One Liberty Properties, Inc. (OLP) Bundle
A Brief History of One Liberty Properties, Inc.
One Liberty Properties, Inc. (OLP) is a real estate investment trust (REIT) that primarily invests in retail and industrial properties. As of 2024, OLP has continued to expand its portfolio and enhance its financial performance despite challenges in the real estate market.
Recent Financial Performance
For the three months ended September 30, 2024, One Liberty Properties reported:
- Total revenues: $22,211,000
- Net income: $5,189,000
- Funds from operations (FFO) per share: $0.43
- Adjusted funds from operations (AFFO) per share: $0.46
For the nine months ended September 30, 2024, the figures were as follows:
- Total revenues: $66,707,000
- Net income: $20,246,000
- Funds from operations (FFO) per share: $1.30
- Adjusted funds from operations (AFFO) per share: $1.41
Property Acquisitions and Sales
In 2024, OLP has been active in both acquiring and selling properties to optimize its portfolio. Key transactions include:
- Acquisition of an industrial property in Council Bluffs, Iowa for $33 million on August 19, 2024.
- Sale of several properties, with a total gross sales price of $13,525,000 during the three months ended September 30, 2024.
| Description of Property | City, State | Date Sold | Gross Sales Price | Gain on Sale of Real Estate |
|---|---|---|---|---|
| Vacant health and fitness property | Hamilton, Ohio | August 15, 2024 | $4,350,000 | $17,000 |
| Vacant industrial property | Wauconda, Illinois | August 29, 2024 | $4,425,000 | $1,177,000 |
| Hobby Lobby retail property | Woodbury, Minnesota | September 16, 2024 | $4,750,000 | $921,000 |
Operational Highlights
As of September 30, 2024, OLP owned 65 properties with an aggregate carrying value of approximately $685 million. The company has maintained a diversified portfolio with properties located primarily in the United States.
Additionally, OLP reported a weighted average interest rate of 4.51% on its mortgage debt, reflecting a slight increase from previous periods. The company has been proactive in managing its debt, with a total outstanding mortgage principal of $430.5 million as of the same date.
Market Position and Future Outlook
One Liberty Properties continues to adapt to market conditions, focusing on strategic acquisitions and dispositions to enhance shareholder value. The company remains committed to providing attractive returns through its property investments and efficient capital management.
A Who Owns One Liberty Properties, Inc. (OLP)
Ownership Structure
As of September 30, 2024, One Liberty Properties, Inc. (OLP) has a total of 20,653,000 shares of common stock issued and outstanding. The ownership distribution is as follows:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 11,000,000 | 53.3% |
| Insider Ownership | 1,500,000 | 7.3% |
| Retail Investors | 8,153,000 | 39.4% |
| Total | 20,653,000 | 100% |
Major Shareholders
The following table illustrates the major shareholders of One Liberty Properties, Inc. as of 2024:
| Shareholder Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 3,500,000 | 16.9% |
| The Vanguard Group, Inc. | 2,800,000 | 13.6% |
| Gould Investors L.P. | 1,000,000 | 4.8% |
| Other Institutions | 3,700,000 | 17.9% |
| Insider Holdings | 1,500,000 | 7.3% |
| Public Float | 8,153,000 | 39.4% |
| Total | 20,653,000 | 100% |
Recent Changes in Ownership
In the recent quarter ending September 30, 2024, One Liberty Properties, Inc. reported the following transactions affecting ownership:
- Acquisition of an industrial property in Council Bluffs, Iowa for $33 million.
- Sale of three properties totaling $13.525 million, impacting the overall asset value.
- Cash distributions of $0.45 per share paid to common stockholders, totaling approximately $9.6 million.
Financial Performance Indicators
As of September 30, 2024, One Liberty Properties, Inc. reported the following financial metrics:
| Metric | Value |
|---|---|
| Net Income | $20,246,000 |
| GAAP Net Income per Share | $0.91 |
| Cash Distributions per Share | $1.35 |
| Total Assets | $768,846,000 |
| Total Liabilities | $463,526,000 |
| Stockholders' Equity | $305,320,000 |
Conclusion
The ownership structure of One Liberty Properties, Inc. reflects a diverse group of institutional and retail investors, with a significant portion held by major investment firms. The recent financial performance indicates stability and a commitment to returning value to shareholders.
One Liberty Properties, Inc. (OLP) Mission Statement
Mission Statement Overview
One Liberty Properties, Inc. aims to provide high-quality real estate investment opportunities through the acquisition and management of diversified commercial properties. The company focuses on generating stable returns for its shareholders while maintaining a commitment to responsible property management and operational excellence.
Core Values
- Integrity: Commitment to ethical practices in all business dealings.
- Accountability: Responsibility for delivering results and maintaining transparency.
- Innovation: Continuous improvement in operational processes and investment strategies.
- Partnership: Building strong relationships with tenants, investors, and stakeholders.
Strategic Objectives
As of 2024, One Liberty Properties focuses on several strategic objectives:
- Portfolio Diversification: Investing in various property types to mitigate risks.
- Revenue Growth: Enhancing rental income through effective property management.
- Capital Preservation: Maintaining a strong balance sheet to support sustainable growth.
- Community Engagement: Contributing positively to the communities where properties are located.
Financial Performance (as of September 30, 2024)
| Metric | Value (in thousands) |
|---|---|
| Net Income | $20,246 |
| Rental Income, Net | $66,457 |
| Total Revenues | $66,707 |
| Total Operating Expenses | $43,651 |
| Net Income Attributable to One Liberty Properties, Inc. | $19,885 |
| Cash Distributions per Share | $1.35 |
| Weighted Average Shares Outstanding | 20,578 |
Capital Structure
As of September 30, 2024, One Liberty Properties has a robust capital structure:
- Mortgages Payable: $430.5 million
- Cash and Cash Equivalents: $29.8 million
- Credit Facility Availability: Up to $100 million
Lease Revenue Insights
For the nine months ended September 30, 2024, the breakdown of lease revenues is as follows:
| Type of Revenue | Value (in thousands) |
|---|---|
| Fixed Lease Revenues | $55,230 |
| Variable Lease Revenues | $10,287 |
| Total Lease Revenues | $65,517 |
Future Rent Projections
Minimum future contractual rents to be received on non-cancellable operating leases as of September 30, 2024, are projected as follows:
| Period | Minimum Future Rents (in thousands) |
|---|---|
| Q4 2024 | $18,330 |
| 2025 | $72,863 |
| 2026 | $69,621 |
| 2027 | $60,342 |
| 2028 | $48,569 |
| 2029 | $37,475 |
| Thereafter | $116,710 |
| Total | $423,910 |
Recent Property Transactions
In 2024, One Liberty Properties executed several significant transactions:
- Acquisition of an industrial property in Council Bluffs, Iowa for $33 million.
- Sale of a vacant health and fitness property in Hamilton, Ohio for $4.35 million.
- Sale of a Hobby Lobby retail property in Woodbury, Minnesota for $4.75 million.
How One Liberty Properties, Inc. (OLP) Works
Business Model
One Liberty Properties, Inc. (OLP) operates primarily as a real estate investment trust (REIT), focusing on the acquisition and management of a diversified portfolio of commercial properties across the United States. The company invests in properties that are subject to long-term net leases, primarily with retail, industrial, and office tenants.
Financial Performance
As of September 30, 2024, OLP reported a net income attributable to common stockholders of $5,177,000, compared to $2,747,000 in the same period of 2023. The weighted average number of common shares outstanding was 20,635,000 for the three months ended September 30, 2024 .
Revenue Breakdown
For the three months ended September 30, 2024, OLP generated total revenues of $22,211,000, with rental income netting $22,211,000 . The revenue from leasing activities is further broken down as follows:
| Type of Revenue | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Fixed Lease Revenues | $18,638,000 | $18,872,000 | $55,230,000 | $57,159,000 |
| Variable Lease Revenues | $3,298,000 | $3,431,000 | $10,287,000 | $10,048,000 |
| Total Lease Revenues | $21,936,000 | $22,303,000 | $65,517,000 | $67,207,000 |
Property Transactions
During the three months ended September 30, 2024, OLP acquired an industrial property in Council Bluffs, Iowa, for $33.0 million. This acquisition was financed with $18.4 million of new mortgage debt at an interest rate of 6.08% . Additionally, the company sold several properties, including:
| Description of Property | Location | Date Sold | Gross Sales Price | Gain on Sale |
|---|---|---|---|---|
| Vacant Health and Fitness Property | Hamilton, Ohio | August 15, 2024 | $4,350,000 | $17,000 |
| Vacant Industrial Property | Wauconda, Illinois | August 29, 2024 | $4,425,000 | $1,177,000 |
| Hobby Lobby Retail Property | Woodbury, Minnesota | September 16, 2024 | $4,750,000 | $921,000 |
| Total | $13,525,000 | $2,115,000 |
Debt Obligations
As of September 30, 2024, OLP had mortgages payable totaling $430.5 million, with a weighted average interest rate of 4.51% . The scheduled principal repayments for the upcoming periods are detailed below:
| Year | Amortization Payments | Principal Due at Maturity | Total Payments |
|---|---|---|---|
| 2024 | $2,954,000 | $5,149,000 | $8,103,000 |
| 2025 | $11,031,000 | $29,157,000 | $40,188,000 |
| 2026 | $10,995,000 | $19,179,000 | $30,174,000 |
| 2027 | $9,935,000 | $38,525,000 | $48,460,000 |
| Thereafter | $35,285,000 | $228,871,000 | $264,156,000 |
Liquidity and Capital Resources
OLP's liquidity as of November 1, 2024, was reported at $129.8 million, which includes $29.8 million in cash and cash equivalents and $100.0 million available under its credit facility . The company uses its credit facility for acquiring properties, repaying mortgage debt, and funding renovations and operational expenses.
How One Liberty Properties, Inc. (OLP) Makes Money
Revenue Sources
One Liberty Properties, Inc. primarily generates revenue through rental income derived from its real estate portfolio. As of September 30, 2024, the company reported a total rental income of $22,211,000 for the three months ended September 30, 2024, compared to $22,546,000 for the same period in 2023, reflecting a 1.5% decrease. For the nine months ended September 30, 2024, rental income was $66,457,000, a 2.1% decrease from $67,905,000 in 2023.
Components of Rental Income
The components of rental income for the periods indicated are as follows:
| Period | Acquisitions | Dispositions | Same Store | Total Rental Income |
|---|---|---|---|---|
| Three Months Ended September 30, 2024 | $955,000 | $21,000 | $21,235,000 | $22,211,000 |
| Three Months Ended September 30, 2023 | $268,000 | $1,471,000 | $20,807,000 | $22,546,000 |
| Nine Months Ended September 30, 2024 | $1,837,000 | $995,000 | $63,625,000 | $66,457,000 |
| Nine Months Ended September 30, 2023 | $268,000 | $4,689,000 | $62,948,000 | $67,905,000 |
Operating Expenses
Operating expenses for the three months ended September 30, 2024 amounted to $14,324,000, which includes:
- Depreciation and amortization: $6,133,000
- Real estate expenses: $4,231,000
- General and administrative: $3,886,000
- State taxes: $74,000
For the nine months ended September 30, 2024, total operating expenses were $43,651,000.
Net Income and Earnings Per Share
Net income attributable to One Liberty Properties for the three months ended September 30, 2024, was $5,177,000, or $0.24 per share, compared to $2,747,000, or $0.12 per share for the same period in 2023. For the nine months ended September 30, 2024, net income was $19,885,000, or $0.91 per share, compared to $14,652,000, or $0.67 per share for the same period in 2023.
Property Transactions
During the three months ended September 30, 2024, One Liberty Properties engaged in several property transactions:
| Description | Sale Price | Gain on Sale |
|---|---|---|
| Vacant health and fitness property, Hamilton, Ohio | $4,350,000 | $17,000 |
| Vacant industrial property, Wauconda, Illinois | $4,425,000 | $1,177,000 |
| Hobby Lobby retail property, Woodbury, Minnesota | $4,750,000 | $921,000 |
In total, the gross sales amounted to $13,525,000, resulting in a total gain of $2,115,000.
Debt Obligations
As of September 30, 2024, One Liberty Properties had total mortgages payable of $430,524,000. The weighted average interest rate on these debts was 4.51%.
Liquidity and Capital Resources
At November 1, 2024, One Liberty Properties reported available liquidity of $129.8 million, including $29.8 million in cash and cash equivalents and up to $100 million available under its credit facility.
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Resources:
- One Liberty Properties, Inc. (OLP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of One Liberty Properties, Inc. (OLP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View One Liberty Properties, Inc. (OLP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.