One Liberty Properties, Inc. (NYSE: OLP), a real estate investment
trust focused on net leased properties, today announced operating
results for the quarter and year ended December 31, 2020.
"We effectively worked to overcome many of the challenges 2020
presented, as we positioned the Company to secure consistent cash
flow from our properties,” stated Patrick J. Callan, Jr., President
and Chief Executive Officer of One Liberty. “While we understand
that 2021 will present challenges and obstacles, we are pleased to
see signs of an economic recovery slowly emerging and have
re-focused on pursuing accretive acquisition opportunities. One
Liberty’s ability to persevere and its talent for turning
challenges into opportunities are at the core of our culture and
approach. We remain resolute in our commitment to create value for
our stockholders as we move ahead."
Fourth Quarter Operating Results:
Revenues and Operating Expenses
Rental income for the three months ended December 31, 2020 was
$18.7 million, compared to $21.5 million in the corresponding
quarter in the prior year. The change is due primarily to the
economic consequences of the COVID-19 pandemic that resulted in,
with respect to two Regal Cinemas properties, a non-cash write-off
of straight-line rent of $1.1 million and the determination not to
accrue $928,000 of rent, and a reduction of $638,000 from the net
impact of property acquisitions and dispositions. Industrial
properties contributed more than 50% of rental income in the
current quarter.
Income from the early termination of leases in the current
quarter was $15,000 compared to $950,000 in corresponding quarter
ended December 31, 2019.
Total operating expense in the fourth quarter of 2020 was $12.8
million compared to $12.4 million for the three months ended
December 31, 2019, due primarily to non-cash compensation
expense.
Gain on sale of real estate
Gain on sale of real estate, net, in the current quarter was
$2.7 million from the sale of two retail properties in Houston,
Texas, compared to the $684,000 gain in the corresponding quarter
of the prior year.
Other income and expenses
Other net expenses were $5.1 million in the current quarter
compared to $5.8 million in the corresponding quarter of the prior
year. Contributing to the improvement was the inclusion, in the
2019 quarter, of $625,000 of debt prepayment costs and a reduction
of $258,000 in interest expense. This change was offset by a
$196,000 decrease in equity in earnings from unconsolidated joint
ventures due primarily to less income generated from Regal
Cinemas.
Net income, AFFO and FFO1
Net income attributable to One Liberty in the fourth quarter of
2020 was $3.6 million, or $0.16 per diluted share, compared to net
income in the corresponding period of the prior year of $4.8
million, or $0.23 per diluted share.
Adjusted Funds from Operations, or AFFO, was $9.1 million, or
$0.44 per diluted share, for the quarter ended December 31, 2020,
compared to $10.5 million, or $0.53 per diluted share in the
corresponding quarter of the prior year. The decrease in AFFO is
due primarily to $1.6 million lower rental income, as well as a
$120,000 decrease in earnings from unconsolidated joint ventures,
offset by a $256,000 reduction in interest expense.
Funds from Operations, or FFO, was $6.7 million, or $0.33 per
diluted share, for the quarter ended December 31, 2020, compared to
$9.9 million, or $0.50 per diluted share, in the corresponding
quarter of 2019. The change is due to the factors contributing to
the decrease in AFFO as well as the decrease of $1.2 million of
rental income related to straight-line rent accruals, $935,000 in
lease termination fee income, and a $304,000 increase in general
and administrative expense, offset by a $666,000 decrease in debt
prepayment costs.
Diluted per share net income, FFO and AFFO were impacted
negatively in the quarter ended December 31, 2020 by an average
increase of approximately 637,000 in the weighted average number of
shares of common stock outstanding as a result of issuances of
stock in lieu of a portion of cash dividends, dividend reinvestment
and the equity incentive programs. A reconciliation of GAAP amounts
to non-GAAP amounts is presented with the financial information
included in this release.
Full Year 2020 Operating Results:
Revenues and Operating Expenses
Rental income in 2020 was $81.9 million compared to $83.8
million in 2019. The change is due primarily to an aggregate $2.3
million non-cash write-off of straight-line rent, rent abatements
and the non-payment of certain rent from Regal Cinemas. This was
offset by $558,000 representing the net impact of acquisitions and
dispositions during the year. Industrial properties contributed
more than 50% of the rental income in the current year.
Income from the early termination of leases in 2020 was $15,000
compared to $950,000 in 2019.
Total operating expense in 2020 was $51.0 million compared to
$48.9 million in 2019. Contributing to the change were increases of
$1.2 million in general and administrative expense, $938,000 in
depreciation and amortization and a $430,000 non-cash impairment
charge due to a casualty loss. Specifically, general and
administrative expense was up primarily due to increases of
$816,000 in non-cash expense related to equity-based awards and
$287,000 related to the compensation and services agreement. The
change in depreciation and amortization is due primarily to the net
impact of acquisitions and dispositions. The impairment was due to
hurricane damage to a retail property in Lake Charles, Louisiana
and is offset by insurance recoveries included in “other income and
expenses”. Offsetting the increase was a $440,000 reduction in real
estate expenses due to reduced litigation expense and the net
impact of acquisitions and dispositions.
1 A description and reconciliation of non-GAAP financial
measures (i.e., AFFO and FFO) to GAAP financial measures is
presented later in this release.
Gain on sale of real estate
Gain on sale of real estate, net, in 2020 was $17.3 million from
the sale of four retail properties compared to a net gain of $4.3
million in 2019 from the sale of five properties, including three
retail properties.
Other income and expenses
Other net expenses in 2020 improved by $800,000 to $20.8 million
from $21.6 million in 2019. The improvement is primarily due to a
$514,000 reduction in interest expense, a $430,000 insurance
recovery and $121,000 from the sale of a joint venture property.
The improvement was offset by a $296,000 increase in debt
prepayment costs.
Net income, AFFO and FFO
Net income attributable to One Liberty was $27.4 million, or
$1.33 per diluted share, compared to $18.0 million, or $0.88 per
diluted share, in 2019.
AFFO for 2020 was $38.8 million or $1.90 per diluted share
compared to $39.4 million, or $1.98 per diluted share in the prior
year. The decrease in AFFO is due primarily to the $1.4 million
reduction in rental income, and a $413,000 increase in general and
administrative expense, offset by improvements in interest and real
estate operating expenses of $992,000.
FFO for 2020 was $33.9 million, or $1.66 per diluted share,
compared to 2019 FFO of $36.6 million, or $1.84 per diluted share.
The change is due to the factors contributing to the decrease in
AFFO as well as the decreases of $468,000 in rental income related
to straight-line rent accruals and amortization of lease
intangibles and $935,000 in lease termination fee income, and an
increase of $816,000 of non-cash expense related to equity-based
awards, offset by a $430,000 increase in other income.
Diluted per share net income, FFO and AFFO were impacted
negatively in 2020 by an average increase of approximately 501,000
in the weighted average number of shares of common stock as a
result of issuances of stock in lieu of a portion of cash dividends
and the dividend reinvestment and equity incentive programs.
Acquisitions and Dispositions in 2020:
In February 2020, the Company acquired two industrial properties
for $28.3 million. The Company expects to recognize in 2021
approximately $1.9 million of base rent from these properties,
which contributed $1.6 million of base rent in 2020.
The Company sold four properties for gross proceeds of $34.3
million and recognized a net gain of $17.3 million from these
sales, before giving effect to $1.1 million of debt prepayment
costs. The properties sold contributed $1.4 million and $2.7
million of rental income in 2020 and 2019, respectively.
Balance Sheet:
At December 31, 2020, the Company had $12.7 million of cash and
cash equivalents, total assets of $776.1 million, total debt of
$442.2 million, and total stockholders’ equity of $290.8
million.
At March 4, 2021, One Liberty’s available liquidity was
$75.1million, including $8.7 million of cash and cash equivalents
(net of the credit facility’s required $3 million deposit
maintenance balance) and up to $66.4 million available under its
credit facility.
Dividends:
On March 12, 2021, the Board of Directors declared a quarterly
dividend on the Company’s common stock of $0.45 per share.
The dividend is payable April 7, 2021 to stockholders of record on
March 24, 2021. This dividend represents One Liberty’s 113th
consecutive quarterly dividend.
Non-GAAP Financial Measures:
One Liberty computes FFO in accordance with the “White Paper on
Funds from Operations” issued by the National Association of Real
Estate Investment Trusts (“NAREIT”) and NAREIT’s related
guidance. FFO is defined in the White Paper as net income
(calculated in accordance with GAAP), excluding depreciation and
amortization related to real estate, gains and losses from the sale
of certain real estate assets, gains and losses from change in
control, impairment write-downs of certain real estate assets and
investments in entities where the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity. Adjustments for unconsolidated partnerships and
joint ventures are calculated to reflect funds from operations on
the same basis. In computing FFO, OLP does not add back to
net income the amortization of costs in connection with its
financing activities or depreciation of non-real estate assets.
One Liberty computes AFFO by adjusting from FFO for
straight-line rent accruals and amortization of lease intangibles,
deducting lease termination fees and adding back amortization of
restricted stock and restricted stock unit compensation expense,
amortization of costs in connection with its financing activities
(including its share of its unconsolidated joint ventures), income
on insurance recoveries from casualties and debt prepayment costs.
Since the NAREIT White Paper does not provide guidelines for
computing AFFO, the computation of AFFO varies from one REIT to
another.
One Liberty believes that FFO and AFFO are useful and standard
supplemental measures of the operating performance for equity REITs
and are used frequently by securities analysts, investors and other
interested parties in evaluating equity REITs, many of which
present FFO and AFFO when reporting their operating results. FFO
and AFFO are intended to exclude GAAP historical cost depreciation
and amortization of real estate assets, which assumes that the
value of real estate assets diminish predictability over time. In
fact, real estate values have historically risen and fallen with
market conditions. As a result, management believes that FFO and
AFFO provide a performance measure that when compared year over
year, should reflect the impact to operations from trends in
occupancy rates, rental rates, operating costs, interest costs and
other matters without the inclusion of depreciation and
amortization, providing a perspective that may not be necessarily
apparent from net income. Management also considers FFO and AFFO to
be useful in evaluating potential property acquisitions.
FFO and AFFO do not represent net income or cash flows from
operating, investing or financing activities as defined by GAAP.
FFO and AFFO should not be considered an alternative to net income
as a reliable measure of our operating performance nor as an
alternative to cash flows from operating, investing or financing
activities as measures of liquidity. FFO and AFFO do not measure
whether cash flow is sufficient to fund all of the Company’s cash
needs, including principal amortization, capital improvements and
distributions to stockholders.
Management recognizes that there are limitations in the use of
FFO and AFFO. In evaluating the Company’s performance, management
is careful to examine GAAP measures such as net income and cash
flows from operating, investing and financing activities.
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, 2020 and
in particular the sections entitled “Cautionary Note Regarding
Forward Looking Statements”, “Item 1A. Risk Factors” and “Item 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations” 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 in Maryland
in 1982. The Company acquires, owns and manages a geographically
diversified portfolio consisting primarily of industrial, retail,
restaurant, health and fitness, and theater properties. Many of
these properties are subject to long term net leases under which
the tenant is typically responsible for the property’s real estate
taxes, insurance and ordinary maintenance and repairs.
Contact:
One Liberty Properties Investor Relations Phone: (516)
466-3100 www.onelibertyproperties.com
|
|
|
|
|
|
|
|
|
|
ONE LIBERTY
PROPERTIES, INC. |
CONDENSED
BALANCE SHEETS |
(Amounts in
Thousands) |
|
|
|
|
|
|
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Real estate
investments, at cost |
|
$ |
839,058 |
|
|
$ |
835,837 |
|
Accumulated
depreciation |
|
|
(147,136 |
) |
|
|
(135,302 |
) |
Real estate
investments, net |
|
|
691,922 |
|
|
|
700,535 |
|
|
|
|
|
|
Investment
in unconsolidated joint ventures |
|
|
10,702 |
|
|
|
11,061 |
|
Cash and
cash equivalents |
|
|
12,705 |
|
|
|
11,034 |
|
Unbilled
rent receivable |
|
|
15,438 |
|
|
|
15,037 |
|
Unamortized
intangible lease assets, net |
|
|
24,703 |
|
|
|
26,068 |
|
Other
assets |
|
|
20,667 |
|
|
|
10,894 |
|
Total assets |
|
$ |
776,137 |
|
|
$ |
774,629 |
|
|
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
|
Liabilities: |
|
|
|
|
Mortgages
payable, net of $3,845 and $4,438 of deferred financing costs,
respectively |
|
$ |
429,704 |
|
|
$ |
435,840 |
|
Line of
credit-outstanding, net of $425 and $619 of deferred financing
costs, respectively |
|
|
12,525 |
|
|
|
10,831 |
|
Unamortized
intangible lease liabilities, net |
|
|
11,189 |
|
|
|
12,421 |
|
Other
liabilities |
|
|
30,759 |
|
|
|
23,553 |
|
Total liabilities |
|
|
484,177 |
|
|
|
482,645 |
|
|
|
|
|
|
Total One
Liberty Properties, Inc. stockholders' equity |
|
|
290,767 |
|
|
|
290,763 |
|
Non-controlling interests in consolidated joint ventures |
|
|
1,193 |
|
|
|
1,221 |
|
Total equity |
|
|
291,960 |
|
|
|
291,984 |
|
Total liabilities and equity |
|
$ |
776,137 |
|
|
$ |
774,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE LIBERTY
PROPERTIES, INC. (NYSE: OLP) |
(Amounts in
Thousands, Except Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Twelve
Months Ended |
|
|
|
December
31, |
|
|
December
31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Rental
income, net |
|
$ |
18,717 |
|
|
$ |
21,498 |
|
|
|
$ |
81,888 |
|
|
$ |
83,786 |
|
|
Lease
termination fees |
|
|
15 |
|
|
|
950 |
|
|
|
|
15 |
|
|
|
950 |
|
|
Total
revenues |
|
|
18,732 |
|
|
|
22,448 |
|
|
|
|
81,903 |
|
|
|
84,736 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
5,763 |
|
|
|
5,673 |
|
|
|
|
22,964 |
|
|
|
22,026 |
|
|
General and
administrative |
|
|
3,427 |
|
|
|
3,123 |
|
|
|
|
13,671 |
|
|
|
12,442 |
|
|
Real estate
expenses |
|
|
3,536 |
|
|
|
3,530 |
|
|
|
|
13,634 |
|
|
|
14,074 |
|
|
State
taxes |
|
|
83 |
|
|
|
93 |
|
|
|
|
310 |
|
|
|
348 |
|
|
Impairment
due to casualty loss |
|
|
- |
|
|
|
- |
|
|
|
|
430 |
|
|
|
- |
|
|
Total
operating expenses |
|
|
12,809 |
|
|
|
12,419 |
|
|
|
|
51,009 |
|
|
|
48,890 |
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
|
|
|
|
|
|
|
|
|
Gain on sale of real estate, net |
|
|
2,712 |
|
|
|
684 |
|
|
|
|
17,280 |
|
|
|
4,327 |
|
Operating income |
|
|
8,635 |
|
|
|
10,713 |
|
|
|
|
48,174 |
|
|
|
40,173 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income and expenses: |
|
|
|
|
|
|
|
|
|
|
Equity in
(loss) earnings of unconsolidated joint ventures |
|
|
(148 |
) |
|
|
48 |
|
|
|
|
38 |
|
|
|
16 |
|
|
Equity in
earnings from sale of unconsolidated joint venture properties |
|
|
- |
|
|
|
- |
|
|
|
|
121 |
|
|
|
- |
|
|
Prepayment
costs on debt |
|
|
- |
|
|
|
(625 |
) |
|
|
|
(1,123 |
) |
|
|
(827 |
) |
|
Other income
(loss) |
|
|
34 |
|
|
|
(10 |
) |
|
|
|
496 |
|
|
|
8 |
|
|
Interest: |
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
(4,734 |
) |
|
|
(4,992 |
) |
|
|
|
(19,317 |
) |
|
|
(19,831 |
) |
|
Amortization and write-off of deferred financing costs |
|
|
(216 |
) |
|
|
(256 |
) |
|
|
|
(976 |
) |
|
|
(995 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
3,571 |
|
|
|
4,878 |
|
|
|
|
27,413 |
|
|
|
18,544 |
|
Net loss (income) attributable to non-controlling interests |
|
|
1 |
|
|
|
(68 |
) |
|
|
|
(6 |
) |
|
|
(533 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to One Liberty Properties, Inc. |
|
$ |
3,572 |
|
|
$ |
4,810 |
|
|
|
$ |
27,407 |
|
|
$ |
18,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common
stockholders-diluted |
|
$ |
0.16 |
|
|
$ |
0.23 |
|
|
|
$ |
1.33 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations - Note 1 |
|
$ |
6,741 |
|
|
$ |
9,910 |
|
|
|
$ |
33,876 |
|
|
$ |
36,579 |
|
Funds from operations per common share-diluted - Note 2 |
|
$ |
0.33 |
|
|
$ |
0.50 |
|
|
|
$ |
1.66 |
|
|
$ |
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations - Note 1 |
|
$ |
9,079 |
|
|
$ |
10,539 |
|
|
|
$ |
38,755 |
|
|
$ |
39,377 |
|
Adjusted funds from operations per common share-diluted - Note
2 |
$ |
0.44 |
|
|
$ |
0.53 |
|
|
|
$ |
1.90 |
|
|
$ |
1.98 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,835 |
|
|
|
19,245 |
|
|
|
|
19,571 |
|
|
|
19,090 |
|
Diluted |
|
|
19,871 |
|
|
|
19,266 |
|
|
|
|
19,599 |
|
|
|
19,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ONE LIBERTY
PROPERTIES, INC. (NYSE: OLP) |
(Amounts in
Thousands, Except Per Share Data) |
|
|
|
(Unaudited) |
|
|
|
|
|
Three
Months Ended |
|
|
Twelve
Months Ended |
|
|
December 31, |
|
|
December 31, |
Note 1: |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
NAREIT funds
from operations is summarized in the following table: |
|
|
|
|
|
|
|
|
|
GAAP net income attributable to One Liberty
Properties, Inc. |
|
$ |
3,572 |
|
|
$ |
4,810 |
|
|
|
$ |
27,407 |
|
|
$ |
18,011 |
|
Add: depreciation and amortization of
properties |
|
|
5,663 |
|
|
|
5,541 |
|
|
|
|
22,558 |
|
|
|
21,574 |
|
Add: our share of depreciation and amortization
of unconsolidated joint ventures |
|
|
135 |
|
|
|
131 |
|
|
|
|
544 |
|
|
|
527 |
|
Add: impairment due to casualty loss |
|
|
- |
|
|
|
- |
|
|
|
|
430 |
|
|
|
- |
|
Add: amortization of deferred leasing costs |
|
|
100 |
|
|
|
132 |
|
|
|
|
406 |
|
|
|
452 |
|
Add: our share of amortization of deferred
leasing costs of unconsolidated joint ventures |
|
|
6 |
|
|
|
4 |
|
|
|
|
20 |
|
|
|
18 |
|
Deduct: gain on sale of real estate, net |
|
|
(2,712 |
) |
|
|
(684 |
) |
|
|
|
(17,280 |
) |
|
|
(4,327 |
) |
Deduct: equity in earnings from sale of
unconsolidated joint venture property |
|
|
- |
|
|
|
- |
|
|
|
|
(121 |
) |
|
|
- |
|
Adjustments for non-controlling interests |
|
|
(23 |
) |
|
|
(24 |
) |
|
|
|
(88 |
) |
|
|
324 |
|
NAREIT funds from operations applicable to common
stock |
|
|
6,741 |
|
|
|
9,910 |
|
|
|
|
33,876 |
|
|
|
36,579 |
|
|
|
|
|
|
|
|
|
|
|
Add
(Deduct): straight-line rent accruals and amortization of lease
intangibles |
|
|
819 |
|
|
|
(377 |
) |
|
|
|
(1,408 |
) |
|
|
(1,876 |
) |
Add (Deduct): our share of straight-line rent accruals
and amortization of lease intangibles of unconsolidated joint
ventures |
|
|
71 |
|
|
|
(7 |
) |
|
|
|
(73 |
) |
|
|
(62 |
) |
Deduct: lease termination fee income |
|
|
(15 |
) |
|
|
(950 |
) |
|
|
|
(15 |
) |
|
|
(950 |
) |
Add:
amortization of restricted stock compensation |
|
|
1,244 |
|
|
|
1,036 |
|
|
|
|
4,686 |
|
|
|
3,870 |
|
Deduct: income on insurance recoveries from casualty loss |
|
|
- |
|
|
|
- |
|
|
|
|
(430 |
) |
|
|
- |
|
Add:
prepayment costs on debt |
|
|
- |
|
|
|
666 |
|
|
|
|
1,123 |
|
|
|
827 |
|
Add:
amortization and write-off of deferred financing costs |
|
|
215 |
|
|
|
257 |
|
|
|
|
976 |
|
|
|
995 |
|
Add:
our share of amortization and write-off of deferred financing costs
of unconsolidated joint ventures |
|
|
4 |
|
|
|
4 |
|
|
|
|
17 |
|
|
|
17 |
|
Adjustments for non-controlling interests |
|
|
- |
|
|
|
- |
|
|
|
|
3 |
|
|
|
(23 |
) |
Adjusted funds from operations applicable to common
stock |
|
$ |
9,079 |
|
|
$ |
10,539 |
|
|
|
$ |
38,755 |
|
|
$ |
39,377 |
|
|
|
|
|
|
|
|
|
|
|
Note
2: |
|
|
|
|
|
|
|
|
|
NAREIT funds
from operations is summarized in the following table: |
|
|
|
|
|
|
|
|
|
GAAP
net income (loss) attributable to One Liberty Properties, Inc. |
|
$ |
0.16 |
|
|
$ |
0.23 |
|
|
|
$ |
1.33 |
|
|
$ |
0.88 |
|
Add:
depreciation and amortization of properties |
|
|
0.29 |
|
|
|
0.28 |
|
|
|
|
1.12 |
|
|
|
1.11 |
|
Add:
our share of depreciation and amortization of unconsolidated joint
ventures |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
0.03 |
|
|
|
0.03 |
|
Add:
impairment due to casualty loss |
|
|
- |
|
|
|
- |
|
|
|
|
0.02 |
|
|
|
- |
|
Add:
amortization of deferred leasing costs |
|
|
- |
|
|
|
0.01 |
|
|
|
|
0.02 |
|
|
|
0.02 |
|
Add:
our share of amortization of deferred leasing costs of
unconsolidated joint ventures |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Deduct: gain on sale of real estate, net |
|
|
(0.13 |
) |
|
|
(0.03 |
) |
|
|
|
(0.85 |
) |
|
|
(0.22 |
) |
Deduct: equity in earnings from sale of unconsolidated joint
venture property |
|
|
- |
|
|
|
- |
|
|
|
|
(0.01 |
) |
|
|
- |
|
Adjustments for non-controlling interests |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
0.02 |
|
NAREIT funds from operations per share of common
stock-diluted (a) |
|
|
0.33 |
|
|
|
0.50 |
|
|
|
|
1.66 |
|
|
|
1.84 |
|
Add
(Deduct): straight-line rent accruals and amortization of lease
intangibles |
|
|
0.04 |
|
|
|
(0.01 |
) |
|
|
|
(0.08 |
) |
|
|
(0.10 |
) |
Add
(Deduct): our share of straight-line rent accruals and amortization
of lease intangibles of unconsolidated joint ventures |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Deduct: lease termination fee income |
|
|
- |
|
|
|
(0.05 |
) |
|
|
|
- |
|
|
|
(0.05 |
) |
Add:
amortization of restricted stock compensation |
|
|
0.06 |
|
|
|
0.05 |
|
|
|
|
0.23 |
|
|
|
0.20 |
|
Deduct: income on insurance recoveries from casualty loss |
|
|
- |
|
|
|
- |
|
|
|
|
(0.02 |
) |
|
|
- |
|
Add:
prepayment costs on debt |
|
|
- |
|
|
|
0.03 |
|
|
|
|
0.06 |
|
|
|
0.04 |
|
Add:
amortization and write-off of deferred financing costs |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
0.05 |
|
|
|
0.05 |
|
Add:
our share of amortization and write-off of deferred financing costs
of unconsolidated joint ventures |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Adjustments for non-controlling interests |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Adjusted funds from operations per share of common
stock-diluted (a) |
|
$ |
0.44 |
|
|
$ |
0.53 |
|
|
|
$ |
1.90 |
|
|
$ |
1.98 |
|
(a) |
The weighted
average number of diluted common shares used to compute FFO and
AFFO applicable to common stock includes unvested restricted shares
that are excluded from the computation of diluted EPS. |
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