MALVERN, Pa., Oct. 2 /PRNewswire-FirstCall/ -- Liberty Property Trust
(NYSE: LRY) announced today the pricing of its 4,750,000 newly issued common
shares at $33.00 per share. The Company has granted the underwriters an option
to purchase up to an additional 712,500 shares during the next 30 days. The
Company estimates that the net proceeds from this offering, before offering
expenses, will be approximately $149.7 million or approximately $172.2 million
if the underwriters' option is exercised in full. The offering is expected to
close on October 8, 2008.
The joint book-running managers for this offering are Banc of America
Securities LLC, Citi and J.P. Morgan Securities Inc. Morgan Stanley & Co.
Incorporated is acting as co-lead manager. Robert W. Baird & Co.
Incorporated, Janney Montgomery Scott LLC, Stifel, Nicolaus & Company,
Incorporated, and Wachovia Capital Markets, LLC are acting as co-managers.
Proceeds from the offering will be used to repay a portion of the
indebtedness outstanding under the Company's credit facility and for general
corporate purposes.
This offering is being made only by means of a prospectus supplement and
accompanying prospectus, copies of which may be obtained from Banc of America
Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor,
New York, New York 10001, or by e-mail:
dg.prospectus_distribution@bofasecurities.com; from Citi, Attention:
Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, New York 11220 or by calling 1-(800) 831-9146; and from J.P. Morgan
Securities Inc., National Statement Processing, Prospectus Library, 4 Chase
Metrotech Center, CS Level, Brooklyn, New York 11245, or by calling 718-242-
8002.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.
Liberty Property Trust (NYSE: LRY) 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 office and
industrial properties. Liberty's 75 million square foot portfolio includes
more than 700 properties which provide office, distribution and light
manufacturing facilities to 2,100 tenants.
The statements contained in this press release may include forward-looking
statements within the meaning of the federal securities law. Although Liberty
believes that the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that its
expectations will be achieved. As forward-looking statements, these
statements involve risks, uncertainties and other factors that could cause
actual results to differ materially from the expected results. These factors
include, without limitation, the uncertainties affecting real estate
businesses generally (such as entry into new leases, renewals of leases and
dependence on tenants' business operations), risks relating to our ability to
maintain and increase property occupancy and rental rates, the financial
condition of tenants, the uncertainties of real estate development and
construction activity, the costs and availability of financing, the effects of
local economic and market conditions, regulatory changes, potential liability
relative to environmental matters and other risks and uncertainties detailed
in the company's filings with the Securities and Exchange Commission. The
company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
SOURCE Liberty Property Trust
