One Liberty Properties Inc 10-Q for FY2022 Q1

One Liberty Properties Inc (OLP)

10-Q 2022-05-06 For: 2022-03-31

Added on April 07, 2026

About this 10-Q

One Liberty Properties Inc filed this 10-Q on May 6, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $21.56M; up 3.6% from $20.82M a year earlier
Net income: $9.32M; up 214.8% from net income of $2.96M a year earlier
Diluted EPS: $0.44; up 238.5% from $0.13 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, 2022 and December 31, 2021…………………………………	1

	Consolidated Statements of Income — Three months ended March 31, 2022 and 2021………...…………	2

	Consolidated Statements of Comprehensive Income — Three months ended March 31, 2022 and 2021.…	3

	Consolidated Statements of Changes in Equity — Three months ended March 31, 2022 and 2021…….....	4

	Consolidated Statements of Cash Flows — Three months ended March 31, 2022 and 2021………………	5

	Notes to Consolidated Financial Statements………………………………………………………………...	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations……………….	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk………………………………………………	35

Item 4.	Controls and Procedures……………………………………………………………………………………..	36

Part II — Other Information…………………………………………………………………………………………			36

Item 6.	Exhibits………………………………………………………………………………………………………	36


	March 31,		December 31,
	2022		2021
ASSETS	(Unaudited)
Real estate investments, at cost
Land	$	178,681	$	180,183
Buildings and improvements		663,587		657,458
Total real estate investments, at cost		842,268		837,641
Less accumulated depreciation		164,505		160,664
Real estate investments, net		677,763		676,977

Property held-for-sale		1,270		1,270
Investment in unconsolidated joint ventures		10,288		10,172
Cash and cash equivalents		11,442		16,164
Unbilled rent receivable		14,166		14,330
Unamortized intangible lease assets, net		19,912		20,694
Escrow, deposits and other assets and receivables		15,288		13,346
Total assets⁽¹⁾	$	750,129	$	752,953
LIABILITIES AND EQUITY
Liabilities:
Mortgages payable, net of $3,292 and $3,316 of deferred financing costs, respectively	$	397,848	$	396,344
Line of credit, net of $162 and $216 of deferred financing costs, respectively		4,978		11,484
Dividends payable		9,585		9,448
Accrued expenses and other liabilities		17,533		18,992
Unamortized intangible lease liabilities, net		10,335		10,407
Total liabilities⁽¹⁾		440,279		446,675

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; 20,392 and 20,239 shares issued and outstanding		20,392		20,239
Paid-in capital		324,689		322,793
Accumulated other comprehensive income (loss)		260		(1,513)
Distributions in excess of net income		(36,423)		(36,187)
Total One Liberty Properties, Inc. stockholders’ equity		308,918		305,332
Non-controlling interests in consolidated joint ventures⁽¹⁾		932		946
Total equity		309,850		306,278
Total liabilities and equity	$	750,129	$	752,953


	Three Months Ended
	March 31,
	2022		2021
Revenues:
Rental income, net	$	21,531	$	20,684
Lease termination fees		25		132
Total revenues		21,556		20,816

Operating expenses:
Depreciation and amortization		5,843		5,757
General and administrative (see Note 9 for related party information)		3,792		3,642
Real estate expenses (see Note 9 for related party information)		3,687		3,686
State taxes		74		75
Total operating expenses		13,396		13,160

Other operating income
Gain on sale of real estate, net		4,649		—
Operating income		12,809		7,656

Other income and expenses:
Equity in earnings (loss) of unconsolidated joint ventures		116		(22)
Other income (see Note 13)		926		170
Interest:
Expense		(4,306)		(4,634)
Amortization of deferred financing costs		(205)		(213)

Net income		9,340		2,957
Net (income) loss attributable to non-controlling interests		(17)		5
Net income attributable to One Liberty Properties, Inc.	$	9,323	$	2,962

Weighted average number of common shares outstanding:
Basic		20,379		20,003
Diluted		20,541		20,061

Per common share attributable to common stockholders:
Basic and Diluted	$	.44	$	.13

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


									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, 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 and RSUs		—		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

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, 2022	$	52,019
For the year ending December 31,
2023		66,615
2024		58,382
2025		54,061
2026		49,948
2027		42,269
Thereafter		145,536
Total	$	468,830


			Building &		Intangible Lease
Description of Property	Land		Improvements		Asset		Liability		Total
Conditioned Air Company of Naples LLC industrial facility,
Fort Myers, Florida	$	991	$	6,876	$	568	$	(269)	$	8,166


Three Months Ended March 31, 2022:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded
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	75,026	37,513	37,513	75,026	—
Totals	230,752	115,376	115,376	230,752	—


Three Months Ended March 31, 2021:
	Total Number	Shares Included Based on (a)
	of Underlying	Return on	Stockholder		Shares
Date of Award	Shares (b)(c)	Capital Metric	Return Metric	Total	Excluded (d)
August 3, 2020	75,026	37,513	37,513	75,026	—
July 1, 2019	75,026	23,970	—	23,970	51,056
July 1, 2018 (e)	73,750	25,306	—	25,306	48,444
Totals	223,802	86,789	37,513	124,302	99,500


		Carrying and		Balance Sheet
	As of	Fair Value		Classification
Financial assets: Interest rate swaps	March 31, 2022	$	417	Other assets
	December 31, 2021		—

Financial liabilities: Interest rate swaps	March 31, 2022	$	157	Other liabilities
	December 31, 2021		1,514


	Number	Approximate			Contractual
Lease Expiration (1)	of	Square	Contractual		Base Rent
Year Ending	Expiring	Footage Subject to	Base Rent Under		Represented by
December 31,	Leases	Expiring Leases (2)	Expiring Leases		Expiring Leases
2022	9	248,921	$	1,015,937	1.5	%
2023	23	1,310,140		9,259,436	13.4
2024	22	802,919		5,416,090	7.9
2025	14	521,249		5,054,234	7.3
2026	14	792,030		4,592,803	6.7
2027	24	1,848,912		12,495,992	18.1
2028	14	1,151,001		6,187,586	9.0
2029	7	1,202,121		5,940,289	8.6
2030	7	266,588		3,684,549	5.3
2031	10	819,287		4,565,680	6.6
2032 and thereafter	22	1,404,137		10,736,234	15.6
	166	10,367,305	$	68,948,830	100.0	%


	Three Months Ended
	March 31,				Increase
(Dollars in thousands)	2022		2021		(Decrease)		% Change
Rental income, net	$	21,531	$	20,684	$	847	4.1
Lease termination fees		25		132		(107)	(81.1)
Total revenues	$	21,556	$	20,816	$	740	3.6


(Dollars in thousands)	2022		2023		2024		2025		Total
Amortization payments	$	9,993	$	12,935	$	12,079	$	10,695	$	45,702
Principal due at maturity		31,590		12,973		50,695		32,063		127,321
Total	$	41,583	$	25,908	$	62,774	$	42,758	$	173,023


	Three Months Ended
	March 31,
	2022		2021
Restricted stock grants:
Number of shares		153,575		151,500
Average per share grant price	$	33.75	$	20.34
Deferred compensation to be recognized over vesting period	$	5,183,000	$	3,082,000

Number of non-vested shares:
Non-vested beginning of year		706,450		701,675
Grants		153,575		151,500
Vested during period		(130,750)		(129,925)
Forfeitures		(500)		(200)
Non-vested end of period		728,775		723,050

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 year		230,752		223,802
Grants		—		—
Vested during period		—		—
Forfeitures		—		—
Non-vested end of period		230,752		223,802

Restricted stock and RSU grants (based on grant price):
Weighted average per share value of non-vested shares	$	26.47	$	24.68
Value of stock vested during the period	$	3,236,000	$	2,825,000
Weighted average per share value of shares forfeited during the period	$	33.75	$	23.62

Total charge to operations:
Outstanding restricted stock grants	$	957,000	$	897,000
Outstanding RSUs		368,000		446,000
Total charge to operations	$	1,325,000	$	1,343,000

Exhibit No.		Title of Exhibit
10.1		Settlement Agreement by and between OLP Wyoming Springs, LLC and Harden Healthcare, LLC.
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, 2022 filed on May 6, 2022, 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 6, 2022		/s/ Patrick J. Callan, Jr.
		Patrick J. Callan, Jr.
		President and Chief Executive Officer
		(principal executive officer)


Date: May 6, 2022		/s/ David W. Kalish
		David W. Kalish
		Senior Vice President and
		Chief Financial Officer
		(principal financial officer)

Harden Healthcare, LLC
By:
Title:		Scott Wandstrat Chief Litigation Officer
Date: