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MALVERN, Pa., Jan. 17, 2018 -- Liberty Property Trust today announced that a group of leading industrial real estate investment trusts, including, along with the Company, DCT Industrial Trust Inc. (DCT), Duke Realty Corporation (DRE), EastGroup Properties Inc. (EGP), First Industrial Realty Trust, Inc. (FR), Prologis Inc. (PLD), and STAG Industrial Inc. (STAG) (the “Industrial REIT Group”), has agreed on a consistent methodology to calculate various non-GAAP property operating metrics. These non-GAAP metrics include common methodologies for determining property stabilization and occupancy as well as reporting of comparative changes in rental rates and tenant retention rates. In addition, the Industrial REIT Group has agreed on the definition of the annual pool of properties (“same store pool”) used in calculating same store or same property net operating income growth (“same store NOI”). Specifically, the annual same store pool will only include properties held as of the beginning of the prior calendar year which were stabilized (according to the new agreed upon definition) throughout both periods presented.
Beginning in the first quarter of 2018, all members of the Industrial REIT Group will calculate these non-GAAP metrics based on the agreed upon methodologies. These conforming changes are not expected to have a material impact to our non-GAAP metrics for periods prior to 2018. 2018 guidance provided by the Industrial REIT Group will also be based on the revised methodology.
Although there may be minor distinctions between how companies within the Industrial REIT Group calculate a given metric or in the terminology used, the collective intent is to produce calculations that are consistent in all material respects.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) 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 industrial and office properties. Liberty's 101 million square foot portfolio includes 562 properties which provide distribution, light manufacturing and office facilities to 1,200 tenants.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704
