One Liberty Properties, Inc. (NYSE: OLP), a real estate investment
trust focused on net leased properties, today announced operating
results for the quarter ended June 30, 2024.
Patrick J. Callan, Jr., President and Chief Executive Officer of
One Liberty commented, “We are pleased that during the second
quarter, we added two industrial properties to our portfolio and
that we have entered into contracts to add, in the near-term,
another two industrial properties to our growing industrial
property portfolio. Through such acquisitions, we have enhanced,
and continue to enhance, the quality and stability of our cashflow,
and anticipate that after we acquire these two additional
industrial properties, more than 69% of our base rent will be
generated by industrial properties. Beyond our recent industrial
transactions, we strategically sold six properties during the
second quarter for a $7.4 million gain, including the sale of a
vacant retail property for a $2.1 million gain. Despite the
uncertain interest rate and economic environments, we believe that
our disciplined approach will uncover additional opportunities
that, over-time, will further enhance the stability and growth of
our cashflow, as we deploy the cash on our balance sheet in a
productive manner.”
Operating Results:
Rental income was $21.8 million in the second quarter of 2024
compared to $22.4 million in the second quarter of 2023.
Contributing to the change was the sale of assets that had, in the
2023 quarter, contributed $828,000 of rental income, and a $308,000
reduction in same store sales primarily due to previously announced
lease amendments or expirations. Offsetting the decrease was
$529,000 of rental income related to the three acquisitions
completed in 2023 and 2024.
Total operating expenses in the second quarter of 2024 were
$14.9 million compared to $14.3 million for the second quarter of
2023. The change is due to a previously communicated $1.1 million
non-cash impairment charge related to the Hamilton, Ohio facility
(formerly tenanted by LA Fitness). The change was offset by a
$389,000 reduction in general and administrative expense due in
part to the inclusion, in the second quarter of 2023, of a $233,000
non-cash charge related to the accelerated vesting of a retired
executive’s equity awards.
Net income attributable to One Liberty in the second quarter of
2024 was $9.6 million, or $0.45 per diluted share, compared to $6.5
million, or $0.30 per diluted share, in the second quarter of 2023.
Net income for the 2024 quarter includes a $7.4 million, or $0.35
per diluted share, gain on the sale of six properties. Net income
for the corresponding 2023 quarter includes $3.2 million, or $0.15
per diluted share, of gains from property sales.
Funds from Operations, or FFO1, was $9.2 million, or $0.43 per
diluted share, for the second quarter of 2024, compared to $9.6
million, or $0.45 per diluted share, in the second quarter of 2023.
Adjusted Funds from Operations, or AFFO, was $10.2 million, or
$0.48 per diluted share, for the quarter ended June 30, 2024,
compared to $10.8 million, or $0.50 per diluted share, for the
corresponding quarter in the prior year. Contributing to the change
in FFO and AFFO was the sale of restaurant and retail assets since
January 1, 2023, and the corresponding reduction in rental
income.
Acquisitions:
During the quarter, the Company acquired, as previously
disclosed, two industrial properties for $11.7 million, including a
63,421 square feet property located in Albuquerque, New Mexico and
a 35,249 square feet property located in Savannah, Georgia. The
Company obtained new mortgage debt on these properties of $6.2
million. The weighted average remaining lease term on these
properties is 8.4 years. The Company anticipates the quarterly
rental income (excluding variable lease revenues), depreciation and
amortization expense, and mortgage interest expense from these
properties will be $252,000, $103,000 and $93,000,
respectively.
On June 13, 2024, as previously announced, the Company signed an
agreement to acquire a Class A concrete tilt-wall constructed
302,347 square foot industrial multi-tenant building constructed in
2023 and located on approximately 16 acres in Council Bluffs, Iowa
(the Omaha, Nebraska MSA), for a purchase price of $33.0 million.
This purchase is expected to close in the third quarter of 2024.
The leases provide for aggregate base rent of approximately $2.1
million (with annual increases ranging from 1.9% to 3.25%) and a
weighted average remaining lease term of 4.6 years. The tenant
leasing approximately 54% of the building is listed on the NYSE and
is investment grade rated BBB by S&P. The purchase will be
funded by our available cash and mortgage debt. One Liberty expects
to obtain $18.4 million of mortgage debt, maturing in 2034, bearing
an interest rate of 6.08% (interest only until 2029), and
amortizing over 30 years.
On August 1, 2024, as previously announced, the Company signed
an agreement to acquire for $28.3 million, subject to due diligence
review, a multi-tenant Class A concrete tilt-wall constructed
236,324 square foot industrial building constructed in 2023 and
located on approximately 23.5 acres adjacent to One Liberty’s other
planned acquisition in Council Bluffs. The aggregate base rent is
approximately $1.9 million (with annual increases ranging from 3.0%
to 3.25%) and a weighted average remaining lease term of 6.1
years. The purchase price will be funded by available cash and
mortgage debt. One Liberty expects to obtain $17.0 million of
mortgage debt maturing in 2034, bearing an interest rate of 5.89%
(interest only until 2029), and amortizing over 30 years. The
transaction is expected to close in September or October 2024.
1 A reconciliation of GAAP amounts to non-GAAP amounts (i.e.,
FFO and AFFO) is presented with the financial information included
in this release.
Dispositions:
During the quarter, One Liberty sold six properties (i.e., four
retail properties, including a vacant retail property, one
industrial property, and one restaurant) for a net gain of $7.4
million. Of the gross proceeds of $23.0 million, $4.4 million was
used to pay-off a mortgage.
Balance Sheet:
At June 30, 2024, the Company had $35.0 million of cash and cash
equivalents, total assets of $759.2 million, total debt of $415.5
million, and total stockholders’ equity of $307.3 million.
At August 1, 2024, One Liberty’s available liquidity was
approximately $134.1 million, including $34.1 million of cash and
cash equivalents (including the credit facility’s required $3.0
million average deposit maintenance balance) and $100 million
available under its credit facility.
Non-GAAP Financial Measures:
One Liberty computes FFO in accordance with the “White Paper on
Funds from Operations” issued by the National Association of Real
Estate Investment Trusts (“NAREIT”) and NAREIT’s related guidance.
FFO is defined in the White Paper as net income (calculated in
accordance with generally accepted accounting principles),
excluding depreciation and amortization related to real estate,
gains and losses from the sale of certain real estate assets, gains
and losses from change in control, impairment write-downs of
certain real estate assets and investments in entities where the
impairment is directly attributable to decreases in the value of
depreciable real estate held by the entity. Adjustments for
unconsolidated partnerships and joint ventures are calculated to
reflect FFO on the same basis. In computing FFO,
management does not add back to net income the amortization of
costs in connection with financing activities or depreciation of
non-real estate assets.
One Liberty computes adjusted funds from operations, or AFFO, by
adjusting from FFO for its straight-line rent accruals and
amortization of lease intangibles, deducting from income additional
rent from ground lease tenant, income on settlement of litigation,
income on insurance recoveries from casualties, lease termination
and assignment fees, and adding back amortization of restricted
stock and restricted stock unit compensation expense, amortization
of costs in connection with our financing activities (including our
share of our unconsolidated joint ventures), debt prepayment costs
and amortization of lease incentives and mortgage intangible
assets. Since the NAREIT White Paper does not provide guidelines
for computing AFFO, the computation of AFFO may vary from one REIT
to another.
One Liberty believes that FFO and AFFO are useful and standard
supplemental measures of the operating performance for equity REITs
and are used frequently by securities analysts, investors and other
interested parties in evaluating equity REITs, many of which
present FFO and AFFO when reporting their operating results. FFO
and AFFO are intended to exclude GAAP historical cost depreciation
and amortization of real estate assets, which assumes that the
value of real estate assets diminish predictability over time. In
fact, real estate values have historically risen and fallen with
market conditions. As a result, management believes that FFO and
AFFO provide a performance measure that when compared year over
year, should reflect the impact to operations from trends in
occupancy rates, rental rates, operating costs, interest costs and
other matters without the inclusion of depreciation and
amortization, providing a perspective that may not be necessarily
apparent from net income. Management also considers FFO and AFFO to
be useful in evaluating potential property acquisitions.
FFO and AFFO do not represent net income or cash flows from
operating, investing or financing activities as defined by GAAP.
FFO and AFFO should not be an alternative to net income as a
reliable measure of our operating performance nor as an alternative
to cash flows as measures of liquidity. FFO and AFFO do not measure
whether cash flow is sufficient to fund all of the Company’s cash
needs, including principal amortization, capital improvements and
distributions to stockholders.
Forward Looking Statement:
Certain information contained in this press release, together
with other statements and information publicly disseminated by One
Liberty Properties, Inc. is forward looking within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended. We
intend such forward looking statements to be covered by the safe
harbor provision for forward looking statements contained in the
Private Securities Litigation Reform Act of 1995 and include this
statement for the purpose of complying with these safe harbor
provisions. Forward looking statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, are generally identifiable by use of the words “may,”
“will,” “could,” “believe,” “expect,” “intend,” “anticipate,”
“estimate,” “project,” or similar expressions or variations
thereof. Information regarding important factors that could cause
actual outcomes or other events to differ materially from any such
forward looking statements appear in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and the reports
filed with the Securities and Exchange Commission thereafter; in
particular, the sections of such reports entitled “Cautionary Note
Regarding Forward Looking Statements”, “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations”, included therein. In addition, estimates of
rental income for 2024 exclude any related variable rent,
anticipated property purchases, sales, financings and/or
refinancings may not be completed during the period or on the terms
indicated or at all, and estimates of gains from property sales or
proceeds from financing or refinancing transactions are subject to
adjustment, among other things, because actual closing costs may
differ from the estimated costs. You should not rely on
forward-looking statements since they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond the Company’s control and which could materially affect the
Company’s results of operations, financial condition, cash flows,
performance or future achievements or events.
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
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.
Contact: One Liberty Properties Investor
Relations Phone: (516) 466-3100www.1liberty.com
ONE LIBERTY PROPERTIES, INC. |
CONDENSED BALANCE SHEETS |
(Amounts in Thousands) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
June 30, |
|
December 31, |
|
2024 |
|
2023 |
ASSETS |
|
|
|
|
|
Real estate investments, at cost |
$ |
856,659 |
|
|
$ |
864,655 |
|
Accumulated depreciation |
|
(185,228 |
) |
|
|
(182,705 |
) |
Real estate investments,
net |
|
671,431 |
|
|
|
681,950 |
|
|
|
|
|
|
|
Investment in unconsolidated
joint ventures |
|
2,148 |
|
|
|
2,051 |
|
Cash and cash equivalents |
|
35,020 |
|
|
|
26,430 |
|
Unbilled rent receivable |
|
16,847 |
|
|
|
16,661 |
|
Unamortized intangible lease
assets, net |
|
13,292 |
|
|
|
14,681 |
|
Other assets |
|
20,492 |
|
|
|
19,833 |
|
Total assets |
$ |
759,230 |
|
|
$ |
761,606 |
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Mortgages payable, net |
$ |
415,470 |
|
|
$ |
418,347 |
|
Line of credit, net |
|
— |
|
|
|
— |
|
Unamortized intangible lease
liabilities, net |
|
11,065 |
|
|
|
10,096 |
|
Other liabilities |
|
24,262 |
|
|
|
25,418 |
|
Total liabilities |
|
450,797 |
|
|
|
453,861 |
|
|
|
|
|
|
|
Total One Liberty
Properties, Inc. stockholders’ equity |
|
307,295 |
|
|
|
306,703 |
|
Non-controlling interests in
consolidated joint ventures |
|
1,138 |
|
|
|
1,042 |
|
Total equity |
|
308,433 |
|
|
|
307,745 |
|
Total liabilities and equity |
$ |
759,230 |
|
|
$ |
761,606 |
|
ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) |
(Amounts in Thousands, Except Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Rental income, net |
|
$ |
21,800 |
|
|
$ |
22,407 |
|
|
$ |
44,246 |
|
|
$ |
45,359 |
|
Lease termination fee |
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
Total revenues |
|
|
21,800 |
|
|
|
22,407 |
|
|
|
44,496 |
|
|
|
45,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,965 |
|
|
|
6,114 |
|
|
|
11,986 |
|
|
|
12,259 |
|
General and administrative |
|
|
3,776 |
|
|
|
4,165 |
|
|
|
7,699 |
|
|
|
8,204 |
|
Real estate expenses |
|
|
3,976 |
|
|
|
3,954 |
|
|
|
8,446 |
|
|
|
8,078 |
|
Impairment loss |
|
|
1,086 |
|
|
|
— |
|
|
|
1,086 |
|
|
|
— |
|
State taxes |
|
|
47 |
|
|
|
88 |
|
|
|
110 |
|
|
|
156 |
|
Total operating expenses |
|
|
14,850 |
|
|
|
14,321 |
|
|
|
29,327 |
|
|
|
28,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of real estate, net |
|
|
7,448 |
|
|
|
3,180 |
|
|
|
9,232 |
|
|
|
4,714 |
|
Operating income |
|
|
14,398 |
|
|
|
11,266 |
|
|
|
24,401 |
|
|
|
21,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of unconsolidated joint ventures |
|
|
43 |
|
|
|
60 |
|
|
|
96 |
|
|
|
145 |
|
Other income |
|
|
276 |
|
|
|
28 |
|
|
|
543 |
|
|
|
43 |
|
Interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
(4,750 |
) |
|
|
(4,610 |
) |
|
|
(9,467 |
) |
|
|
(9,210 |
) |
Amortization and write-off of deferred financing costs |
|
|
(290 |
) |
|
|
(205 |
) |
|
|
(516 |
) |
|
|
(407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
9,677 |
|
|
|
6,539 |
|
|
|
15,057 |
|
|
|
11,947 |
|
Net income attributable to
non-controlling interests |
|
|
(124 |
) |
|
|
(20 |
) |
|
|
(349 |
) |
|
|
(42 |
) |
Net income attributable to One
Liberty Properties, Inc. |
|
$ |
9,553 |
|
|
$ |
6,519 |
|
|
$ |
14,708 |
|
|
$ |
11,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common stockholders - diluted |
|
$ |
.45 |
|
|
$ |
.30 |
|
|
$ |
.68 |
|
|
$ |
.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations - Note
1 |
|
$ |
9,246 |
|
|
$ |
9,570 |
|
|
$ |
18,805 |
|
|
$ |
19,684 |
|
Funds from operations per
common share - diluted - Note 2 |
|
$ |
.43 |
|
|
$ |
.45 |
|
|
$ |
.88 |
|
|
$ |
.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted funds from operations
- Note 1 |
|
$ |
10,229 |
|
|
$ |
10,750 |
|
|
$ |
20,439 |
|
|
$ |
21,553 |
|
Adjusted funds from operations
per common share - diluted - Note 2 |
|
$ |
.48 |
|
|
$ |
.50 |
|
|
$ |
.95 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,590 |
|
|
|
20,571 |
|
|
|
20,550 |
|
|
|
20,544 |
|
Diluted |
|
|
20,683 |
|
|
|
20,642 |
|
|
|
20,632 |
|
|
|
20,612 |
|
ONE LIBERTY PROPERTIES, INC. (NYSE: OLP) |
|
(Amounts in Thousands, Except Per Share Data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
Note 1: |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
NAREIT funds from operations is
summarized in the following table: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to One Liberty Properties, Inc. |
$ |
9,553 |
|
|
$ |
6,519 |
|
|
$ |
14,708 |
|
|
$ |
11,905 |
|
|
Add: depreciation and
amortization of properties |
|
5,770 |
|
|
|
5,925 |
|
|
|
11,602 |
|
|
|
11,894 |
|
|
Add: our share of depreciation
and amortization of unconsolidated joint ventures |
|
5 |
|
|
|
130 |
|
|
|
11 |
|
|
|
259 |
|
|
Add: impairment loss |
|
1,086 |
|
|
|
— |
|
|
|
1,086 |
|
|
|
— |
|
|
Add: amortization of deferred
leasing costs |
|
195 |
|
|
|
189 |
|
|
|
384 |
|
|
|
365 |
|
|
Add: our share of amortization of
deferred leasing costs of unconsolidated joint ventures |
|
— |
|
|
|
5 |
|
|
|
1 |
|
|
|
10 |
|
|
Deduct: gain on sale of real
estate, net |
|
(7,448 |
) |
|
|
(3,180 |
) |
|
|
(9,232 |
) |
|
|
(4,714 |
) |
|
Adjustments for non-controlling
interests |
|
85 |
|
|
|
(18 |
) |
|
|
245 |
|
|
|
(35 |
) |
|
NAREIT funds from
operations applicable to common stock |
|
9,246 |
|
|
|
9,570 |
|
|
|
18,805 |
|
|
|
19,684 |
|
|
Deduct: straight-line rent
accruals and amortization of lease intangibles |
|
(509 |
) |
|
|
(626 |
) |
|
|
(1,169 |
) |
|
|
(1,520 |
) |
|
Deduct: our share of
straight-line rent accruals and amortization of lease intangibles
of unconsolidated joint ventures |
|
(2 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(9 |
) |
|
Deduct: lease termination fee
income |
|
— |
|
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
|
Deduct: other income |
|
(27 |
) |
|
|
— |
|
|
|
(55 |
) |
|
|
— |
|
|
Deduct: additional rent from
ground lease tenant |
|
— |
|
|
|
(16 |
) |
|
|
— |
|
|
|
(16 |
) |
|
Add: amortization of restricted
stock and RSU compensation |
|
1,167 |
|
|
|
1,564 |
|
|
|
2,439 |
|
|
|
2,892 |
|
|
Add: amortization and write-off
of deferred financing costs |
|
290 |
|
|
|
205 |
|
|
|
516 |
|
|
|
407 |
|
|
Add: amortization of lease
incentives |
|
30 |
|
|
|
30 |
|
|
|
60 |
|
|
|
61 |
|
|
Add: amortization of mortgage
intangible assets |
|
34 |
|
|
|
23 |
|
|
|
69 |
|
|
|
46 |
|
|
Add: our share of amortization of
deferred financing costs of unconsolidated joint venture |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
8 |
|
|
Adjustments for non-controlling
interests |
|
— |
|
|
|
— |
|
|
|
27 |
|
|
|
— |
|
|
Adjusted funds from
operations applicable to common stock |
$ |
10,229 |
|
|
$ |
10,750 |
|
|
$ |
20,439 |
|
|
$ |
21,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 2: |
|
|
|
|
|
|
|
|
|
|
|
|
NAREIT funds from operations is
summarized in the following table: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable
to One Liberty Properties, Inc. |
$ |
.45 |
|
|
$ |
.30 |
|
|
$ |
.68 |
|
|
$ |
.55 |
|
|
Add: depreciation and
amortization of properties |
|
.27 |
|
|
|
.28 |
|
|
|
.55 |
|
|
|
.56 |
|
|
Add: our share of depreciation
and amortization of unconsolidated joint ventures |
|
— |
|
|
|
.01 |
|
|
|
— |
|
|
|
.01 |
|
|
Add: impairment loss |
|
.05 |
|
|
|
— |
|
|
|
.05 |
|
|
|
— |
|
|
Add: amortization of deferred
leasing costs |
|
.01 |
|
|
|
.01 |
|
|
|
.02 |
|
|
|
.02 |
|
|
Add: our share of amortization
of deferred leasing costs of unconsolidated joint ventures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deduct: gain on sale of real
estate, net |
|
(.35 |
) |
|
|
(.15 |
) |
|
|
(.43 |
) |
|
|
(.22 |
) |
|
Adjustments for
non-controlling interests |
|
— |
|
|
|
— |
|
|
|
.01 |
|
|
|
— |
|
|
NAREIT funds from
operations per share of common stock - diluted (a) |
|
.43 |
|
|
|
.45 |
|
|
|
.88 |
|
|
|
.92 |
|
|
Deduct: straight-line rent
accruals and amortization of lease intangibles |
|
(.01 |
) |
|
|
(.03 |
) |
|
|
(.05 |
) |
|
|
(.06 |
) |
|
Deduct: our share of
straight-line rent accruals and amortization of lease intangibles
of unconsolidated joint ventures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deduct: lease termination fee
income |
|
— |
|
|
|
— |
|
|
|
(.01 |
) |
|
|
— |
|
|
Deduct: other income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deduct: additional rent from
ground lease tenant |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Add: amortization of
restricted stock and RSU compensation |
|
.05 |
|
|
|
.07 |
|
|
|
.11 |
|
|
|
.13 |
|
|
Add: amortization and
write-off of deferred financing costs |
|
.01 |
|
|
|
.01 |
|
|
|
.02 |
|
|
|
.02 |
|
|
Add: amortization of lease
incentives |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Add: amortization of mortgage
intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Add: our share of amortization
of deferred financing costs of unconsolidated joint venture |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjustments for
non-controlling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted funds from
operations per share of common stock - diluted (a) |
$ |
.48 |
|
|
$ |
.50 |
|
|
$ |
.95 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The weighted average number of diluted common
shares used to compute FFO and AFFO applicable to common stock
includes unvested restricted shares that are excluded from the
computation of diluted EPS. |
|
|
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