Liberty Property Trust is a self-administered REIT that owns and manages a portfolio of industrial properties across the U.S. The company owns 113 properties totaling roughly 12.5 million square feet across 30+ states, with industrial properties making up about 79 of those and generating around 82% of base rent. The company leases warehouse, distribution, and light manufacturing space to tenants across a range of industries on a net lease basis, where tenants bear most operating costs like taxes, insurance, and maintenance, making cash flows relatively predictable. The company is quite small — only nine full-time employees — and outsources property management, legal, accounting, and brokerage services to an affiliated entity, Majestic Property. Liberty Property is actively rotating its portfolio toward industrial and away from retail and other property types, selling non-core assets and redeploying capital into industrial acquisitions, with a focus on secondary and tertiary markets where new supply is constrained and competition from larger REITs is limited. Acquisitions are sourced through a network of brokers, private equity firms, banks, and law firms, and evaluated on real estate fundamentals and tenant credit quality. Individual properties are financed with non-recourse fixed-rate mortgages, and the company supplements acquisition financing with a revolving credit facility. As a REIT, Liberty Property distributes at least 90% of taxable income to shareholders as dividends.