One Liberty Properties Reports Mixed Q3 Results, Net Income Surges 87%

One Liberty Properties, Inc. (OLP) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenues decreased to $22,211,000 from $22,546,000 in the same period of 2023, marking a decline of 1.5%. Similarly, for the nine months, revenues fell to $66,707,000 from $67,905,000, a decrease of 1.8%. The decline in revenue was primarily attributed to lower rental income, which decreased by $335,000 for the quarter and $1,448,000 for the nine months. Despite this, operating income for the third quarter increased to $10,002,000 from $8,567,000 in 2023, and for the nine months, it rose to $34,403,000 from $29,943,000.

Net income for the third quarter surged to $5,189,000, significantly higher than $2,769,000 in the prior year, while net income for the nine months increased to $20,246,000 from $14,716,000. This improvement in net income was reflected in the basic earnings per share, which rose to $0.24 for the third quarter and $0.92 for the nine months, compared to $0.12 and $0.67, respectively, in 2023.

The company’s real estate investments at cost increased to $876,089,000 as of September 30, 2024, up from $864,655,000 at the end of 2023. Total assets also grew to $768,846,000 from $761,606,000, while total liabilities rose to $463,526,000 from $453,861,000. Stockholders’ equity slightly decreased to $304,177,000 from $306,703,000.

In terms of strategic developments, One Liberty Properties engaged in significant real estate transactions, reporting net proceeds from the sale of real estate totaling $37,434,000 for the nine months ended September 30, 2024, compared to $13,185,000 in the prior year. The company also recognized a gain on the sale of real estate of $11,347,000 for the nine months, up from $5,046,000 in 2023. Notably, the company recorded an impairment loss of $1,086,000 related to a property in Hamilton, Ohio.

The company declared a quarterly cash dividend of $0.45 per share, totaling approximately $9,621,000, payable to stockholders on September 24, 2024. The dividend was paid on October 2, 2024, with a portion reinvested under the Dividend Reinvestment Plan (DRP).

Overall, One Liberty Properties, Inc. demonstrated resilience in profitability despite a decline in revenue, supported by strategic asset management and operational efficiencies.