Liberty Property Trust announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total operating revenue was $192,803,000 compared to $169,733,000 a year ago. Operating income was $62,984,000 compared to $47,228,000 a year ago. Net income available to common shareholders was $128,358,000 compared to $195,383,000 a year ago. Earnings of $0.87 per diluted share compared to $1.33 per diluted share a year ago NAREIT FFO available to common shareholders was $102.6 million, or $0.68 per diluted share, compared to $62.0 million, or $0.41 per diluted share, for the fourth quarter of 2016. 

For the year, the company reported total operating revenue was $719,778,000 compared to $710,698,000 a year ago. Operating income was $236,644,000 compared to $240,466,000 a year ago. Net income available to common shareholders was $282,340,000 compared to $356,817,000 a year ago. Earnings of $1.91 per diluted share compared to $2.43 per diluted share a year ago NAREIT FFO available to common shareholders was $390.6 million, or $2.59 per diluted share, compared to $356.9 million, or $2.37 per diluted share, for the previous year.

For the year 2018 the company expects to report net income available to common shareholders in the range of $3.05-$3.88 per diluted share, and NAREIT FFO in the range of $2.53-$2.65 per diluted share. In 2018, the company expects asset sales in the range of $600-$800 million and acquisitions in the range of $400-$600 million. It anticipates property level operating income for industrial same store properties to grow by 3% to 4% on a straight line basis and 4% to 5% on a cash basis, and industrial rental growth by 12% to 15% in a straight line basis. This outlook also reflects $0.02 per diluted share of costs associated with information system upgrades being undertaken in 2018. A reconciliation of U.S. GAAP net income available to common shareholders per diluted share to NAREIT FFO per diluted share for 2018 is below.

For the first quarter of 2018 the company expects that it will reflect approximately $0.04 per diluted share of incremental non-cash expenses due to the accelerated vesting of grants to certain employees under the retirement provisions of compensation plan.