GREAT NECK, NY--(Marketwire -03\/14\/12)- One Liberty Properties, Inc. (NYSE: OLP - News), 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 and year ended December 31, 2011. <\/p>\n
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, commented, \"During 2011, we continued to build on our 2010 success in growing and improving our portfolio through select acquisitions and dispositions. In 2011, we acquired six properties and sold one, using our network of relationships to secure additional properties that will contribute to our growth in the coming years. We ended the year with occupancy at 97.6% which supports strong cash flow. As we enter 2012, One Liberty is well positioned to balance additional acquisitions and solid occupancy with select divestitures to further enhance cash flow in our efforts to drive increased value for our stockholders.\" <\/p>\n
Operating Results: <\/p>\n
Total revenues for the three months ended December 31, 2011 increased 12.5% to $11.7 million, compared to $10.4 million for the three months ended December 31, 2010. Revenues benefited from the contribution of the Company's 2010 and 2011 acquisitions. <\/p>\n
Income from continuing operations in the fourth quarter of 2011 increased 107% to $3.1 million, or $0.21 per diluted share, compared to $1.5 million, or $0.12, per diluted share in the fourth quarter of 2010. Contributing to the improvement was the increase in revenues and the $493,000 decrease in interest expense. Interest expense decreased primarily as a result of the decrease in mortgage interest expense and, to a lesser extent, the decrease in the Company's outstanding credit line balance. <\/p>\n
The Company generated Funds from Operations (\"FFO\") of $5.7 million, or $0.39 per diluted share, for the quarter ended December 31, 2011, as compared to $4.1 million or $0.35 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 results for the three and twelve months ended December 31, 2011 take into account the issuance of shares issued under One Liberty's dividend reinvestment program and 2.7 million shares in the Company's February 2011 public offering. The Company used a portion of the approximately $40.6 million of net proceeds it received from the offering to reduce the outstanding credit line balance and payoff certain mortgages bearing high interest rates. <\/p>\n
Full Year 2011 Operating Results: <\/p>\n
Total revenues increased 10.2% to $45.2 million compared to $41 million for 2010. Revenues increased due to the impact of acquisitions. <\/p>\n
Income from continuing operations increased 52.8% to $12.5 million, or $0.87 per diluted share, compared to $8.2 million, or $0.71 per diluted share, in 2010. Contributing to the improvement were the increased revenues, a $1.2 million gain on settlement of debt and a $899,000 decrease in interest expense. Interest expense decreased due primarily to the reduction in the outstanding credit line balance and to a lesser extent reduced mortgage interest expense. <\/p>\n<\/p>\n
The rest is here: GREAT NECK, NY--(Marketwire -03\/14\/12)- One Liberty Properties, Inc. (NYSE: OLP - News), 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 and year ended December 31, 2011. Patrick J. Continue reading
\nOne Liberty Properties, Inc. Reports Fourth Quarter and Full Year 2011 Results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"