Maryland | 001-09279 | 13-3147497 | ||
(State or other jurisdiction of incorporation) | (Commission file No.) | (IRS Employer I.D. No.) |
ONE LIBERTY PROPERTIES, INC.
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Date: November 7, 2011
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By:
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/s/ David W. Kalish |
David W. Kalish | ||
Senior Vice President and Chief Financial Officer | ||
ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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Revenues:
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Rental income, net - Note 1
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$ | 11,151 | $ | 10,466 | $ | 33,494 | $ | 30,546 | ||||||||
Operating expenses:
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Depreciation and amortization
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2,424 | 2,155 | 7,072 | 6,314 | ||||||||||||
General and administrative
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1,804 | 1,545 | 5,306 | 4,811 | ||||||||||||
Real estate acquisition costs
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131 | 224 | 176 | 738 | ||||||||||||
Real estate expenses
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620 | 396 | 1,908 | 1,362 | ||||||||||||
Leasehold rent
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77 | 77 | 231 | 231 | ||||||||||||
Total operating expenses
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5,056 | 4,397 | 14,693 | 13,456 | ||||||||||||
Operating income
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6,095 | 6,069 | 18,801 | 17,090 | ||||||||||||
Other income and expenses:
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Equity in earnings of unconsolidated joint ventures
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105 | 101 | 241 | 354 | ||||||||||||
Gain on disposition of real estate held by
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unconsolidated joint venture
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- | - | - | 107 | ||||||||||||
Gain on settlement of debt
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- | - | 1,240 | - | ||||||||||||
Other income, including realized gain on sale of
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available-for-sale securities and interest income
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9 | 40 | 62 | 265 | ||||||||||||
Interest:
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Expense
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(3,259 | ) | (3,658 | ) | (10,233 | ) | (10,639 | ) | ||||||||
Amortization of deferred financing costs
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(185 | ) | (160 | ) | (681 | ) | (452 | ) | ||||||||
Income from continuing operations
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2,765 | 2,392 | 9,430 | 6,725 | ||||||||||||
Income from discontinued operations
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- | 219 | 277 | 705 | ||||||||||||
Net gain on sale
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- | 235 | 932 | 235 | ||||||||||||
Income from discontinued operations - Note 2
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- | 454 | 1,209 | 940 | ||||||||||||
Net income
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$ | 2,765 | $ | 2,846 | $ | 10,639 | $ | 7,665 | ||||||||
Net income per common share - diluted:
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Income from continuing operations
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$ | 0.19 | $ | 0.21 | $ | 0.66 | $ | 0.59 | ||||||||
Income from discontinued operations
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- | 0.04 | 0.09 | 0.08 | ||||||||||||
Net income per common share - diluted
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$ | 0.19 | $ | 0.25 | $ | 0.75 | $ | 0.67 | ||||||||
Funds from operations - Note 3
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$ | 5,286 | $ | 4,894 | $ | 17,115 | $ | 14,056 | ||||||||
Funds from operations per common share-diluted - Note 4
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$ | 0.36 | $ | 0.42 | $ | 1.22 | $ | 1.22 | ||||||||
Weighted average number of common and
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unvested restricted shares outstanding:
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Basic
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14,491 | 11,481 | 14,017 | 11,443 | ||||||||||||
Diluted
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14,491 | 11,518 | 14,017 | 11,475 | ||||||||||||
Note 1 - Rental income includes straight line rent accruals and amortization of lease intangibles of $337 and $973 for the three and nine months ended September 30, 2011 and $406 and $1,279 for the three and nine months ended September 30, 2010.
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Note 2 - Income from discontinued operations includes straight line rent accruals and amortization of lease intangibles of $ 0 and $(4) for the three and nine months ended September 30, 2011 and $(1) and $(4) for the three and nine months ended September 30, 2010.
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ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2011
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2010
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2011
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2010
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Note 3 - Funds from operations is summarized in the following table:
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Net income
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$ | 2,765 | $ | 2,846 | $ | 10,639 | $ | 7,665 | ||||||||
Add: depreciation of properties
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2,406 | 2,188 | 7,081 | 6,462 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures
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97 | 78 | 273 | 236 | ||||||||||||
Add: amortization of capitalized leasing expenses
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18 | 17 | 54 | 35 | ||||||||||||
Deduct: net gain on sales of real estate
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- | (235 | ) | (932 | ) | (235 | ) | |||||||||
Deduct: our share of net gain on sale-unconsolidated joint venture
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- | - | - | (107 | ) | |||||||||||
Funds from operations
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$ | 5,286 | $ | 4,894 | $ | 17,115 | $ | 14,056 | ||||||||
Note 4 - Funds from operations per common share is summarized in the following table:
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Net income
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$ | 0.19 | $ | 0.25 | $ | 0.75 | $ | 0.67 | ||||||||
Earnings allocated to unvested restricted stock
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- | - | 0.01 | - | ||||||||||||
Add: depreciation of properties
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0.16 | 0.19 | 0.51 | 0.56 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures
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0.01 | - | 0.02 | 0.02 | ||||||||||||
Add: amortization of capitalized leasing expenses
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- | - | - | - | ||||||||||||
Deduct: net gain on sales of real estate
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- | (0.02 | ) | (0.07 | ) | (0.02 | ) | |||||||||
Deduct: our share of net gain on sale-unconsolidated joint venture
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- | - | - | (0.01 | ) | |||||||||||
Funds from operations per common share-diluted
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$ | 0.36 | $ | 0.42 | $ | 1.22 | $ | 1.22 | ||||||||
ONE LIBERTY PROPERTIES, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(Amounts in Thousands) | ||||||||
September 30,
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December 31,
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2011
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2010
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ASSETS
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Real estate investments, net
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$ | 408,961 | $ | 391,763 | ||||
Property held for sale (including related assets of $808)
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- | 10,678 | ||||||
Investment in unconsolidated joint ventures
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5,139 | 4,777 | ||||||
Cash and cash equivalents
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8,430 | 7,732 | ||||||
Available for sale securities
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353 | 422 | ||||||
Unbilled rent receivable
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12,151 | 11,149 | ||||||
Unamortized intangible lease assets
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11,571 | 10,887 | ||||||
Other assets
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5,297 | 7,215 | ||||||
Total assets
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$ | 451,902 | $ | 444,623 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities:
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Mortgages payable
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$ | 197,796 | $ | 215,308 | ||||
Line of credit
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20,000 | 36,200 | ||||||
Unamortized intangible lease liabilities
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5,274 | 4,982 | ||||||
Other liabilities
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10,156 | 8,950 | ||||||
Total liabilities
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233,226 | 265,440 | ||||||
Stockholders' equity
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218,676 | 179,183 | ||||||
Total liabilities and stockholders' equity
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$ | 451,902 | $ | 444,623 | ||||
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