One Liberty Properties Reports Third Quarter 2024 Results

Core Viewpoint - One Liberty Properties, Inc. continues to focus on expanding its industrial property portfolio, which now accounts for approximately 70% of its base rent, aiming for greater cash flow stability in the long term [2]. Financial Performance - Rental income for Q3 2024 was $22.2 million, a slight decrease from $22.5 million in Q3 2023, primarily due to the net impact of acquisitions and dispositions [3]. - Total operating expenses remained flat year-over-year at $14.3 million [3]. - Net income attributable to One Liberty for Q3 2024 was $5.2 million, or $0.23 per diluted share, compared to $2.7 million, or $0.12 per diluted share, in the same quarter of 2023 [4]. - Funds from Operations (FFO) for Q3 2024 was $9.2 million, or $0.43 per diluted share, down from $9.7 million, or $0.45 per diluted share, in Q3 2023 [5]. - Adjusted Funds from Operations (AFFO) was $9.9 million, or $0.46 per diluted share, compared to $10.5 million, or $0.49 per diluted share, in 2023 [6]. Transactions and Acquisitions - The company completed the purchase of a 302,347 square foot industrial property in Council Bluffs, Iowa for $33.0 million [10]. - During the quarter, three properties were sold for net proceeds of $6.9 million, resulting in an aggregate gain of $2.1 million [11]. - Subsequent to Q3 2024, agreements were signed to sell additional properties, including an LA Fitness property for $21.4 million and a retail property in Hilliard, Ohio for $1.6 million, with projected gains of approximately $6.4 million and $300,000, respectively [12][13]. Balance Sheet and Liquidity - As of September 30, 2024, the company had $25.7 million in cash and cash equivalents, total assets of $768.8 million, total debt of $426.1 million, and total stockholders' equity of $304.2 million [9]. - Available liquidity as of November 1, 2024, was approximately $129.8 million, including $29.8 million in cash and $100 million under its credit facility [9]. Strategic Focus - The company aims to evolve its portfolio towards industrial assets, believing that this strategy will strengthen its financial position in the coming years despite current pressures on results compared to the prior year [2].