90.1% today).

Debt is not well covered by operating cash flow (9.6%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.2x debt.


Next Steps

Dividend

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

3.16%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Liberty Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.48%).

Liberty Property Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.83%).

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

Dividends paid are covered by earnings (1.7x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (285.7x coverage).


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?

3.2yrs

Average management tenure


CEO

Bill Hankowsky (68yo)

16.6yrs

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

Bill's remuneration is lower than average for companies of similar size in United States of America.

Bill's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

3.2yrs

Average Tenure

61yo

Average Age

The tenure for the Liberty Property Trust management team is about average.


Board Age and Tenure

5.1yrs

Average Tenure

61.5yo

Average Age

The tenure for the Liberty Property Trust board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellUS$103,92807 Feb 19
David Lingerfelt
EntityIndividual
Role
Member of the Board of Directors
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: 16.6yrs
    • Compensation: US$4.01m
  • Herman Fala (69yo)

    Senior VP & Senior Legal Advisor

    • Tenure: 0.1yrs
    • Compensation: US$1.61m
  • Chris Papa (53yo)

    Executive VP & CFO

    • Tenure: 3.2yrs
    • Compensation: US$1.79m
  • Mike Hagan (61yo)

    Executive VP & Chief Investment Officer

    • Tenure: 14.3yrs
    • Compensation: US$1.79m
  • Massie Flippin

    Senior VP & Regional Director

    • Tenure: 0.6yrs
  • Caren Hosansky

    Senior Vice President of Human Resources

    • Tenure: 11.6yrs
  • Jeanne Leonard

    Vice President of Corporate Communications and Investor Relations

    • Tenure: 0.0yrs
  • Joe Trinkle

    Senior VP & Regional Director of South-West Region

    • Tenure: 8.3yrs
  • Mary Morrissey (58yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 3.2yrs
  • Shawn Neuman

    General Counsel & Secretary

    • Tenure: 0.1yrs

Board Members

  • Dan Garton (61yo)

    Lead Independent Trustee

    • Tenure: 5.4yrs
    • Compensation: US$207.03k
  • David Lingerfelt (66yo)

    • Tenure: 24.3yrs
    • Compensation: US$177.03k
  • Tom DeLoach (71yo)

    • Tenure: 20.3yrs
    • Compensation: US$177.03k
  • Wendy Dietze (61yo)

    • Tenure: 8.6yrs
    • Compensation: US$187.03k
  • Bill Hankowsky (68yo)

    Chairman

    • Tenure: 16.6yrs
    • Compensation: US$4.01m
  • Fred Tomczyk (63yo)

    • Tenure: 4.8yrs
    • Compensation: US$188.53k
  • Marguerite Nader (50yo)

    • Tenure: 2.2yrs
    • Compensation: US$172.28k
  • Lawrence Raiman (58yo)

    • Tenure: 0.3yrs
  • Rob Gifford (62yo)

    • Tenure: 1.5yrs
    • Compensation: US$177.03k
  • Antonio Fernandez (60yo)

    • Tenure: 4.8yrs
    • 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$8.022b
  • Market Cap: US$7.666b
  • Shares outstanding: 151.94m
  • 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 Analysis2019/08/20 23:46
End of Day Share Price2019/08/20 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.