11-7-13 4:43 PM EST | Email Article
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=1066569&ProfileId=051205&sourceType=1

GREAT NECK, NY -- (Marketwired) -- 11/07/13 -- One Liberty Properties, Inc. (NYSE: OLP), today announced operating results for the quarter ended September 30, 2013.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty stated "We have continued to execute successfully on our growth plan with the acquisition, since October 1, 2012, of 14 properties that complement our existing portfolio and match our long-term goals. We grew this quarter's rental income significantly over the corresponding 2012 quarter as a result of our acquisition activity. We remain dedicated to identifying and acquiring favorable investment opportunities to drive prudent growth and increase stockholder value in the years to come."

Operating Results:

Rental income for the third quarter of 2013 increased 16.8% to $13.2 million from $11.3 million for the third quarter of 2012. The increase is attributable primarily to rental income earned from 14 properties acquired since October 2012.

Total operating expenses for the third quarter of 2013 increased to $6.4 million from $5.1 million for the third quarter of 2012. The change is due primarily to increased depreciation and amortization, real estate acquisition costs and real estate expenses associated with acquired properties.

Net income attributable to One Liberty for the third quarter of 2013 was $3.21 million or $.20 per diluted share compared to $18.41 million or $1.23 per diluted share for the third quarter of 2012. Net income for the third quarter of 2012 includes the $15 million net gain, or $1.00 per diluted share, from the sale of a property located on Madison Avenue, in New York City.

Funds from Operations:

Funds from Operations ("FFO") were $6.3 million in the third quarter of 2013, compared to $6.1 million in the third quarter of 2012. The increase was negatively impacted by, among other things, acquisition costs primarily related to the eight properties acquired during the current quarter. FFO per diluted share was $0.40 in the third quarter of 2013 compared to $0.41 in the third quarter of 2012. The per share FFO result for the current period was negatively impacted by an increase in the weighted average number of shares outstanding due to share issuances under One Liberty's equity incentive, dividend reinvestment and at the market offering programs. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release.

Acquisitions:

As previously reported, during the three months ended September 30, 2013, One Liberty acquired eight properties for an aggregate purchase price of $96.9 million, including mortgage financings aggregating $51.9 million provided to the Company contemporaneously with the closing of three of the acquisitions.

As a result of these acquisitions and an additional acquisition for $4.6 million completed in March 2013, One Liberty's 2014 contractual rental income is $52.4 million, an increase of $6.6 million, or 14.4%, from 2013 contractual rental income of $45.8 million. The 2014 and 2013 contractual rental income includes, after abatements, concessions or adjustments, rental income that is payable to One Liberty in 2014 and 2013, respectively, under leases existing at September 30, 2013 and December 31, 2012, respectively. The 2014 contractual rental income excludes approximately $1.1 million of straight-line rent income, estimated amortization of intangibles of approximately $70,000 and One Liberty's $1.4 million share of the rental income payable to its unconsolidated joint ventures. The 2013 contractual rental income excludes approximately $679,000 of straight-line rent income, amortization of approximately $6,000 of intangibles and One Liberty's $3.1 million share of rental income payable to its unconsolidated joint ventures.

Balance Sheet:

At September 30, 2013, the Company had $18.9 million of cash and cash equivalents, total assets of $569.6 million, total debt of $300.3 million and total equity of $248.9 million.

At November 4, 2013, One Liberty had approximately $15 million of cash and cash equivalents and $20.5 million outstanding on its $75 million credit facility.

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 a 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, plus impairment write-downs of depreciable real estate 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 operating performance or as an alternative to cash flow as a measure of liquidity. Management believes FFO is of interest 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. One Liberty intends 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, 2012 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

One Liberty is a self-administered and self-managed real estate investment trust incorporated under the laws of Maryland in 1982. The Company owns a geographically diversified portfolio of retail, industrial, flex, office, health and fitness and other properties primarily under long term net leases. Interested parties are urged to review the Form 10-Q to be filed with the Securities and Exchange Commission for the quarter ended September 30, 2013 for further details. The Form 10-Q can also be linked through the "Investor Relations" section of One Liberty's website. For additional information on One Liberty's operations, activities and properties, please visit its website at www.1liberty.com.


                  ONE LIBERTY PROPERTIES, INC. (NYSE: OLP)
               (Amounts in Thousands, Except Per Share Data)

                                     Three Months Ended   Nine Months Ended
                                        September 30,       September 30,

                                       2013      2012      2013      2012
                                     --------  --------  --------  --------
Revenues:
  Rental income, net - Note 1        $ 13,214  $ 11,333  $ 37,542  $ 33,193
                                     --------  --------  --------  --------

Operating expenses:
  Depreciation and amortization         3,019     2,426     8,406     7,179
  General and administrative            1,938     1,873     5,841     5,463
  Federal excise and state taxes           (7)       38       218       135
  Real estate expenses                    851       640     2,375     1,939
  Leasehold rent                           77        77       231       231
  Real estate acquisition costs           544        93       822       259
                                     --------  --------  --------  --------
  Total operating expenses              6,422     5,147    17,893    15,206
                                     --------  --------  --------  --------

Operating income                        6,792     6,186    19,649    17,987

Other income and expenses:
  Equity in earnings of
   unconsolidated joint ventures          122       268       513     1,015
  Gain on dispositon of real estate-
   unconsolidated joint venture             -         -     2,807         -
  Gain on sale-unconsolidated joint
   venture interest                         -         -     1,898         -
  Other income                             10         6        89       230
  Interest:
    Expense                            (3,473)   (3,261)   (9,865)   (9,753)
    Amortization of deferred
     financing costs                     (223)     (198)     (662)     (570)
  Gain on sale of real estate               -         -         -       319
                                     --------  --------  --------  --------

Income from continuing operations       3,228     3,001    14,429     9,228
                                     --------  --------  --------  --------

Income from discontinued operations         -       369         -       917
Net gain on sale                            -    15,050         -    17,254
                                     --------  --------  --------  --------
Income from discontinued operations
 - Note 2                                   -    15,419         -    18,171
                                     --------  --------  --------  --------

Net income                              3,228    18,420    14,429    27,399
Less net income attributable to non-
 controlling interests                    (17)       (6)      (32)      (13)
                                     --------  --------  --------  --------

Net income attributable to One
 Liberty Properties, Inc.            $  3,211  $ 18,414  $ 14,397  $ 27,386
                                     ========  ========  ========  ========

Per common share attributable to
 common stockholders- diluted:
  Income from continuing operations  $   0.20  $   0.20  $   0.93  $   0.62
  Income from discontinued
   operations                               -      1.03         -      1.22
                                     --------  --------  --------  --------
                                     $   0.20  $   1.23  $   0.93  $   1.84
                                     ========  ========  ========  ========

Funds from operations - Note 3       $  6,259  $  6,069  $ 18,590  $ 17,934
                                     ========  ========  ========  ========

Funds from operations per common
 share-diluted - Note 4              $   0.40  $   0.41  $   1.20  $   1.21
                                     ========  ========  ========  ========

Weighted average number of common
 and unvested restricted shares
 outstanding:
  Basic                                15,563    14,850    15,346    14,782
                                     ========  ========  ========  ========
  Diluted                              15,663    14,950    15,446    14,882
                                     ========  ========  ========  ========

Note 1 - Rental income includes straight line rent accruals and amortization of lease intangibles of $370 and $849 for the three and nine months ended September 30, 2013 and $359 and $1,083 for the three and nine months ended September 30, 2012, respectively.

Note 2 - Income from discontinued operations includes straight line rent accruals and amortization of lease intangibles of $(14) and $(40) for the three and nine months ended September 30, 2012, respectively.


                  ONE LIBERTY PROPERTIES, INC. (NYSE: OLP)
               (Amounts in Thousands, Except Per Share Data)

                                     Three Months Ended   Nine Months Ended
                                        September 30,       September 30,

                                       2013      2012      2013      2012
                                     --------  --------  --------  --------
Note 3
Funds from operations is summarized
 in the following table:
Net income attributable to One
 Liberty Properties, Inc.            $  3,211  $ 18,414  $ 14,397  $ 27,386
Add: depreciation of properties         2,984     2,436     8,305     7,351
Add: our share of depreciation in
 unconsolidated joint ventures             93       218       423       631
Add: amortization of capitalized
 leasing expenses                          36        29       101        79
Add: our share of amortization of
 capitalized leasing expenses in
 unconsolidated joint ventures              -        22         8        60
Add: federal excise tax                   (65)        -        61
Deduct: net gain on sales of real
 estate-unconsolidated joint
 ventures                                   -         -    (4,705)        -
Deduct: net gain on sales of real
 estate                                     -   (15,050)        -   (17,573)
                                     --------  --------  --------  --------
Funds from operations                $  6,259  $  6,069  $ 18,590  $ 17,934
                                     ========  ========  ========  ========

Note 4
Funds from operations per common
 share is summarized in the
 following table:
Net income attributable to One
 Liberty Properties, Inc.            $   0.20  $   1.23  $   0.93  $   1.84
Add: depreciation of properties          0.19      0.17      0.53      0.50
Add: our share of depreciation in
 unconsolidated joint ventures           0.01      0.02      0.03      0.04
Add: amortization of capitalized
 leasing expenses                           -         -      0.01      0.01
Add: our share of amortization of
 capitalized leasing expenses
in unconsolidated joint ventures            -         -         -         -
Add: federal excise tax                     -         -         -         -
Deduct: net gain on sales of real
 estate-unconsolidated joint
 ventures                                   -         -     (0.30)        -
Deduct: net gain on sales of real
 estate                                     -     (1.01)        -     (1.18)
                                     --------  --------  --------  --------
Funds from operations per common
 share-diluted                       $   0.40  $   0.41  $   1.20  $   1.21
                                     ========  ========  ========  ========



                        ONE LIBERTY PROPERTIES, INC.
                          CONDENSED BALANCE SHEETS
                           (Amounts in Thousands)

                                                  September 30, December 31,
ASSETS                                                 2013         2012
                                                  ------------- ------------
Real estate investments, net                      $     498,355 $    410,525
Investment in unconsolidated joint ventures               4,984       19,485
Cash and cash equivalents                                18,903       14,577
Unbilled rent receivable                                 13,380       12,629
Unamortized intangible lease assets                      25,432       16,491
Other assets                                              8,575        7,459
                                                  ------------- ------------
  Total assets                                    $     569,629 $    481,166
                                                  ============= ============

LIABILITIES AND EQUITY
Liabilities:
Mortgages payable                                 $     276,805 $    225,971
Line of credit - outstanding                             23,500            -
Unamortized intangible lease liabilities                  6,416        5,300
Other liabilities                                        14,001       11,836
                                                  ------------- ------------
  Total liabilities                                     320,722      243,107
                                                  ------------- ------------

Total One Liberty Properties, Inc. stockholders'
 equity                                                 247,762      237,128
Non-controlling interests in joint ventures               1,145          931
                                                  ------------- ------------
  Total equity                                          248,907      238,059
                                                  ------------- ------------
  Total liabilities and equity                    $     569,629 $    481,166
                                                  ============= ============

Contact:
One Liberty Properties
Investor Relations
Phone: (516) 466-3100
www.onelibertyproperties.com

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Morningstar - - One Liberty Properties, Inc. Reports Third Quarter 2013 Results
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