GREAT NECK, NY–(Marketwired – May 8, 2013) – – One Liberty Properties, Inc. (NYSE: OLP)
One Liberty Properties, Inc. (NYSE: OLP), an owner of a geographically diversified portfolio of retail, industrial, health and fitness, office, flex and other properties primarily under long term net leases in the United States, today announced operating results for thequarter ended March 31, 2013.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated, “One Liberty began 2013 by executing and achieving progress towards the goal of selective and accretive growth.With overall double digit percentage increases from the first quarter of 2012 in rental income, income from continuing operations and funds from operations, we continue to protect and increase stockholder value while prudently pursuing growth opportunities.”
Rental income for the first quarter of 2013 increased $1.34 million, or 12.5%, to $12.1 million from $10.76 million for the first quarter of 2012.The increase is due substantially to the twelve properties acquired since February 2012.
Total operating expenses for the first quarter of 2013 increased to $5.67 million from $4.98 million for the first quarter in the prior year.Approximately $586,000 of the increase is due to increased depreciation, real estate and real estate acquisition expense resulting primarily from properties acquired in 2012 or 2013 and the balance is due to increased general and administrative expense.
Net income attributable to One Liberty in the first quarter of 2013 was $3.45 million or $0.22 per diluted share compared to $3.22 million or $0.21 per diluted share in the first quarter of 2012.Included in the 2012 results are $264,000 or $.01 per share of income from discontinued operations.
For the quarter ended March 31, 2013, the Company reported Funds from Operations (“FFO”) of $6.34 million, a 13.8% increase from the $5.57 million reported in the first quarter of 2012.FFO was $0.42 per diluted share in the first quarter of 2013 compared to $0.38 per diluted share in the corresponding period of the prior year. A reconciliation of FFO to net income as presented in accordance with GAAP is provided with the financial information included later in this release.
The per share net income and FFO results for the three months ended March 31, 2013 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, dividend reinvestment and at the market equity offering programs.