One Liberty Properties, Inc. Announces an All Cash Dividend and Results of Operations for the Quarter and Year Ended December 31, 2009
One Liberty Properties, Inc. Announces an All Cash Dividend and Results of Operations for the Quarter and Year Ended Dec 31, 2009
GREAT NECK, NY–(Marketwire – Mar 9, 2010) – One Liberty Properties, Inc. ( NYSE : OLP)
announced which the Board of Directors has reinstituted the money dividend
policy and currently spoken a quarterly money division on the Company’s common
stock of $.30 per share, an enlarge of 36% over the turn of the quarterly
dividends paid in 2009. The division is on credit on Apr 6, 2010 to
stockholders of jot down as of Mar 26, 2010.
One Liberty additionally voiced the formula of operations for the 3 months
and year finished Dec 31, 2009:
-- For the 3 months finished Dec 31, 2009, One Liberty had rental
income of $9,838,000 and net income of $9,105,000, or $.81 per diluted
share. Net income for the 3 months finished Dec 31, 2009
includes a $5,757,000 benefit on skill sales, or $.51 per diluted
share, enclosed in dropped operations. For the 3 months ended
Dec 31, 2008, One Liberty had let income of $10,059,000 and a
net detriment of $3,601,000, or a detriment of $.35 per widely separated share. The
principal reason for the detriment was the approval of impairment
charges accessible opposite 3 properties aggregating $5,231,000
($.51 per widely separated share).
-- For the year finished Dec 31, 2009, One Liberty had revenues of
$40,800,000 and net income of $19,641,000, or $1.82 per widely separated share,
as compared to sum revenues, net income, and net income per diluted
share of $36,031,000, $4,892,000, and $.48, respectively, for the year
finished Dec 31, 2008. Revenues for the year finished Dec 31,
2009 includes let income of $39,016,000 and a franchise termination
price of $1,784,000. All revenues for the year finished Dec 31, 2008
describe to let income. Net income for the year finished Dec 31,
2009 includes a $5,757,000 benefit on skill sales, or $.53 per diluted
share. Net income for the year finished Dec 31, 2008 includes a
benefit of $1,830,000 on the sale of unimproved land, or $.18 per diluted
share, and spoil charges accessible opposite 4 properties of
$5,983,000, or $.59 per widely separated share. Both the 2009 benefit and the
2008 spoil assign have been enclosed in dropped operations.
-- Funds from operations (FFO) for the 3 months finished Dec 31,
2009 was $5,549,000, or $.49 per widely separated share, compared to supports used
in operations of $1,006,000, or $.10 per widely separated share, for the three
months finished Dec 31, 2008. FFO for the year finished Dec 31,
2009 was $23,272,000, or $2.15 per widely separated share, compared to
$13,952,000, or $1.37 per widely separated share, for the year ended
Dec 31, 2008. Funds from operations, distributed in accordance
with the NAREIT definition, adds behind to net income debasement of
properties, One Liberty's share of debasement of the unconsolidated
corner ventures and amortization of capitalized leasing expenses, and
deducts from net income benefit on sale of genuine estate assets, including
One Liberty's share of the benefit on showing of genuine estate of
combined corner ventures.
Commenting on the reinstitution of a money division policy, Patrick J.
Callan, Jr., President and Chief Executive Officer, settled which “the
excellent formula in mercantile 2009 and the prospects for 2010 clear the
reinstitution of an all money dividend.” He remarkable which for approximately
the past year, the Company paid the quarterly division in a multiple of
cash and shares of the Company’s usual batch in sequence for the Company to
conserve cash. The process valid profitable as the Company significantly
improved the money on all sides in a formidable mercantile environment. “It
appears to the management,” Mr. Callan one after another “that blurb operation has
stabilized, and we demeanour brazen to being active in 2010 in the
acquisition area, as evidenced by the squeeze in Feb of this year of
a 194,000 block feet selling core located in suburban Philadelphia for
$23.5 million. The merger represents an enlargement of the acquisition
philosophy to embody the merger of selling centers with long-term
leases in place with nationally or regionally famous tenants.”
With apply oneself to the Company’s formula and monetary condition, Mr. Callan
noted as follows:
-- Rental income decreased by $221,000, or 2%, entertain over entertain and
increasing by $2,985,000, or 8%, year over year. The decrease
entertain to entertain is due to a diminution in a series of items, nothing of
which is significant. The enlarge year to year is radically due to
the merger of twelve properties during 2008.
-- On the responsibility side, handling losses were radically the same
entertain over quarter, but increasing by we estimate $1,061,000, or
7% year over year. The enlarge in handling losses is due to an
enlarge in debasement and amortization associated to properties
acquired in 2008 and genuine estate losses before paid by tenants.
In 2008, the Company accessible spoil charges of $752,000 during
the second entertain and $5,231,000 during the fourth quarter. In 2009,
the Company accessible spoil charges of $229,000. No other
spoil charges were compulsory in 2009.
-- Occupancy at the Company's properties was we estimate 99% at
Dec 31, 2009 formed on rentable block feet.
-- At year end, the Company had money and money equivalents and
available-for-sale bonds of we estimate $35 million. At
Mar 8, 2010 the Company had cash, money equivalents and
available-for-sale bonds of we estimate $30 million.
-- The Company has negotiated a alteration and prolongation of the credit
agreement, which expires on Mar 31, 2010. There is $27 million
superb underneath the credit agreement. The due modification
and prolongation will, between pick things, magnify the tenure for dual years,
revoke the volume accessible from $62.5 million to $40 million and
enlarge the seductiveness rate from the reduce of LIBOR and 2.15% or the
bank's budding rate to 90 day LIBOR and 3%, with a smallest interest
rate of 6% per annum. The Company is assured which formal
support will be resolved almost in suitability with the
concluded on terms.
One Liberty Properties is a genuine estate investment certitude and invests
primarily in softened blurb genuine estate underneath prolonged tenure net or ground
lease.
Certain report contained in this press release, together with other
statements and report publicly disseminated by One Liberty Properties,
Inc. is brazen seeking inside of the definition 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 brazen seeking statements, including
the matter associated to the stabilization of the business, the acquisition
policy and the certainty with apply oneself to final a alteration and
extension of the credit agreement, to be lonesome by the protected harbor
provision for brazen seeking statements contained in the Private
Securities Litigation Reform Act of 1995 and embody this matter for the
purpose of complying with these protected bay provisions. Information
regarding sure critical factors which could means tangible outcomes or
other events to talk about materially from any such brazen seeking statements
appear in the Company’s filings with the Securities and Exchange
Commission. You should not rely on brazen seeking statements given they
involve well known and different risks, uncertainties and pick factors which are,
in a little cases, over the carry out and which could materially start actual
results, opening or achievements.
ONE LIBERTY PROPERTIES, INC. ( NYSE : OLP)
(Amounts in Thousands, Except Per Share Data)
Three Months Ended Year Ended
Dec 31, Dec 31,
2009 2008 2009 2008
-------- -------- -------- --------
Revenues:
Rental income - Note 1 $ 9,838 $ 10,059 $ 39,016 $ 36,031
Lease stop price - - 1,784 -
-------- -------- -------- --------
Total revenues 9,838 10,059 40,800 36,031
-------- -------- -------- --------
Operating expenses:
Depreciation and amortization 2,120 2,140 8,527 7,838
General and executive 1,645 1,615 6,540 6,508
Real estate losses 206 238 684 344
Leasehold rent 77 77 308 308
-------- -------- -------- --------
Total handling losses 4,048 4,070 16,059 14,998
-------- -------- -------- --------
Operating income 5,790 5,989 24,741 21,033
Other income and expenses:
Equity in benefit of
unconsolidated corner ventures 110 176 559 622
Gain on showing of real
estate of unconsolidated joint
try - - - 297
Interest and pick income 66 45 358 533
Interest:
Expense (3,310) (3,663) (13,561) (13,790)
Amortization of deferred
financing costs (143) (144) (728) (582)
Income from allotment with
former boss 951 - 951 -
Gain on sale of excess
unimproved land - - - 1,830
-------- -------- -------- --------
Income from stability operations 3,464 2,403 12,320 9,943
-------- -------- -------- --------
Discontinued operations:
(Loss) income from operations -
Note 2 (116) (773) 896 932
Impairment charges - (5,231) (229) (5,983)
Gain on uneasy mortgage
restructuring, as a result
of vehicle to mortgagee - - 897 -
Net benefit on sales 5,757 - 5,757 -
-------- -------- -------- --------
Income (loss) from discontinued
operations 5,641 (6,004) 7,321 (5,051)
-------- -------- -------- --------
Net income (loss) $ 9,105 $ (3,601) $ 19,641 $ 4,892
======== ======== ======== ========
Net income (loss) per common
share-diluted:
Income from continuing
operations $ 0.31 $ 0.24 $ 1.14 $ 0.98
Income (loss) from discontinued
operations 0.50 (0.59) 0.68 (0.50)
-------- -------- -------- --------
Net income (loss) per common
share $ 0.81 $ (0.35) $ 1.82 $ 0.48
======== ======== ======== ========
Funds from operations - Note 3 $ 5,549 $ (1,006) $ 23,272 $ 13,952
======== ======== ======== ========
Funds from operations per common
share-diluted - Note 4 $ 0.49 $ (0.10) $ 2.15 $ 1.37
======== ======== ======== ========
Weighted normal series of common
shares outstanding:
Basic 11,104 10,192 10,651 10,183
======== ======== ======== ========
Diluted 11,234 10,192 10,812 10,183
======== ======== ======== ========
Note 1 - Rental income includes true line rent accruals and
amortization of franchise intangibles of $1,096 and $525 for the year
and 3 months finished Dec 31, 2009 and $1,554 and $649 for
the year and 3 months finished Dec 31, 2008, respectively.
Note 2 - Income from dropped operations includes true line rent
accruals and amortization of franchise intangibles of $55 and $7 for
the year and 3 months finished Dec 31, 2009 and $(160) and
$(180) for the year and 3 months finished Dec 31, 2008,
respectively.
Note 3 - Funds from operations is epitomised in the following table:
Net income $ 9,105 $ (3,601) $ 19,641 $ 4,892
Add: debasement of properties 2,108 2,496 9,001 8,971
Add: the share of debasement in
unconsolidated corner ventures 80 81 322 322
Add: amortization of capitalized
leasing losses thirteen eighteen 65 64
Deduct: net benefit on sales of
properties (5,757) - (5,757) -
Deduct: the share of net benefit on
sale in unconsolidated joint
ventures - - - (297)
-------- -------- -------- --------
Funds from operations (a) $ 5,549 $ (1,006) $ 23,272 $ 13,952
======== ======== ======== ========
Note 4 - Funds from operations per usual share is epitomised in the
following table:
Net income $ 0.81 $ (0.35) $ 1.82 $ 0.48
Add: debasement of properties 0.18 0.24 0.83 0.88
Add: the share of debasement in
unconsolidated corner ventures 0.01 0.01 0.03 0.03
Add: amortization of capitalized
leasing losses - - - 0.01
Deduct: net benefit on sales of
properties (0.51) - (0.53) -
Deduct: the share of net benefit on
sale in unconsolidated joint
ventures - - - (0.03)
-------- -------- -------- --------
Funds from operations per common
share-diluted (a) $ 0.49 $ (0.10) $ 2.15 $ 1.37
======== ======== ======== ========
(a) We hold which FFO is a utilitarian and a customary supplemental magnitude of
the handling opening for equity REITs and is used often by
securities analysts, investors and pick meddlesome parties in evaluating
equity REITs, most of which benefaction FFO when stating their operating
results. FFO is dictated to bar GAAP chronological price debasement and
amortization of genuine estate assets, which assumes which the worth of real
estate resources lessen predictability over time. In actuality genuine estate
values have historically risen and depressed with marketplace conditions. As a
result, we hold which FFO provides a opening magnitude which when
compared year over year, should simulate the stroke on operations from
trends in occupancy rates, let rates, handling costs, seductiveness costs
and pick counts but the inclusion of debasement and amortization,
providing a viewpoint which might not be indispensably strong from net
income. We additionally cruise FFO to be utilitarian to us in evaluating potential
property acquisitions.
FFO does not paint net income or money flows from operations as defined
by GAAP. You should not cruise FFO to be an pick to net income as
a arguable magnitude of the handling performance; nor should you consider
FFO to be an pick to money flows from operating, investing or
financing activities (as tangible by GAAP) as measures of liquidity.
FFO does not magnitude either money upsurge is enough to account all of our
cash needs, together with principal amortization, collateral improvements and
distributions to stockholders. FFO does not paint money flows from
operating, investing or financing activities as tangible by GAAP.
ONE LIBERTY PROPERTIES, INC.
CONDENSED BALANCE SHEETS
(Amounts in Thousands)
Dec 31, Dec 31,
2009 2008
------------ ------------
ASSETS
Real estate investments, net $ 345,693 $ 353,113
Properties hold for sale - 34,343
Assets associated to properties hold for sale - 2,129
Investment in unconsolidated corner ventures 5,839 5,857
Cash and money equivalents 28,036 10,947
Available for sale bonds (including treasury
bills of $3,999 in 2009) 6,762 297
Unbilled rent receivable 10,706 9,623
Unamortized unsubstantial franchise resources 7,157 8,018
Other resources 4,493 4,778
------------ ------------
Total resources $ 408,686 $ 429,105
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages on credit $ 190,518 $ 207,553
Mortgages payable-properties hold for sale - 17,961
Line of credit 27,000 27,000
Unamortized unsubstantial franchise liabilities 4,827 5,234
Other liabilities 6,213 7,382
------------ ------------
Total liabilities 228,558 265,130
Stockholders' equity 180,128 163,975
------------ ------------
Total liabilities and stockholders' equity $ 408,686 $ 429,105
============ ============
