One Liberty Properties(OLP) - 2024 Q1 - Quarterly Results

Financial Performance - Rental income for Q1 2024 was $22.4 million, a decrease of 2.5% from $23.0 million in Q1 2023, primarily due to property sales in 2023 [4] - Net income attributable to One Liberty in Q1 2024 was $5.2 million, or $0.23 per diluted share, compared to $5.4 million, or $0.25 per diluted share in Q1 2023 [6] - Funds from Operations (FFO) for Q1 2024 was $9.6 million, or $0.45 per diluted share, down from $10.1 million, or $0.47 per diluted share in Q1 2023 [7] - Adjusted Funds from Operations (AFFO) for Q1 2024 was $10.2 million, or $0.48 per diluted share, compared to $10.8 million, or $0.50 per diluted share in the prior year [8] - GAAP net income attributable to One Liberty Properties, Inc. for Q1 2024 was $5.155 million, a decrease from $5.386 million in Q1 2023, representing a decline of approximately 4.3% [28] - NAREIT funds from operations applicable to common stock for Q1 2024 were $9.559 million, down from $10.113 million in Q1 2023, reflecting a decrease of about 5.5% [28] - Adjusted funds from operations applicable to common stock for Q1 2024 were $10.210 million, compared to $10.803 million in Q1 2023, indicating a decline of approximately 5.5% [28] - NAREIT funds from operations per share of common stock - diluted for Q1 2024 was $0.45, down from $0.47 in Q1 2023, a decrease of about 4.3% [28] - Adjusted funds from operations per share of common stock - diluted for Q1 2024 was $0.48, compared to $0.50 in Q1 2023, reflecting a decline of 4% [28] Assets and Liabilities - Total assets as of March 31, 2024, were $755.7 million, with total debt of $416.5 million and stockholders' equity of $304.8 million [9] - The company had $27.4 million in cash and cash equivalents as of March 31, 2024, with available liquidity of $115.1 million as of May 1, 2024 [9] Property Transactions - The company sold a restaurant for $2.8 million post-quarter end, with an expected gain of approximately $1.0 million [11] - An industrial property was acquired for $6.5 million, with an annual base rent of $431,000 and annual increases of 1.5% [12] - The company anticipates completing the sale of two retail properties and an industrial property for a total sales price of $16.1 million, with an expected gain of $5.4 million [11] Operating Expenses - Total operating expenses were $14.5 million in Q1 2024, relatively flat compared to $14.4 million in Q1 2023 [5] Depreciation and Amortization - Depreciation and amortization of properties for Q1 2024 was $5.832 million, slightly down from $5.969 million in Q1 2023 [28] - Amortization of restricted stock and RSU compensation for Q1 2024 was $1.272 million, down from $1.328 million in Q1 2023 [28] Other Financial Adjustments - The company reported a gain on sale of real estate, net, of $(1.784) million in Q1 2024, compared to $(1.534) million in Q1 2023, indicating an increase in losses from real estate sales [28] - The company made adjustments for non-controlling interests amounting to $161,000 in Q1 2024, compared to $(18,000) in Q1 2023 [28] - Lease termination fee income for Q1 2024 was $(250,000), with no such income reported in Q1 2023 [28]