One Liberty Properties(OLP) - 2024 Q4 - Annual Results

Revenue Performance - Revenues for Q4 2024 were $23.9 million, an increase of 5.3% from $22.7 million in Q4 2023, driven by $1.2 million from properties acquired in 2024 and $1.1 million from same-store properties[3]. - Total revenues for the full year 2024 were $90.6 million, unchanged from 2023, including $250,000 of lease termination fee income[10]. - Total revenues for Q4 2024 were $23,856,000, an increase of 4.9% compared to $22,741,000 in Q4 2023[39]. - Rental income for the year ended December 31, 2024, was $90,313,000, slightly down from $90,646,000 in 2023[39]. Net Income and Earnings Per Share - Net income for Q4 2024 was $10.5 million, or $0.49 per diluted share, compared to $15.0 million, or $0.71 per diluted share in Q4 2023, primarily due to a decrease in gain-on-sale of real estate[7]. - Net income attributable to One Liberty Properties, Inc. for Q4 2024 was $10,532,000, a decrease of 29.5% from $14,962,000 in Q4 2023[39]. - Net income per share attributable to common stockholders - diluted for Q4 2024 was $0.49, down from $0.71 in Q4 2023[39]. Funds from Operations - Funds from Operations (FFO) for Q4 2024 was $10.0 million, or $0.46 per diluted share, up from $9.6 million, or $0.45 per diluted share in Q4 2023[8]. - Funds from operations (FFO) for Q4 2024 were $10,029,000, up 4.3% from $9,621,000 in Q4 2023[41]. - Adjusted Funds from Operations (AFFO) for Q4 2024 was $10.8 million, or $0.50 per diluted share, compared to $10.6 million, or $0.50 per diluted share in Q4 2023[9]. - Adjusted funds from operations (AFFO) for Q4 2024 were $10,819,000, an increase of 2.2% compared to $10,582,000 in Q4 2023[41]. Operating Expenses - Total operating expenses for 2024 were $58.7 million, an increase of 2.4% from $57.3 million in 2023, primarily due to a $1.5 million rise in real estate expenses[11]. Asset and Liability Overview - As of December 31, 2024, total assets were $767 million, total debt was $420.6 million, and total stockholders' equity was $307.4 million[17]. - Total assets increased to $766,954,000 in 2024 from $761,606,000 in 2023, reflecting a growth of 0.5%[37]. - Total liabilities rose to $458,379,000 in 2024, up from $453,861,000 in 2023, indicating a 1.1% increase[37]. - Cash and cash equivalents increased significantly to $42,315,000 in 2024 from $26,430,000 in 2023, representing a growth of 60%[37]. Dividends - The company declared its 129th consecutive quarterly dividend of $0.45 per share, payable on April 4, 2025[18]. Property Transactions - The company acquired three industrial properties for $44.7 million in 2024, expecting to recognize approximately $3.5 million of rental income in 2025[19]. - The company sold six retail properties and other assets for net proceeds of $38.2 million, resulting in a net gain of $18.0 million[20]. Shareholder Information - The weighted average number of diluted common shares outstanding increased to 20,796,000 in Q4 2024 from 20,383,000 in Q4 2023[41].