Liberty Property Trust Announces Repayment of Mortgage Loans

MALVERN, Pa., May 11 /PRNewswire-FirstCall/ -- Liberty Property Trust (NYSE: LRY) announced today that, using proceeds from its credit facility, it has repaid mortgage loans with a principal value of $119.3 million in advance of the loans' March 2012 maturity dates.  The weighted average interest rate of these loans as of March 31, 2010 was 7.3%.  The mortgages encumbered certain of the Company's operating properties with a net book value of $216.8 million. The Company incurred a $1.2 million prepayment penalty and wrote off $822,000 in deferred financing costs in conjunction with the prepayment of these loans.

About the Company

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 78 million square foot portfolio includes more than 700 properties which provide office, distribution and light manufacturing facilities to 2,000 tenants.  

SOURCE Liberty Property Trust

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