ONE LIBERTY PROPERTIES, INC.
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(Exact name of Registrant as specified in charter)
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Maryland
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001-09279
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13-3147497
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(State or other jurisdiction of incorporation)
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(Commission file No.)
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(IRS Employer I.D. No.)
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60 Cutter Mill Road, Suite 303, Great Neck, New York
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11021
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(Address of principal executive offices)
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(Zip code)
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516-466-3100
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Registrant's telephone number, including area code
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(d) | Exhibits. | |
99.1
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Press release dated August 8, 2013. |
ONE LIBERTY PROPERTIES, INC.
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Date: August 8, 2013
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By:
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/s/ Mark H. Lundy
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Mark H. Lundy
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Senior Vice President and
Secretary
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ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) |
(Amounts in Thousands, Except Per Share Data) |
Three Months Ended
June 30,
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Six Months Ended
June 30,
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2013
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2012
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2013
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2012
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Revenues:
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Rental income, net - Note 1
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$ | 12,227 | $ | 11,102 | $ | 24,329 | $ | 21,860 | ||||||||
Operating expenses:
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Depreciation and amortization
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2,717 | 2,410 | 5,386 | 4,753 | ||||||||||||
General and administrative
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1,944 | 1,749 | 3,904 | 3,590 | ||||||||||||
Federal excise and state taxes
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184 | 47 | 226 | 96 | ||||||||||||
Real estate acquisition costs
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126 | 123 | 278 | 166 | ||||||||||||
Real estate expenses
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751 | 677 | 1,524 | 1,299 | ||||||||||||
Leasehold rent
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77 | 77 | 154 | 154 | ||||||||||||
Total operating expenses
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5,799 | 5,083 | 11,472 | 10,058 | ||||||||||||
Operating income
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6,428 | 6,019 | 12,857 | 11,802 | ||||||||||||
Other income and expenses:
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Equity in earnings of unconsolidated joint ventures
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57 | 534 | 391 | 748 | ||||||||||||
Gain on dispositon of real estate-unconsolidated joint venture
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2,807 | - | 2,807 | - | ||||||||||||
Gain on sale-unconsolidated joint venture interest
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1,898 | - | 1,898 | - | ||||||||||||
Other income
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11 | 209 | 80 | 223 | ||||||||||||
Interest:
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Expense
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(3,223 | ) | (3,308 | ) | (6,393 | ) | (6,492 | ) | ||||||||
Amortization of deferred financing costs
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(226 | ) | (188 | ) | (439 | ) | (373 | ) | ||||||||
Gain on sale of real estate
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- | - | - | 319 | ||||||||||||
Income from continuing operations
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7,752 | 3,266 | 11,201 | 6,227 | ||||||||||||
Income from discontinued operations
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- | 283 | - | 547 | ||||||||||||
Net gain on sale
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- | 2,205 | - | 2,205 | ||||||||||||
Income from discontinued operations - Note 2
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- | 2,488 | - | 2,752 | ||||||||||||
Net income
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7,752 | 5,754 | 11,201 | 8,979 | ||||||||||||
Less net income attributable to non-controlling interests
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(16 | ) | (4 | ) | (15 | ) | (7 | ) | ||||||||
Net income attributable to One Liberty Properties, Inc.
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$ | 7,736 | $ | 5,750 | $ | 11,186 | $ | 8,972 | ||||||||
Per common share attributable to common stockholders- diluted:
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Income from continuing operations
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$ | 0.50 | $ | 0.22 | $ | 0.73 | $ | 0.42 | ||||||||
Income from discontinued operations
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- | 0.17 | - | 0.18 | ||||||||||||
$ | 0.50 | $ | 0.39 | $ | 0.73 | $ | 0.60 | |||||||||
Funds from operations - Note 3
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$ | 5,988 | $ | 6,296 | $ | 12,331 | $ | 11,865 | ||||||||
Funds from operations per common share-diluted - Note 4
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$ | 0.39 | $ | 0.42 | $ | 0.80 | $ | 0.80 | ||||||||
Weighted average number of common and
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unvested restricted shares outstanding:
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Basic
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15,314 | 14,787 | 15,236 | 14,749 | ||||||||||||
Diluted
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15,414 | 14,887 | 15,336 | 14,849 |
Note 1 - |
Rental income includes straight line rent accruals and amortization of lease intangibles of $237 and $480 for the three and six months ended June 30, 2013 and $318 and $724 for the three and six months ended June 30, 2012, respectively.
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Note 2 - |
Income from discontinued operations includes straight line rent accruals and amortization of lease intangibles of $0 for the three and six months ended June 30, 2013 and $(13) and $(26) for the three and six months ended June 30, 2012, respectively.
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ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013
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2012
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2013
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2012
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Note 3
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Funds from operations is summarized in the following table:
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Net income attributable to One Liberty Properties, Inc.
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$ | 7,736 | $ | 5,750 | $ | 11,186 | $ | 8,972 | ||||||||
Add: depreciation of properties
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2,683 | 2,479 | 5,321 | 4,914 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures
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114 | 217 | 330 | 414 | ||||||||||||
Add: amortization of capitalized leasing expenses
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34 | 32 | 65 | 50 | ||||||||||||
Add: our share of amortization of capitalized leasing expenses
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in unconsolidated joint ventures
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- | 22 | 8 | 38 | ||||||||||||
Add: federal excise tax
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126 | - | 126 | |||||||||||||
Deduct: net gain on sales of real estate-unconsolidated joint ventures
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(4,705 | ) | - | (4,705 | ) | - | ||||||||||
Deduct: net gain on sales of real estate
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- | (2,204 | ) | - | (2,523 | ) | ||||||||||
Funds from operations
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$ | 5,988 | $ | 6,296 | $ | 12,331 | $ | 11,865 | ||||||||
Note 4
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Funds from operations per common share is summarized in the following table:
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Net income attributable to One Liberty Properties, Inc.
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$ | 0.50 | $ | 0.39 | $ | 0.73 | $ | 0.60 | ||||||||
Add: depreciation of properties
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0.18 | 0.17 | 0.35 | 0.33 | ||||||||||||
Add: our share of depreciation in unconsolidated joint ventures
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0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
Add: amortization of capitalized leasing expenses
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- | - | - | 0.01 | ||||||||||||
Add: our share of amortization of capitalized leasing expenses
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- | - | - | - | ||||||||||||
in unconsolidated joint ventures
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- | - | - | - | ||||||||||||
Add: federal excise tax
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0.01 | - | 0.01 | - | ||||||||||||
Deduct: net gain on sales of real estate-unconsolidated joint ventures
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(0.31 | ) | - | (0.31 | ) | - | ||||||||||
Deduct: net gain on sales of real estate
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- | (0.15 | ) | - | (0.17 | ) | ||||||||||
Funds from operations per common share-diluted
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$ | 0.39 | $ | 0.42 | $ | 0.80 | $ | 0.80 |
ONE LIBERTY PROPERTIES, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(Amounts in Thousands) | ||||||||
June 30,
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December 31,
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ASSETS
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2013
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2012
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Real estate investments, net
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$ | 412,850 | $ | 410,525 | ||||
Investment in unconsolidated joint ventures
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5,085 | 19,485 | ||||||
Cash and cash equivalents
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40,931 | 14,577 | ||||||
Unbilled rent receivable
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13,043 | 12,629 | ||||||
Unamortized intangible lease assets
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14,882 | 16,491 | ||||||
Other assets
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9,024 | 7,459 | ||||||
Total assets
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$ | 495,815 | $ | 481,166 | ||||
LIABILITIES AND EQUITY
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Liabilities:
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Mortgages payable
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$ | 227,853 | $ | 225,971 | ||||
Line of credit - outstanding
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- | - | ||||||
Unamortized intangible lease liabilities
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5,885 | 5,300 | ||||||
Other liabilities
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11,512 | 11,836 | ||||||
Total liabilities
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245,250 | 243,107 | ||||||
Total One Liberty Properties, Inc. stockholders' equity
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249,396 | 237,128 | ||||||
Non-controlling interests in joint ventures
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1,169 | 931 | ||||||
Total equity
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250,565 | 238,059 | ||||||
Total liabilities and equity
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$ | 495,815 | $ | 481,166 |