Liberty Property Trust Establishes Share Buyback Program, Announces $50 Million Accelerated Share Repurchase Program 
MALVERN, PA (REIT Media) June 25, 2007 - Liberty Property Trust (NYSE:LRY) announced today that its board of trustees has approved a $50 million accelerated share repurchase program (ASR) as part of its approval of an overall program to repurchase up to $100 million of the Company's common shares of beneficial interest over the next five years.
Pursuant to the ASR, Liberty will pay Goldman, Sachs & Co. approximately $50 million in exchange for a variable number of the Company's common shares, subject to a minimum and maximum number of shares. The minimum number of shares will be delivered to the Company in two deliveries to occur shortly after the commencement of the ASR, and the remainder of the shares, if any, will be delivered to the Company at the termination of the transaction, which may be determined by Goldman, Sachs & Co. to be as early as approximately one month or as long as approximately three months from the commencement of the ASR. The actual number of shares to be repurchased pursuant to the ASR will be based upon the volume-weighted average price of the shares during the term of the ASR.
"We believe that the share repurchase program will benefit Liberty's capital structure, and that it demonstrates the confidence of our board and management team in the Company's business model and the strength of our balance sheet," said William P. Hankowsky, Liberty's President and CEO.
As of June 21, 2007, before giving effect to the ASR, the Company had 92.0 million shares outstanding.
Upon completion of the ASR, Liberty will consider repurchasing the balance of the $100 million overall share repurchase authorization in open market transactions, in privately negotiated transactions or through the use of derivatives. The specific timing and amount of repurchases will vary based on market conditions, securities law limitations and other factors. The repurchases will be made using Liberty's cash resources, and the program may be suspended or discontinued at any time without prior notice.
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 office and industrial properties. Liberty's 67 million square foot portfolio includes more than 700 properties, which provide office, distribution and light manufacturing facilities to 2,100 tenants.
Source: Liberty Property Trust
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Jun.25.2007. 07:45
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