SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 10, 2004
ONE LIBERTY PROPERTIES, INC.
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(Exact name of Registrant as specified in charter)
Maryland 001-09279 13-3147497
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(State or other (Commission file No.) (IRS Employer
jurisdiction of I.D. No.)
incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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Item 12. Results of Operations and Financial Condition
Attached hereto as an exhibit is a copy of a Press Release issued by
the registrant on May 10, 2004. The Release which is being furnished to the
Securities and Exchange Commission, discloses information regarding the
registrant's results of operations for the first quarter of its fiscal year.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned officer thereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
Date: May 11, 2004 By: /s/ Simeon Brinberg
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Simeon Brinberg
Senior Vice President
EXHIBIT
ONE LIBERTY PROPERTIES, INC.
60 CUTTER MILL ROAD - SUITE 303
GREAT NECK, NY 11021
Telephone 516-466-3100
Telecopier 516-466-3132
www.onelibertyproperties.com
ONE LIBERTY PROPERTIES ANNOUNCES RESULTS OF OPERATIONS
FOR THE FIRST QUARTER OF ITS FISCAL YEAR
Great Neck, New York - May 10, 2004 - One Liberty Properties, Inc. (NYSE: OLP)
today announced that for the three months ended March 31, 2004 it had revenues
of $5,650,000 and net income applicable to common stockholders of $2,245,000, or
$.23 per share on a diluted basis. Net income gives effect to the Company's
equity in earnings of unconsolidated joint ventures of $675,000. For the quarter
ended March 31, 2003, One Liberty reported revenues of $4,644,000 and net income
applicable to common stockholders of $1,939,000, or $.34 per share on a diluted
basis. Net income for the quarter ended March 31, 2003 gives effect to the
Company's equity in earnings of unconsolidated joint ventures of $654,000. The
weighted average number of common shares outstanding on a diluted basis was
9,669,000 and 5,667,000 for the three months ended March 31, 2004 and March 31,
2003, respectively.
One Liberty also reported that funds from operations applicable to common
stockholders for the three months ended March 31, 2004 was $3,533,000, or $.37
per share on a diluted basis, as compared to $2,890,000, or $.51 per share on a
diluted basis, for the three months ended March 31, 2003. Funds from operations
calculated in accordance with the NAREIT definition, adds back to net income
depreciation of properties, One Liberty's share of depreciation in
unconsolidated joint ventures and amortization of capitalized leasing expenses
and deducts cash distributions paid to preferred stockholders. The Company
redeemed all of its outstanding preferred stock on December 30, 2003.
Commenting on the results of operations and the funds from operations, Jeffrey
Fishman, President and Chief Executive Officer of One Liberty, noted that
revenues, substantially all of which represents rental income, increased by
$1,006,000, or 22%, due to rental revenues earned on seven properties acquired
by the Company between February 2003 and March 2004. On the expense side, total
expenses increased by $981,000, or 32%, quarter over quarter, as a result of an
increase in depreciation and amortization due to the ownership of additional
properties and an increase in interest on mortgages payable as a result of the
origination of two mortgages, the assumption of mortgages in connection with the
purchase of four properties and the refinancing of one property. Commenting
further, Mr. Fishman noted that general and administrative expenses increased by
$315,000, or by 58%, quarter over quarter, of which $101,000 was due to a
"non-recurring" fee for the initial listing by the Company of its common stock
on the New York Stock Exchange in January 2004. Other general and administrative
expenses increased due to an increase in the level of the Company's business
activities, including activities related to property acquisitions, the
negotiation of an increase in the revolving credit facility, mortgage
refinancings, compliance with the Sarbanes-Oxley Act and with new accounting
pronouncements and an increase in professional fees, state taxes and travel.
In reviewing the quarterly results, Mr. Fishman commented that the Company
purchased two properties for a total consideration of approximately $23,100,000
in March, 2004, and that since these two property acquisitions were completed on
March 1st and March 31, 2004, respectively, operation of these properties will
have a greater impact on the Company's net income and funds from operations in
the June 30, 2004 quarter and in following periods. He further commented that
the Company has contracted to purchase in a single transaction two retail
properties, containing an aggregate of 41,280 square feet located in Athens,
Georgia, for a total consideration of $5,735,000. One property containing 20,000
square feet is leased to Office Depot under a lease which expires in 2014 and
the other property containing 21,280 square feet is leased to Michaels Arts and
Crafts under a lease which expires in 2014. The closing of the transaction is
expected to take place prior to the end of May. Mr. Fishman noted that at March
31, 2004, the Company had cash and cash equivalents of approximately
$29,000,000, substantially all of which will be used for property acquisitions.
One Liberty Properties is a real estate investment trust and invests primarily
in improved commercial real estate under long term net lease.
Certain information contained in this press release, including information with
respect to future results of operations and future acquisitions, 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. Information
regarding certain important factors that could cause actual outcomes or other
events to differ materially from any such forward looking statements will appear
in the Company's Form 10-K for the year ended December 31, 2003. 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 our control and
which could materially affect actual results, performance or achievements.
Contact: Simeon Brinberg
(516) 466-3100
ONE LIBERTY PROPERTIES, INC. (NYSE:OLP)
(Amounts in Thousands, Except Per Share Data)
Three Months Ended
March 31
2004 2003
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Revenues:
Rental income - Note 1 $ 5,558 $ 4,478
Interest and other income 92 166
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5,650 4,644
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Expenses
Depreciation and amortization 1,024 772
Interest-mortgages payable 2,011 1,579
Interest-line of credit 51 113
General and administrative 855 540
Real estate expenses 140 96
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4,081 3,100
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Earnings before equity in earnings of
unconsolidated joint ventures and gain on sale 1,569 1,544
Equity in earnings of unconsolidated joint ventures 675 654
Gain on sale of available-for-sale securities 1 -
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Net income $ 2,245 $ 2,198
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Calculation of net income applicable to
common stockholders
Net income $ 2,245 $ 2,198
Less: distributions on preferred stock - 259
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Net income applicable to common stockholders $ 2,245 $ 1,939
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Net income per common share:
Basic $ 0.23 $ 0.34
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Diluted $ 0.23 $ 0.34
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Funds from operations applicable to common
stockholders* $ 3,533 $ 2,890
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Funds from operations per common share:
Diluted $ .37 $ .51
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Weighted average number of common shares outstanding:
Basic 9,635 5,636
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Diluted 9,669 5,667
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Note 1 - Rental income includes straight line rent accruals of $197 and $323 for
the three months ended March 31, 2004 and 2003, respectively.
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* Funds from operations applicable to common stockholders is summarized in the
following table:
Net income $2,245 $2,198
Add: depreciation of properties 1,024 772
Add: our share of depreciation in unconsolidated
joint ventures 252 179
Add: amortization of capitalized leasing expenses 12 -
Deduct: preferred distributions - (259)
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Funds from operations applicable to common
stockholders $3,533 $2,890
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