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One Liberty Properties Reports Fourth Quarter and Full Year 2024 Results
OLPOne Liberty Properties(OLP) Newsfilter·2025-03-05 21:40

Core Insights - One Liberty Properties, Inc. has successfully transformed into an industrial property owner, acquiring 133millioninindustrialassetssincethebeginningof2024,withover75133 million in industrial assets since the beginning of 2024, with over 75% of base rent now from this asset class [2][16]. Financial Performance - For the fourth quarter of 2024, revenues increased to 23.9 million from 22.7millioninthesameperiodof2023,drivenby22.7 million in the same period of 2023, driven by 1.2 million from newly acquired properties and 1.1millionfromsame−storeproperties[3].−Totaloperatingexpensesforthefourthquarterof2024were1.1 million from same-store properties [3]. - Total operating expenses for the fourth quarter of 2024 were 15.0 million, up from 14.3millioninthesamequarterof2023,primarilyduetoincreasedrealestateexpenses[4].−Netincomeforthefourthquarterof2024was14.3 million in the same quarter of 2023, primarily due to increased real estate expenses [4]. - Net income for the fourth quarter of 2024 was 10.5 million, or 0.49perdilutedshare,comparedto0.49 per diluted share, compared to 15.0 million, or 0.71perdilutedshareintheprioryear,largelyduetoadecreaseingain−on−saleofrealestate[5].−FundsfromOperations(FFO)forthefourthquarterof2024were0.71 per diluted share in the prior year, largely due to a decrease in gain-on-sale of real estate [5]. - Funds from Operations (FFO) for the fourth quarter of 2024 were 10.0 million, or 0.46perdilutedshare,anincreasefrom0.46 per diluted share, an increase from 9.6 million, or 0.45perdilutedshareinthesamequarterof2023[6].−AdjustedFundsfromOperations(AFFO)forthefourthquarterof2024were0.45 per diluted share in the same quarter of 2023 [6]. - Adjusted Funds from Operations (AFFO) for the fourth quarter of 2024 were 10.8 million, or 0.50perdilutedshare,comparedto0.50 per diluted share, compared to 10.6 million, or 0.50perdilutedshareintheprioryear[7].AnnualResults−Totalrevenuesfor2024were0.50 per diluted share in the prior year [7]. Annual Results - Total revenues for 2024 were 90.6 million, consistent with 2023, including 250,000fromleaseterminationfeesin2024[9].−Totaloperatingexpensesfor2024were250,000 from lease termination fees in 2024 [9]. - Total operating expenses for 2024 were 58.7 million, up from 57.3millionin2023,mainlyduetoa57.3 million in 2023, mainly due to a 1.5 million increase in real estate expenses [9]. - The net gain-on-sale of real estate for 2024 was 18.0millionfromthesaleof11properties,comparedto18.0 million from the sale of 11 properties, compared to 17.0 million from 10 properties in 2023 [10]. - Net income attributable to One Liberty for 2024 was 30.4million,or30.4 million, or 1.40 per diluted share, compared to 29.6million,or29.6 million, or 1.38 per diluted share in 2023 [11]. Balance Sheet and Liquidity - As of December 31, 2024, the company had total assets of 767million,totaldebtof767 million, total debt of 420.6 million, and total stockholders' equity of 307.4million[14].−AsofFebruary28,2025,OneLiberty′savailableliquiditywas307.4 million [14]. - As of February 28, 2025, One Liberty's available liquidity was 110.1 million, including 10.1millionincashandcashequivalents[14].Dividends−OnMarch5,2025,theBoardofDirectorsdeclaredthecompany′s129thconsecutivequarterlydividendof10.1 million in cash and cash equivalents [14]. Dividends - On March 5, 2025, the Board of Directors declared the company's 129th consecutive quarterly dividend of 0.45 per share, payable on April 4, 2025 [15]. Acquisitions - In 2024, the company acquired three industrial properties for 44.7million,expectingtorecognizeapproximately44.7 million, expecting to recognize approximately 3.5 million in rental income in 2025 [16]. - Subsequent to the reporting period, the company acquired two industrial properties for 49millionandenteredintoacontracttoacquireanotherpropertyfor49 million and entered into a contract to acquire another property for 26 million [18][20].