One Liberty Properties(OLP) Newsfilter·2025-03-05 21:40Core Insights - One Liberty Properties, Inc. has successfully transformed into an industrial property owner, acquiring $133 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 $22.7 million in the same period of 2023, driven by $1.2 million from newly acquired properties and $1.1 million from same-store properties [3]. - Total operating expenses for the fourth quarter of 2024 were $15.0 million, up from $14.3 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 $0.49 per diluted share, compared to $15.0 million, or $0.71 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 $0.46 per diluted share, an increase from $9.6 million, or $0.45 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 $0.50 per diluted share, compared to $10.6 million, or $0.50 per diluted share in the prior year [7]. Annual Results - Total revenues for 2024 were $90.6 million, consistent with 2023, including $250,000 from lease termination fees in 2024 [9]. - Total operating expenses for 2024 were $58.7 million, up from $57.3 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 $18.0 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 $30.4 million, or $1.40 per diluted share, compared to $29.6 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 $767 million, total debt of $420.6 million, and total stockholders' equity of $307.4 million [14]. - As of February 28, 2025, One Liberty's available liquidity was $110.1 million, including $10.1 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 $44.7 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 $49 million and entered into a contract to acquire another property for $26 million [18][20].