GREAT NECK, NY--(Marketwire -05\/09\/12)- One Liberty Properties, Inc. (OLP), an 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 March 31, 2012. <\/p>\n
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, stated, \"Our first quarter results represent year-over-year growth in rental income primarily driven by our success in capitalizing on investment opportunities in the past year. In the first quarter, we acquired four properties, continuing the pace of activity we achieved in 2011. Occupancy at the end of the quarter was at 97.6%. We continue to see a steady flow of compelling opportunities, using our network of relationships to further strengthen and grow our portfolio in the coming quarters.\" <\/p>\n
Operating Results: <\/p>\n
Revenues for the first quarter of 2012 increased 4.9% to $11.64 million compared to $11.1 million for the first quarter of 2011. The net increase is primarily attributable to the ten properties acquired beginning March 2011. <\/p>\n
Total operating expenses for the first quarter of 2012 increased 12.3% to $5.21 million from $4.64 million for the first quarter in the prior year. Approximately $184,000 of the increase is attributable to increased depreciation resulting from property acquisitions and approximately $290,000 is attributable to increased general and administrative expenses, including the quarterly impact of a $125,000 quarterly increase (effective as of January 1, 2011) in the amount payable pursuant to the compensation and services agreement which increase was not reflected in the first quarter of 2011. <\/p>\n
Net income attributable to One Liberty in the first quarter of 2012 was $3.22 million or $0.21 per diluted share compared to $2.73 million or $0.21 per diluted share in the first quarter of 2011. <\/p>\n
For the quarter ended March 31, 2012, the Company reported Funds from Operations (\"FFO\") of $5.57 million, a 7.5% increase from the $5.18 million reported in the first quarter of 2011. FFO was $0.38 per diluted share in the first quarter of 2012 compared to $0.39 per diluted share in the corresponding period of the prior year. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release. <\/p>\n
The per share net income and FFO results for the three months ended March 31, 2012 take into account the issuance of 2.7 million shares in a public offering completed by the Company in February 2011, while the results for the corresponding period in the prior year only takes such shares into account for a portion of the first quarter of 2011. <\/p>\n
Acquisitions: <\/p>\n
During the first quarter of 2012, the Company acquired four properties for an aggregate of $9.8 million. The 2012 annual base rent of these properties is approximately $ 769,000. <\/p>\n<\/p>\n
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One Liberty Properties, Inc. Reports First Quarter 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" GREAT NECK, NY--(Marketwire -05\/09\/12)- One Liberty Properties, Inc. (OLP), an 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 March 31, 2012. Continue reading