One Liberty Properties, Inc. - OLP STOCK NEWS

One Liberty Properties (NYSE: OLP) reported its Q2 2024 results, highlighting strategic moves in its property portfolio. The company entered contracts to acquire two industrial properties for $61.6 million and closed on two others for $11.7 million. It also completed sales of six properties for a $7.4 million gain. Rental income was $21.8 million, down from $22.4 million in Q2 2023. Net income increased to $9.6 million ($0.45 per diluted share) from $6.5 million ($0.30 per diluted share) in Q2 2023. FFO decreased slightly to $9.2 million ($0.43 per diluted share) from $9.6 million ($0.45 per diluted share) in the previous year. The company's focus on industrial properties is expected to enhance cash flow stability, with over 69% of base rent projected to come from this sector after pending acquisitions.

One Liberty Properties (NYSE: OLP) has announced a contract to acquire its fourth industrial property in 2024, a 236,324 square foot Class A industrial building in Council Bluffs, Iowa, for $28.3 million. This acquisition will bring OLP's total industrial property purchases in 2024 to over $73 million. The property, located in the Omaha, Nebraska MSA, has two tenants providing an annual base rent of approximately $1.9 million with a weighted average remaining lease term of 6.1 years. OLP plans to finance the purchase with available cash and a $17.0 million mortgage at 5.89% interest. The transaction is expected to close in September/October 2024.

One Liberty Properties (NYSE: OLP) announced on June 10, 2024, that its Board of Directors has declared a quarterly dividend of $0.45 per share. This dividend will be payable on July 9, 2024, to stockholders of record as of June 25, 2024. This marks the company's 126th consecutive quarterly dividend. Notably, One Liberty has either increased or maintained its dividend for over 30 consecutive years, showcasing its consistent performance and commitment to returning value to shareholders.

One Liberty Properties, Inc. reported its first quarter 2024 results, highlighting the acquisition of an industrial property, the sale of two assets, and contracts for three additional sales. The Company focused on transitioning its portfolio towards industrial ownership in the face of economic uncertainty. Despite a decrease in rental income, the net income was $5.2 million with a gain on sale of real estate. Funds from Operations (FFO) were $9.6 million, and Adjusted Funds from Operations (AFFO) were $10.2 million for the quarter. The balance sheet showed $27.4 million in cash, total assets of $755.7 million, and total debt of $416.5 million. The Company had liquidity of $115.1 million. Transactions included property sales generating net proceeds of $13-14 million and the acquisition of a 63,421 square foot industrial property in Albuquerque for $6.5 million.

One Liberty Properties, Inc. (OLP) reported an occupancy rate of 98.8% and paid off $21.8 million of credit facility debt. They declared their 125th consecutive quarterly dividend and repurchased $9.6 million of shares in 2023. The company's net income for the fourth quarter of 2023 was $15.0 million, or $0.71 per diluted share, compared to $8.9 million in the corresponding period of the prior year. FFO was $9.6 million, or $0.45 per diluted share, for the quarter ended December 31, 2023, compared to $15.1 million in the same quarter of 2022. AFFO was $10.6 million, or $0.50 per diluted share, for the quarter ended December 31, 2023, compared to $11.0 million in the same quarter of 2022. For the full year 2023, net income was $29.6 million, or $1.38 per diluted share, compared to $42.2 million in 2022. FFO for 2023 was $39.0 million, or $1.82 per diluted share, compared to $49.7 million in 2022. AFFO for 2023 was $42.6 million or $1.99 per diluted share compared to $42.1 million in the prior year.

One Liberty Properties, Inc. (OLP) has declared a quarterly dividend of $0.45 per share, marking its 125th consecutive quarterly dividend and over 30 years of dividend growth or stability.

Rainbow Realty Group, LLC announces the launch of Rainbow Realty Group Fund IV LLC, a private real estate fund accessible only to accredited investors under Rule 506(c) of Regulation D. The fund is expecting its first close by the end of February. Gould Investors L.P. is the largest investor in Rainbow, having invested more than 25% of the LP capital in the strategy to date. Rainbow has a six-decade track record of success investing in the real estate industry and has deployed over $135M across 57 properties in 10 states. The CEO of Rainbow, Kyle Shenfeld, highlights the company's proven strategy and the potential rewards in the nascent cannabis industry.

One Liberty Properties, Inc. (NYSE: OLP) completes the sale of 12 assets for $63 million in 2023, with an estimated net proceeds of $19 million and an aggregate gain of approximately $9 million. The industrial portfolio is expected to contribute 66% of the 2024 base rent. The company plans to use the proceeds to pay down credit facility balance, for general working capital purposes, and potential property acquisition, mortgage debt reduction, and stock repurchase.

One Liberty Properties, Inc. (NYSE: OLP) has declared a quarterly dividend of $0.45 per share, payable on January 5, 2024. This marks the 124th consecutive quarterly dividend and over 30 years of increased or maintained dividends. The company has also authorized the replenishment of its stock repurchase program, with $10 million available for repurchasing its common stock.