One Liberty Properties, Inc. reported a slight decline in total revenues for the fiscal year ending December 31, 2024, with total revenues of $90.6 million, down 0.1% from $90.7 million in 2023. The company's rental income, net, also decreased by 0.4% to $90.3 million, primarily due to a reduction in rental income from properties sold and lease expirations. Notably, the company recorded a lease termination fee of $250,000 in 2024, contributing to the overall revenue figures. The decrease in rental income was partially offset by increases in tenant reimbursements and rental income from lease amendments.
In terms of operational performance, One Liberty Properties maintained a high occupancy rate of 99.2% across its portfolio of 100 properties, which collectively span approximately 10.9 million square feet across 31 states. The company’s 2025 contractual rental income is projected to be $72.0 million, with significant contributions from industrial properties, which account for 72.4% of this income. The company also reported a weighted average remaining lease term of five years for its leases, indicating a stable income stream moving forward.
Strategically, One Liberty Properties made several acquisitions and dispositions during 2024. The company acquired three industrial properties for a total of $44.7 million, which are expected to generate $3.0 million in contractual rental income for 2025. Conversely, the company sold 11 properties for net proceeds of $38.2 million, realizing a net gain of $18.0 million. These transactions reflect the company's ongoing strategy to optimize its portfolio by acquiring high-quality assets while divesting underperforming properties.
The company’s financial position remains strong, with no outstanding amounts on its $100 million credit facility as of December 31, 2024. One Liberty Properties reported $425 million in mortgage debt, with a weighted average interest rate of 4.56% and a remaining term of 6.1 years. The company anticipates that its liquidity will be sufficient to meet its short-term and long-term obligations, including capital expenditures and dividend payments, which are crucial for maintaining its REIT status.
Looking ahead, One Liberty Properties expressed caution regarding future acquisitions due to economic uncertainties, including volatile interest rates and inflationary pressures. The company aims to continue focusing on strategic property acquisitions while managing its existing portfolio effectively. The outlook for 2025 includes an estimated increase in contractual rental income to approximately $77.3 million, bolstered by recent acquisitions, although the company remains vigilant about potential challenges in tenant renewals and market conditions.
About ONE LIBERTY PROPERTIES INC
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