One Liberty Properties Inc 10-Q for FY2021 Q2

One Liberty Properties Inc (OLP)

10-Q 2021-08-05 For: 2021-06-30

Added on April 07, 2026

About this 10-Q

One Liberty Properties Inc filed this 10-Q on August 5, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $20.42M; down 2.1% from $20.86M a year earlier
Net income: $23.33M; up 921.4% from net income of $2.28M a year earlier
Diluted EPS: $1.12; up 1020.0% from $0.10 a year earlier

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MARYLAND		13-3147497
(State or other jurisdiction of		(I.R.S. employer
incorporation or organization)		identification number)

60 Cutter Mill Road, Great Neck, New York		11021
(Address of principal executive offices)		(Zip code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	OLP	New York Stock Exchange


Large accelerated filer ◻		Accelerated filer ◻

Non-accelerated filer ⌧		Smaller reporting company ☒

Emerging growth company ☐


		Page No.
Part I — Financial Information

Item 1.	Unaudited Consolidated Financial Statements

	Consolidated Balance Sheets — June 30, 2021 and December 31, 2020	1

	Consolidated Statements of Income — Three and six months ended June 30, 2021 and 2020	2

	Consolidated Statements of Comprehensive Income — Three and six months ended June 30, 2021 and 2020	3

	Consolidated Statements of Changes in Equity — Three and six months ended June 30, 2021 and 2020	4

	Consolidated Statements of Cash Flows — Six months ended June 30, 2021 and 2020	5

	Notes to Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4.	Controls and Procedures	36

Part II — Other Information

Item 5.	Other Information	36

Item 6.	Exhibits	37


	June 30,		December 31,
	2021		2020
ASSETS	(Unaudited)
Real estate investments, at cost
Land	$	178,525	$	190,391
Buildings and improvements		645,220		648,667
Total real estate investments, at cost		823,745		839,058
Less accumulated depreciation		153,114		147,136
Real estate investments, net		670,631		691,922

Property held-for-sale		6,446		—
Investment in unconsolidated joint ventures		10,600		10,702
Cash and cash equivalents		15,981		12,705
Unbilled rent receivable		14,252		15,438
Unamortized intangible lease assets, net		22,048		24,703
Escrow, deposits and other assets and receivables		13,352		20,667
Total assets⁽¹⁾	$	753,310	$	776,137
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of $3,523 and $3,845 of deferred financing costs, respectively	$	408,580	$	429,704
Line of credit, net of $0 and $425 of deferred financing costs, respectively		—		12,525
Dividends payable		9,330		9,261
Accrued expenses and other liabilities		20,014		21,498
Unamortized intangible lease liabilities, net		10,425		11,189
Total liabilities⁽¹⁾		448,349		484,177

Commitments and contingencies

Equity:
One Liberty Properties, Inc. stockholders’ equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued		—		—
Common stock, $1 par value; 50,000 shares authorized; 20,024 and 19,878 shares issued and outstanding		20,024		19,878
Paid-in capital		316,312		313,430
Accumulated other comprehensive loss		(2,664)		(5,002)
Distributions in excess of net income		(29,907)		(37,539)
Total One Liberty Properties, Inc. stockholders’ equity		303,765		290,767
Non-controlling interests in consolidated joint ventures⁽¹⁾		1,196		1,193
Total equity		304,961		291,960
Total liabilities and equity	$	753,310	$	776,137


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Rental income, net	$	20,305	$	20,861	$	40,989	$	42,100
Lease termination fees		117		—		249		—
Total revenues		20,422		20,861		41,238		42,100

Operating expenses:
Depreciation and amortization		5,702		5,804		11,459		11,478
General and administrative (see Note 9 for related party information)		3,769		3,454		7,411		6,788
Real estate expenses (see Note 9 for related party information)		3,387		3,305		7,073		6,647
State taxes		91		70		166		152
Total operating expenses		12,949		12,633		26,109		25,065

Other operating income
Gain on sale of real estate, net		21,491		—		21,491		4,252
Operating income		28,964		8,228		36,620		21,287

Other income and expenses:
Equity in earnings (loss) of unconsolidated joint ventures		20		(10)		(2)		54
Equity in earnings from sale of unconsolidated joint venture property		—		—		—		121
Prepayment costs on debt		(799)		(775)		(799)		(1,065)
Other income (see Note 13)		17		5		187		9
Interest:
Expense		(4,574)		(4,947)		(9,208)		(9,831)
Amortization and write-off of deferred financing costs		(296)		(216)		(509)		(459)

Net income		23,332		2,285		26,289		10,116
Net (income) loss attributable to non-controlling interests		(3)		(1)		2		(6)
Net income attributable to One Liberty Properties, Inc.	$	23,329	$	2,284	$	26,291	$	10,110

Weighted average number of common shares outstanding:
Basic		20,013		19,445		20,008		19,403
Diluted		20,187		19,505		20,175		19,433

Per common share attributable to common stockholders:
Basic	$	1.13	$	.10	$	1.27	$	.49
Diluted	$	1.12	$	.10	$	1.26	$	.49

Cash distributions per share of common stock	$	.45	$	.225	$	.90	$	.675
Stock distributions per share of common stock	$	—	$	.225	$	—	$	.225


									Non-Controlling
					Accumulated		Accumulated		Interests in
					Other		Distributions		Consolidated
	Common		Paid-in		Comprehensive		in Excess of		Joint
	Stock		Capital		Income (Loss)		Net Income		Ventures		Total
Balances, December 31, 2019	$	19,251	$	301,517	$	(1,623)	$	(28,382)	$	1,221	$	291,984
Distributions – common stock
Cash – $.45 per share		—		—		—		(9,036)		—		(9,036)
Restricted stock vesting		122		(122)		—		—		—		—
Shares issued through dividend reinvestment plan		7		159		—		—		—		166
Distributions to non-controlling interests		—		—		—		—		(8)		(8)
Compensation expense – restricted stock		—		976		—		—		—		976
Net income		—		—		—		7,826		5		7,831
Other comprehensive loss		—		—		(4,809)		—		(9)		(4,818)
Balances, March 31, 2020		19,380		302,530		(6,432)		(29,592)		1,209		287,095
Distributions – common stock
Cash – $.225 per share		—		—		—		(4,535)		—		(4,535)
Stock – $.225 per share		—		—		—		(4,534)		—		(4,534)
Shares issued through dividend reinvestment plan		70		790		—		—		—		860
Distributions to non-controlling interests		—		—		—		—		(5)		(5)
Compensation expense – restricted stock		—		1,329		—		—		—		1,329
Net income		—		—		—		2,284		1		2,285
Other comprehensive income		—		—		428		—		1		429
Balances, June 30, 2020	$	19,450	$	304,649	$	(6,004)	$	(36,377)	$	1,206	$	282,924

Balances, December 31, 2020	$	19,878	$	313,430	$	(5,002)	$	(37,539)	$	1,193	$	291,960
Distributions – common stock
Cash – $.45 per share		—		—		—		(9,329)		—		(9,329)
Restricted stock vesting		130		(130)		—		—		—		—
Contribution from non-controlling interest		—		—		—		—		20		20
Distributions to non-controlling interests		—		—		—		—		(13)		(13)
Compensation expense – restricted stock		—		1,343		—		—		—		1,343
Net income (loss)		—		—		—		2,962		(5)		2,957
Other comprehensive income		—		—		1,498		—		3		1,501
Balances, March 31, 2021		20,008		314,643		(3,504)		(43,906)		1,198		288,439
Distributions – common stock
Cash – $.45 per share		—		—		—		(9,330)		—		(9,330)
Restricted stock vesting		16		(16)		—		—		—		—
Contribution from non-controlling interest		—		—		—		—		5		5
Distributions to non-controlling interests		—		—		—		—		(11)		(11)
Compensation expense – restricted stock		—		1,685		—		—		—		1,685
Net income		—		—		—		23,329		3		23,332
Other comprehensive income		—		—		840		—		1		841
Balances, June 30, 2021	$	20,024	$	316,312	$	(2,664)	$	(29,907)	$	1,196	$	304,961


From July 1 – December 31, 2021	$	34,334
For the year ended December 31,
2022		64,557
2023		58,286
2024		49,790
2025		45,615
2026		41,684
Thereafter		143,347
Total	$	437,613


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Pureon, Inc. industrial facility,
Monroe, North Carolina	$	898	$	5,106	$	1,057	$	—	$	7,061


	June 30,		December 31,
	2021 (a)		2020
Line of credit, gross	$	—	$	12,950
Unamortized deferred financing costs		—		(425)
Line of credit, net	$	—	$	12,525


Three and Six Months Ended June 30, 2021 (a):
	Total Number	Shares Included Based on
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
July 1, 2018 (e)	73,750	36,875	36,875	73,750	—
July 1, 2019	75,026	37,513	37,513	75,026	—
August 3, 2020	75,026	37,513	37,513	75,026	—
Totals	223,802	111,901	111,901	223,802	—


Three and Six Months Ended June 30, 2020 (f):
	Total Number	Shares Included Based on
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
September 26, 2017 (g)	76,250	24,343	—	24,343	51,907
July 1, 2018 (e)	73,750	17,967	—	17,967	55,783
July 1, 2019	75,026	7,262	—	7,262	67,764
Totals	225,026	49,572	—	49,572	175,454


		Carrying and		Balance Sheet
Financial liabilities:	As of	Fair Value		Classification
Interest rate swaps	June 30, 2021	$	2,669	Other liabilities
	December 31, 2020		5,012


	Number	Approximate			Contractual
Lease Expiration (1)	of	Square	Contractual		Base Rent
12 Months Ending	Expiring	Footage Subject to	Base Rent Under		Represented by
June 30,	Leases	Expiring Leases (2)	Expiring Leases		Expiring Leases
2022	18	1,058,496	$	5,173,142	7.7	%
2023	19	906,581		5,682,516	8.4
2024	25	1,067,548		8,236,160	12.2
2025	19	727,674		6,505,656	9.7
2026	9	488,381		2,944,127	4.4
2027	14	563,958		3,989,703	5.9
2028	15	1,699,149		9,658,973	14.3
2029	11	1,177,433		6,391,297	9.5
2030	4	425,489		3,116,691	4.6
2031	7	674,073		4,553,269	6.8
2032 and thereafter	24	1,353,912		11,130,305	16.5
	165	10,142,694	$	67,381,839	100.0	%


(Dollars in thousands)	2021			2022		2023		2024		Total
Amortization payments	$	7,055		$	13,961	$	13,003	$	11,765	$	45,784
Principal due at maturity		6,469			31,590		16,709		50,694		105,462
Total	$	13,524	(a)	$	45,551	$	29,712	$	62,459	$	151,246


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Restricted stock grants:
Number of shares		—		—		151,500		149,550
Average per share grant price	$	—	$	—	$	20.34	$	28.10
Deferred compensation to be recognized over vesting period	$	—	$	—	$	3,082,000	$	4,202,000

Number of non-vested shares:
Non-vested beginning of period		723,050		701,675		701,675		674,250
Grants		—		—		151,500		149,550
Vested during period		(15,800)		—		(145,725)		(122,125)
Forfeitures		(200)		—		(400)		—
Non-vested end of period		707,050		701,675		707,050		701,675

RSU grants:
Number of underlying shares		—		—		—		—
Average per share grant price	$	—	$	—	$	—	$	—
Deferred compensation to be recognized over vesting period	$	—	$	—	$	—	$	—

Number of non-vested shares:
Non-vested beginning of period		223,802		225,026		223,802		225,026
Grants		—		—		—		—
Vested during period		(73,750)		(24,343)		(73,750)		(24,343)
Forfeitures		—		(51,907)		—		(51,907)
Non-vested end of period		150,052		148,776		150,052		148,776

Restricted stock and RSU grants (based on grant price):
Weighted average per share value of non-vested shares	$	24.53	$	25.65	$	24.53	$	25.65
Value of stock vested during the period	$	2,340,000	$	585,000	$	5,165,000	$	3,589,000
Weighted average per share value of shares forfeited during the period	$	24.86	$	24.03	$	24.24	$	24.03

Total charge to operations:
Outstanding restricted stock grants	$	1,092,000	$	884,000	$	1,989,000	$	1,759,000
Outstanding RSUs		593,000		445,000		1,039,000		546,000
Total charge to operations	$	1,685,000	$	1,329,000	$	3,028,000	$	2,305,000

Exhibit No.		Title of Exhibit
31.1		Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Senior Vice President and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following financial statements and notes from the One Liberty Properties, Inc. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 filed on August 5, 2021, formatted in Inline XBRL: (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Changes in Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to the Consolidated Financial Statements.
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).

		ONE LIBERTY PROPERTIES, INC.
		(Registrant)


Date: August 5, 2021		/s/ Patrick J. Callan, Jr.
		Patrick J. Callan, Jr.
		President and Chief Executive Officer
		(principal executive officer)


Date: August 5, 2021		/s/ David W. Kalish
		David W. Kalish
		Senior Vice President and
		Chief Financial Officer
		(principal financial officer)