GREAT NECK, NY--(Marketwire -08\/08\/12)- One Liberty Properties, Inc. (OLP), an owner of a geographically diversified portfolio of retail, industrial, office and other properties in the United States, primarily under long term leases, today announced operating results for the quarter ended June 30, 2012. <\/p>\n
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, \"During the quarter, the Company continued to execute on its strategy of identifying and completing accretive investments in its effort to maximize value for stockholders. Our network of relationships continues to produce a steady stream of investment opportunities, and we completed approximately $14.3 million of attractive investments year-to-date. We also agreed to sell an asset that will produce a gain for financial reporting purposes of about $15 million, which together with other property sales completed during the quarter, will generate approximately $17.9 million of net proceeds. With the additional capacity on our recently expanded line of credit and available cash, we expect to increase our momentum through the balance of the year.\" <\/p>\n
Operating Results: <\/p>\n
Rental income for the second quarter of 2012 increased 6.8% to $11.71 million compared to $10.96 million for the second quarter of 2011. The increase is attributable primarily to rental income earned from the twelve properties acquired beginning March 2011. <\/p>\n
Total operating expenses for the second quarter of 2012 were $5.18 million compared to $4.87 million for the second quarter in the prior year. <\/p>\n
Net income for the second quarter of 2012 increased by approximately 11.9% to $5.75 million ($0.39 per diluted share), compared to $5.14 million ($0.35 per diluted share) for the second quarter in the prior year. The increase included the impact of a $2.21 million ($0.15 per diluted share) net gain on two property sales in June 2012 compared to a $932,000 ($0.06 per diluted share) gain on a property sale in the second quarter of 2011. The comparable period in 2011 also included a $1.24 million ($0.085 per diluted share) gain on settlement of debt at a discount. <\/p>\n
Income from continuing operations was $3.5 million, or $0.24 per diluted share, compared to $4.08 million, or $0.28 per diluted share, in the second quarter of 2011. Included in the prior period results is the gain on settlement of debt at a discount noted above. Income from discontinued operations was $2.26 million, or $0.15 per diluted share, compared to $1.06 million, or $0.07 per diluted share, in the second quarter of 2011. Income from discontinued operations included the gains on dispositions in the second quarter of each period, as noted above. <\/p>\n
Funds from Operations: <\/p>\n
Funds from Operations (\"FFO\") was $6.3 million in the second quarter of 2012 compared to $6.7 million in the second quarter of 2011. FFO per diluted share was $0.42 in the second quarter of 2012 compared to $0.46 in the same period in 2011. The comparison of FFO per diluted share quarter versus quarter was impacted due to the inclusion, in the 2011 period, of $1.24 million ($0.085 per diluted share) gain on the settlement of debt at a discount. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release. <\/p>\n
Acquisitions and Dispositions: <\/p>\n<\/p>\n
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One Liberty Properties, Inc. Reports Second Quarter 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" GREAT NECK, NY--(Marketwire -08\/08\/12)- One Liberty Properties, Inc. Continue reading