One Liberty Properties Inc 10-Q for FY2023 Q1

One Liberty Properties Inc (OLP)

10-Q 2023-05-05 For: 2023-03-31

Added on April 07, 2026

About this 10-Q

One Liberty Properties Inc filed this 10-Q on May 5, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Headline figures

Quarter ended March 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $5.39M; down 42.2% from net income of $9.32M a year earlier
Diluted EPS: $0.25; down 43.2% from $0.44 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 — March 31, 2023 and December 31, 2022…………………………………….	1

	Consolidated Statements of Income — Three months ended March 31, 2023 and 2022………………………	2

	Consolidated Statements of Comprehensive Income — Three months ended March 31, 2023 and 2022...……….	3

	Consolidated Statements of Changes in Equity — Three months ended March 31, 2023 and 2022…………..	4

	Consolidated Statements of Cash Flows — Three months ended March 31, 2023 and 2022….………………	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………………………………………….………	34

Item 4.	Controls and Procedures……………………………………………………………………………….………..	35

Part II — Other Information………………………………………………………………………………….…………			35

Item 6.	Exhibits………………………………………………………………………………………………………….	35


	March 31,		December 31,
	2023		2022
ASSETS	(Unaudited)
Real estate investments, at cost
Land	$	180,579	$	181,805
Buildings and improvements		692,025		697,791
Total real estate investments, at cost		872,604		879,596
Less accumulated depreciation		175,153		173,143
Real estate investments, net		697,451		706,453

Property held-for-sale		2,783		—
Investment in unconsolidated joint ventures		10,484		10,400
Cash and cash equivalents		7,016		6,718
Unbilled rent receivable		16,710		16,079
Unamortized intangible lease assets, net		18,541		19,841
Escrow, deposits and other assets and receivables		18,158		23,764
Total assets⁽¹⁾	$	771,143	$	783,255
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net (see Note 7)	$	406,946	$	405,162
Line of credit, net of $686 and $732 of deferred financing costs, respectively		10,814		21,068
Dividends payable		9,838		9,693
Accrued expenses and other liabilities		18,020		19,270
Unamortized intangible lease liabilities, net		10,824		11,125
Total liabilities⁽¹⁾		456,442		466,318

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; 20,546 and 20,362 shares issued and outstanding		20,546		20,362
Paid-in capital		328,113		325,895
Accumulated other comprehensive income		1,401		1,810
Distributions in excess of net income		(36,344)		(32,102)
Total One Liberty Properties, Inc. stockholders’ equity		313,716		315,965
Non-controlling interests in consolidated joint ventures⁽¹⁾		985		972
Total equity		314,701		316,937
Total liabilities and equity	$	771,143	$	783,255


	Three Months Ended
	March 31,
	2023		2022
Revenues:
Rental income, net	$	22,952	$	21,531
Lease termination fees		—		25
Total revenues		22,952		21,556

Operating expenses:
Depreciation and amortization		6,145		5,843
General and administrative (see Note 8 for related party information)		4,039		3,792
Real estate expenses (see Note 8 for related party information)		4,124		3,687
State taxes		68		74
Total operating expenses		14,376		13,396

Other operating income
Gain on sale of real estate, net		1,534		4,649
Operating income		10,110		12,809

Other income and expenses:
Equity in earnings of unconsolidated joint ventures		85		116
Other income (see Note 12)		15		926
Interest:
Expense		(4,600)		(4,306)
Amortization of deferred financing costs		(202)		(205)

Net income		5,408		9,340
Net income attributable to non-controlling interests		(22)		(17)
Net income attributable to One Liberty Properties, Inc.	$	5,386	$	9,323

Weighted average number of common shares outstanding:
Basic		20,514		20,379
Diluted		20,579		20,541

Per common share attributable to common stockholders:
Basic and Diluted	$	.25	$	.44

Cash distributions per share of common stock	$	.45	$	.45


					Accumulated		Accumulated		Non-Controlling
					Other		Distributions		Interests in
	Common		Paid-in		Comprehensive		in Excess of		Consolidated
	Stock		Capital		Income (loss)		Net Income		Joint Ventures		Total
Balances, December 31, 2022	$	20,362	$	325,895	$	1,810	$	(32,102)	$	972	$	316,937
Distributions – common stock
Cash – $.45 per share		—		—		—		(9,628)		—		(9,628)
Restricted stock vesting		135		(135)		—		—		—		—
Shares issued through dividend reinvestment plan		49		1,025		—		—		—		1,074
Distributions to non-controlling interests		—		—		—		—		(9)		(9)
Compensation expense – restricted stock and RSUs		—		1,328		—		—		—		1,328
Net income		—		—		—		5,386		22		5,408
Other comprehensive (loss)		—		—		(409)		—		—		(409)
Balances, March 31, 2023	$	20,546	$	328,113	$	1,401	$	(36,344)	$	985	$	314,701

Balances, December 31, 2021	$	20,239	$	322,793	$	(1,513)	$	(36,187)	$	946	$	306,278
Distributions – common stock
Cash – $.45 per share		—		—		—		(9,559)		—		(9,559)
Restricted stock vesting		131		(131)		—		—		—		—
Shares issued through equity offering program – net		17		546		—		—		—		563
Shares issued through dividend reinvestment plan		5		156		—		—		—		161
Distributions to non-controlling interests		—		—		—		—		(33)		(33)
Compensation expense – restricted stock and RSUs		—		1,325		—		—		—		1,325
Net income		—		—		—		9,323		17		9,340
Other comprehensive income		—		—		1,773		—		2		1,775
Balances, March 31, 2022	$	20,392	$	324,689	$	260	$	(36,423)	$	932	$	309,850


From April 1 – December 31, 2023	$	55,353
For the year ending December 31,
2024		67,832
2025		63,542
2026		59,305
2027		50,346
2028		39,957
Thereafter		137,164
Total	$	473,499


Three Months Ended March 31, 2023:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award (b)	Shares	Capital Metric	Return Metric	Total	Excluded (c)
July 1, 2022	85,350	42,522	—	42,522	42,828
August 3, 2021	80,700	40,350	—	40,350	40,350
August 3, 2020	75,026	37,513	37,513	75,026	—
Totals	241,076	120,385	37,513	157,898	83,178


Three Months Ended March 31, 2022:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award (b)	Shares	Capital Metric	Return Metric	Total	Excluded (c)
August 3, 2021	80,700	40,350	40,350	80,700	—
August 3, 2020	75,026	37,513	37,513	75,026	—
July 1, 2019 (d)	75,026	37,513	37,513	75,026	—
Totals	230,752	115,376	115,376	230,752	—


	2022	2019	2016
	Incentive Plan	Incentive Plan (a)	Incentive Plan (a)
Restricted stock	152,955	437,375	140,200
RSUs	85,350	155,726	—
Totals	238,305	593,101	140,200


	2022	2021	2020
RSUs granted and outstanding (a) (b)	85,350	80,700	75,026
Vesting Date (c) (d)	6/30/2025	6/30/2024	6/30/2023


			Performance Criteria (a)
Year RSU Granted	Metric	Weight	Minimum	Maximum
2020 (b)	ROC Metric (c)	50%	Average annual of at least 7.0%	Average annual of at least 9.75%
	TSR Metric (d)	50%	Average annual of at least 7.0%	Average annual of at least 12.0%
2021 - 2022 (e) (f)	ROC Metric (c)	50%	Average annual of at least 6.0%	Average annual of at least 8.75%
	TSR Metric (d)	50%	Average annual of at least 6.0%	Average annual of at least 11.0%


		Carrying and		Balance Sheet
	As of	Fair Value		Classification
Financial assets: Interest rate swaps	March 31, 2023	$	1,401	Other assets
	December 31, 2022		1,811


		Approximate
		Square			Percentage of
		Footage	2023 Contractual		2023 Contractual
	Number of	Subject to	Rental Income		Rental Income
	Expiring	Expiring	Under Expiring		Represented by
Year of Lease Expiration(1)	Leases	Leases(2)	Leases		Expiring Leases
2023	11	479,748	$	3,934,738	5.60
2024	25	871,902		6,216,088	8.80
2025	14	521,249		5,113,146	7.20
2026	17	978,624		5,790,894	8.20
2027	33	2,027,091		12,786,989	18.10
2028	19	1,345,592		7,937,388	11.20
2029	6	1,140,000		5,440,420	7.70
2030	11	480,945		5,054,598	7.10
2031	10	819,287		4,707,672	6.70
2032 and thereafter	29	2,094,280		13,757,171	19.40
	175	10,758,718	$	70,739,105	100.0


	Three Months Ended
	March 31,				Increase
(Dollars in thousands)	2023		2022		(Decrease)		% Change
Rental income, net	$	22,952	$	21,531	$	1,421	6.6
Lease termination fees		—		25		(25)	(100.0)
Total revenues	$	22,952	$	21,556	$	1,396	6.5


(Dollars in thousands)	2023		2024			2025		2026		Total
Amortization payments	$	9,211	$	11,388		$	10,085	$	9,965	$	40,649
Principal due at maturity		12,973		50,695	(1)		32,063		19,179		114,910
Total	$	22,184	$	62,083		$	42,148	$	29,144	$	155,559

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 March 31, 2023 filed on May 5, 2023, 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: May 5, 2023		/s/ Patrick J. Callan, Jr.
		Patrick J. Callan, Jr.
		President and Chief Executive Officer
		(principal executive officer)


Date: May 5, 2023		/s/ David W. Kalish
		David W. Kalish
		Senior Vice President and
		Chief Financial Officer
		(principal financial officer)