GREAT NECK, NY--(Marketwire - Mar 14, 2013) - One Liberty Properties, Inc. ( NYSE : OLP ) <\/p>\n
One Liberty Properties, Inc. ( NYSE : OLP ), an owner of a geographically diversified portfolio of retail, industrial, health and fitness, office and other properties primarily under long term leases in the United States, today announced operating results for thequarter and year ended December 31, 2012. <\/p>\n
\"The Company continued to execute effectively on its pursuit of selective and accretive growth in 2012,\" commented Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty. \"With 17 properties acquired the past two years combined with the profitable sales of non-core assets, we continue to enhance our real estate portfolio. These efforts resulted in a recent increase in our dividend.Over the last two years, the Company has reduced its credit line interest rate floor significantly and it enters 2013 at a rate of 4.75%.As we look ahead, we are continuing to pursue opportunities that will increase the value of the Company, but will remain disciplined and selective in our approach as we seek to both protect and increase stockholder value.\" <\/p>\n
Fourth Quarter Operating Results: <\/p>\n
Total rental revenues for the three months ended December 31, 2012 increased $690,000 or 6.3% to $11.56 million, from $10.87 million for the three months ended December 31, 2011.Rental revenues benefited from the contribution of One Liberty's 2012 and 2011 acquisitions. <\/p>\n
Net income attributable to One Liberty was $4.93 million or $0.33 per fully diluted share, an increase of 59.5% from $3.09 million or $0.21 per fully diluted share for the fourth quarter of 2011. The increase is attributable to $2.28 million or $0.16 per fully diluted share of income from discontinued operations related primarily to gains from strategic dispositions of properties acquired at favorable prices.Income from continuing operations in the fourth quarter of 2012 was $2.63 million, or $0.17 per diluted share, compared to $2.83 million, or $0.19 per diluted share in the fourth quarter of 2011.The change is due primarily to higher real estate acquisition costs and federal excise and state taxes incurred in the current quarter. <\/p>\n
One Liberty generated Funds from Operations (\"FFO\") of $5.84 million, or $0.39 per diluted share, for the quarter ended December 31, 2012, as compared to $5.71 million or $0.39 per diluted share in the corresponding period of 2011.A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included in this release. <\/p>\n
The per share results for the three months ended December 31, 2012 were impacted by the increase in the weighted average number of shares outstanding which increased due to share issuances under One Liberty's equity incentive, at the market equity offering and dividend reinvestment programs. <\/p>\n
Full Year 2012 Operating Results: <\/p>\n
Total rental revenues increased 7.0% to $44.75 million compared to $41.81 million for 2011.Rental revenues increased due to the impact of acquisitions in 2012 and 2011. <\/p>\n
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One Liberty Properties, Inc. Reports Fourth Quarter and Full Year 2012 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" GREAT NECK, NY--(Marketwire - Mar 14, 2013) - One Liberty Properties, Inc. ( NYSE : OLP ) One Liberty Properties, Inc Continue reading