Liberty Property Trust (NYSE:LPT) Q4 2015 Earnings Conference Call - Final Transcript
Feb 09, 2016 • 01:00 pm ET
Good afternoon. My name is Connor, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter 2015 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]
Thank you. Jeanne Leonard, you may begin your conference.
Jeanne Ackerly Leonard
Thank you, Connor. And thank you everyone for tuning in today. You are going to hear prepared remarks from Chief Executive Officer, Bill Hankowsky, Chief Financial Officer, George Alburger, and our Chief Investment Officer, Mike Hagan.
Liberty issued a press release detailing our results as well as a supplemental financial package this morning, and you can access these in the Investors section of Liberty's website at www.libertyproperty.com. In these documents you will also find a reconciliation of non-GAAP financial measures to GAAP measures.
I will also remind you that some of the statements made during this call will 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, we can give no assurance that these 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, risks that were detailed in the issued press release and from time-to-time 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.
Bill, would you like to begin?
William P Hankowsky
Thank you, Jeanne. And good afternoon, everyone. 2015 was a very good year to be in this business, and the fourth quarter continued that momentum. FFO for the quarter was $0.65 and for the year, it was $2.69. We increased guidance during the year and ended at the high-end of that revised range. This is reflective of the fact that basically all of the elements of our 2015 business plan performed at or above budget.
As you know, a lot has happened in the financial markets since then. So, I think I'm supposed to talk about what has changed, but actually what I'd rather talk about is what has not changed. We still anticipate selling upwards of $1 billion of suburban non-core office properties this year. We see no erosion in interest that would suggest otherwise.
Turning to our industrial platform. The industrial markets continue to operate in that rare sweet spot, where demand is solid, supply is in check, and the tenants often have limited options at certain size points about their ability to satisfy their needs. In this environment, having high-quality, actively managed in-service properties coupled with development capabilities such as we have at Liberty is a competitive advantage. And this is the environment that allowed us to do more than 29 million square feet of leasing last year, and 700 plus transactions to drive occupancy to 93.7%, to increase