GREAT NECK, NY--(Marketwire - Nov 8, 2012) - One Liberty Properties, Inc. ( NYSE : OLP ), the owner of a geographically diversified portfolio of retail, industrial, office and other properties primarily under long term leases in the United States, today announced operating results for the quarter ended September 30, 2012.
Third Quarter Highlights:
During the three months ended September 30, 2012, the Company:
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, "Our results for the third quarter represent the ongoing progress we are making in improving the quality and sustainability of our funds from operations and demonstrates the benefit of the eleven acquisitions we made in the past 15 months.While the pace of acquisitions has slowed in recent quarters, we continue to look at a significant volume of potential opportunities.Even as prices for properties continue to rise, we remain opportunistic in our acquisition activities as we seek accretive additions to the portfolio. With the balance sheet activity we completed in the third quarter, including amending our credit facility, refinancing an approximately $23 million mortgage loan and closing a property sale for a net gain of $15 million, we are well positioned to take advantage of opportunities as they arise."
Operating Results:
Rental income for the third quarter of 2012 increased 9.6% to $11.79 million from $10.76 million for the third quarter of 2011.The increase is attributable primarily to rental income earned from the eleven properties acquired by the Company since July 2011.
Total operating expenses for the third quarter of 2012 increased 6.7% to $5.23 million from $4.9 million for the third quarter in the prior year. The increase is primarily attributable to increased depreciation and amortization, real estate expenses associated with the eleven properties acquired since July 2011, and general and administrative expense.
Income from continuing operations increased 17.8% to $3.11 million, or $0.21 per diluted share, from $2.64 million, or $0.18 per diluted share, in the third quarter of 2011.
Net income attributable to One Liberty for the third quarter of 2012 increased 565% to $18.41 million or $1.23 per diluted share compared to $2.77 million or $0.19 per diluted share for the third quarter of 2011.Net income increased primarily due to the $15 million net gain, or $1.00 per diluted share, from the sale of the Madison Avenue property.
Funds from Operations:
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One Liberty Properties, Inc. Reports Third Quarter 2012 Results