One Liberty Properties (NYSE: OLP) Reports Positive Third Quarter 2024 Results

One Liberty Properties, Inc., a real estate investment trust with a focus on net leased industrial properties, recently disclosed its operating performance for the quarter ending September 30, 2024. The company showcased strategic moves during the period, including the acquisition of an industrial property enhancing its portfolio. These actions are part of its endeavor to strengthen its industrial platform and enhance long-term stability in cash flow.

Key highlights from the company’s financial performance in the third quarter of 2024 include a rental income of $22.2 million, a slight decrease from $22.5 million in the same period in 2023. Notably, net income attributable to One Liberty for the quarter soared to $5.2 million, or $0.23 per diluted share, from $2.7 million, or $0.12 per diluted share, reported in the third quarter of 2023. The increase was mainly driven by gains from property sales and the absence of impairment charges that impacted the prior year’s results.

Moreover, Funds from Operations (FFO) for the third quarter of 2024 stood at $9.2 million, or $0.43 per diluted share, compared to $9.7 million, or $0.45 per diluted share, in the corresponding quarter of 2023. Adjusted Funds from Operations (AFFO) came in at $9.9 million, or $0.46 per diluted share, for the quarter, down from $10.5 million, or $0.49 per diluted share, in the prior year’s period.

Despite facing challenges relative to the previous year’s performance, One Liberty Properties remains optimistic about its growth prospects. The company disclosed a substantial cash position of $25.7 million and total assets amounting to $768.8 million, underlining its financial stability.

Looking ahead, the company has embarked on several initiatives, including the completion of property sales and ongoing agreements for more dispositions, all aimed at boosting its financial standing and operational efficiency. Additionally, One Liberty Properties continues to evaluate potential acquisitions to further enhance its asset portfolio.

While these financial results reflect a proactive stance by One Liberty Properties towards strengthening its industrial property base, the company remains cautiously optimistic amidst evolving market conditions. Investors await further updates on the company’s progress and strategic endeavors in the real estate sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read One Liberty Properties’s 8K filing here.

About One Liberty Properties

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial and retail properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for the property’s real estate taxes, insurance and ordinary maintenance and repairs.