-- A supermarket and related parking facility leased to Whole Foods
Market, Inc., located in West Hartford, Connecticut, for $20.6 million,
-- Two retail properties located in Houston, Texas for $7.4 million,
-- A Ruby Tuesday restaurant in Island Park, New York for $2.6 million
Subsequent Events:
In February 2011, the Company issued 2.7 million common shares generating
net proceeds of approximately $40.6 million. The Company used the proceeds
to pay down $7.7 million in mortgage debt (bearing a weighted average
interest rate of 7.9%) and $26.2 million of the outstanding balance on its
credit facility; the remainder is to be used for other general corporate
purposes and potential acquisitions. As of March 15, 2011, the Company has
approximately $58 million of capacity to fund its growth in the coming
years.
In January 2011, the Company amended its credit line to increase the
borrowing capacity by $15.0 million to $55 million.
Balance Sheet:
The Company had $7.7 million of cash and cash equivalents at December 31,
2010. At December 31, 2010, total assets were $444.6 million, total debt
was $251.5 million and stockholders' equity was $179.2 million.
Non-GAAP Financial Measures:
One Liberty believes that Funds from Operations ("FFO") is a widely
recognized and appropriate measure of the performance of an equity REIT.
One Liberty presents FFO because it considers FFO to be an important
supplemental measure of One Liberty's operating performance. One Liberty
believes FFO is frequently used by securities analysts, investors and other
interested parties in the evaluation of REITs, many of which present FFO
when reporting their results. FFO is intended to exclude generally accepted
accounting principles ("GAAP") historical cost depreciation and
amortization of real estate and related assets, which assumes that the
value of real estate diminishes ratably over time. Historically, however,
real estate values have risen or fallen with market conditions. As a
result, FFO provides a performance measure that, when compared year over
year, reflects the impact to operations from trends in occupancy rates,
rental rates, operating costs, development activities, interest costs and
other matters without the inclusion of depreciation and amortization,
providing perspective that may not necessarily be apparent from net income.
One Liberty has determined FFO in accordance with standards established by
the National Association of Real Estate Investment Trusts, Inc. ("NAREIT").
FFO is defined by NAREIT as "net income (or loss) computed in accordance
with GAAP, excluding gains (or losses) from sales of property, plus real
estate depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures." FFO does not represent
cash generated from operating activities in accordance with GAAP and is not
indicative of cash available to fund cash needs. FFO should not be
considered as an alternative to net income as an indicator of our operating
performance or as an alternative to cash flow as a measure of liquidity.
Management believes this is appropriate and relevant to securities
analysts, investors and other interested parties and may not be comparable
to similarly titled measures as reported by others.
Forward Looking Statement
Certain information contained in this press release, together with other
statements and information publicly disseminated by One Liberty Properties,
Inc. is forward looking within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities and Exchange Act
of 1934, as amended. We intend such forward looking statements to be
covered by the safe harbor provision for forward looking statements
contained in the Private Securities Litigation Reform Act of 1995 and
include this statement for the purpose of complying with these safe harbor
provisions. Information regarding certain important factors that could
cause actual outcomes or other events to differ materially from any such
forward looking statements appear in the Company's Annual Report on Form
10-K for the year ended December 31, 2010 and in particular "Item 1A. Risk
Factors" included therein. You should not rely on forward looking
statements since they involve known and unknown risks, uncertainties and
other factors which are, in some cases, beyond our control and which could
materially affect actual results, performance or achievements.
About One Liberty Properties:
One Liberty is a self-administered and self-managed real estate investment
trust incorporated under the laws of Maryland in 1982. The primary business
of the Company is to acquire, own and manage a geographically diversified
portfolio of retail, industrial, office and other properties under long
term leases. Substantially all of our leases are "net leases," under which
the tenant is responsible for real estate taxes, insurance and ordinary
maintenance and repairs.
ONE LIBERTY PROPERTIES, INC. (NYSE : OLP )
(Amounts in Thousands, Except Per Share Data)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
-------- -------- -------- --------
Revenues:
Rental income, net - Note 1 $ 10,660 $ 9,701 $ 41,872 $ 38,454
Lease termination fee - - - 1,784
-------- -------- -------- --------
Total revenues 10,660 9,701 41,872 40,238
-------- -------- -------- --------
Operating expenses:
Depreciation and amortization 2,385 2,095 8,825 8,429
General and administrative 1,679 1,586 6,941 6,481
Real estate acquisition costs 273 59 1,010 59
Real estate expenses 632 190 1,543 666
Leasehold rent 77 77 308 308
-------- -------- -------- --------
Total operating expenses 5,046 4,007 18,627 15,943
-------- -------- -------- --------
Operating income 5,614 5,694 23,245 24,295
Other income and expenses:
Equity in earnings of
unconsolidated joint ventures 93 110 446 559
Gain on disposition of real
estate held by unconsolidated
joint venture - - 107 -
Other income, including realized
gain on sale of available-for-sale
securities and interest income 42 66 308 358
Interest:
Expense (3,935) (3,266) (14,574) (13,385)
Amortization of deferred
financing costs (174) (142) (626) (724)
Income from settlement with
former president - 951 - 951
-------- -------- -------- --------
Income from continuing operations 1,640 3,413 8,906 12,054
-------- -------- -------- --------
Discontinued operations:
Income from operations - Note 2 - (65) 165 1,162
Impairment charges - - - (229)
Gain on troubled mortgage
restructuring, as a
result of conveyance to
mortgagee - - - 897
Net gain on sales - 5,757 235 5,757
-------- -------- -------- --------
Income from discontinued operations - 5,692 400 7,587
-------- -------- -------- --------
Net income $ 1,640 $ 9,105 $ 9,306 $ 19,641
======== ======== ======== ========
Net income per common share -
diluted:
Income from continuing
operations $ 0.14 $ 0.30 $ 0.78 $ 1.12
Income from discontinued
operations - 0.51 0.03 0.70
-------- -------- -------- --------
Net income per common share -
diluted $ 0.14 $ 0.81 $ 0.81 $ 1.82
======== ======== ======== ========
Funds from operations - Note 3 $ 4,103 $ 5,548 $ 18,160 $ 23,272
======== ======== ======== ========
Funds from operations per common
share-diluted - Note 4 $ 0.35 $ 0.49 $ 1.58 $ 2.15
======== ======== ======== ========
Weighted average number of common
shares outstanding:
Basic 11,531 11,104 11,465 10,651
======== ======== ======== ========
Diluted 11,631 11,234 11,510 10,812
======== ======== ======== ========
Note 1 - Rental income includes straight line rent accruals and
amortization of lease intangibles of $(140) and $1,131 for the
three months and year ended December 31, 2010 and $524 and $1,119
for the three months and year ended December 31, 2009,
respectively.
Note 2 - Income from discontinued operations includes straight line rent
accruals and amortization of lease intangibles of $0 and $4 for the
three months and year ended December 31, 2010 and $8 and $32 for the
three months and year ended December 31, 2009, respectively.
ONE LIBERTY PROPERTIES, INC. (NYSE : OLP )
(Amounts in Thousands, Except Per Share Data)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
--------- -------- -------- --------
Note 3 - Funds from operations is
summarized in the following table:
Net income $ 1,640 $ 9,105 $ 9,306 $ 19,641
Add: depreciation of properties 2,367 2,108 8,829 9,001
Add: our share of depreciation in
unconsolidated joint ventures 78 80 314 323
Add: amortization of capitalized
leasing expenses 18 12 53 64
Deduct: net gain on sales of real
estate - (5,757) (235) (5,757)
Deduct: our share of net gain on
sale-unconsolidated joint venture - - (107) -
--------- -------- -------- --------
Funds from operations $ 4,103 $ 5,548 $ 18,160 $ 23,272
========= ======== ======== ========
Note 4 - Funds from operations per
common share is summarized in the
following table:
Net income $ 0.14 $ 0.81 $ 0.81 $ 1.82
Add: depreciation of properties 0.21 0.18 0.77 0.83
Add: our share of depreciation in
unconsolidated joint ventures - 0.01 0.03 0.03
Add: amortization of capitalized
leasing expenses - - - -
Deduct: net gain on sales of real
estate - (0.51) (0.02) (0.53)
Deduct: our share of net gain on
sale-unconsolidated joint venture - - (0.01) -
--------- -------- -------- --------
Funds from operations per common
share-diluted $ 0.35 $ 0.49 $ 1.58 $ 2.15
========= ======== ======== ========
ONE LIBERTY PROPERTIES, INC.
CONDENSED BALANCE SHEETS
(Amounts in Thousands)
December 31,
2010 2009
--------- ---------
ASSETS
Real estate investments, net $ 401,633 $ 341,885
Properties held for sale, including related assets
of $146 - 3,954
Investment in unconsolidated joint ventures 4,777 5,839
Cash and cash equivalents 7,732 28,036
Available for sale securities
(including $3,999 of treasury bills at 12/31/09) 422 6,762
Unbilled rent receivable 11,250 10,560
Unamortized intangible lease assets 11,594 7,157
Other assets 7,215 4,493
--------- ---------
Total assets $ 444,623 $ 408,686
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable $ 215,308 $ 190,518
Line of credit 36,200 27,000
Unamortized intangible lease liabilities 4,982 4,827
Other liabilities 8,950 6,213
--------- ---------
Total liabilities 265,440 228,558
Stockholders' equity 179,183 180,128
--------- ---------
Total liabilities and stockholders' equity $ 444,623 $ 408,686
========= =========
Contact Information: Contact: One Liberty Properties Investor Relations Phone: (516) 466-3100 www.onelibertyproperties.com