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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2022

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 001-09279

ONE LIBERTY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

MARYLAND

    

13-3147497

(State or other jurisdiction of

(I.R.S. employer

incorporation or organization)

identification number)

60 Cutter Mill Road, Great Neck, New York

11021

(Address of principal executive offices)

(Zip code)

(516) 466-3100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on
which registered

Common Stock

OLP

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

    

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Yes  No 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of November 1, 2022, the registrant had 21,073,936 shares of common stock outstanding.

One Liberty Properties, Inc. and Subsidiaries

Table of Contents

    

Page No.

Part I — Financial Information

Item 1.

Unaudited Consolidated Financial Statements

 

Consolidated Balance Sheets — September 30, 2022 and December 31, 2021………………………………..

1

 

Consolidated Statements of Income — Three and nine months ended September 30, 2022 and 2021………..

2

 

Consolidated Statements of Comprehensive Income — Three and nine months ended September 30, 2022 and 2021………………………………………………………………………………………………………...

3

 

Consolidated Statements of Changes in Equity — Three and nine months ended September 30, 2022 and 2021……………………………………………………………………………………………………………..

4

 

Consolidated Statements of Cash Flows — Nine months ended September 30, 2022 and 2021………………

6

 

Notes to Consolidated Financial Statements……………………………………………………………….…...

8

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations…………….…….

25

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk………………………………………….………

40

 

Item 4.

Controls and Procedures……………………………………………………………………………….………..

40

 

Part II — Other Information………………………………………………………………………………….…………

41

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds…………………………………………………..

41

Item 6.

Exhibits………………………………………………………………………………………………………….

41

Part I — FINANCIAL INFORMATION

Item 1.    Financial Statements

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands, Except Par Value)

September 30, 

December 31, 

2022

2021

    

ASSETS

(Unaudited)

Real estate investments, at cost

Land

$

181,086

$

180,183

Buildings and improvements

680,722

657,458

Total real estate investments, at cost

861,808

837,641

Less accumulated depreciation

168,430

160,664

Real estate investments, net

693,378

676,977

Property held-for-sale

1,270

Investment in unconsolidated joint ventures

10,309

10,172

Cash and cash equivalents

11,579

16,164

Unbilled rent receivable

15,285

14,330

Unamortized intangible lease assets, net

19,594

20,694

Escrow, deposits and other assets and receivables

17,202

13,346

Total assets(1)

$

767,347

$

752,953

LIABILITIES AND EQUITY

Liabilities:

Mortgages payable, net of $3,404 and $3,316 of deferred financing costs, respectively

$

402,760

$

396,344

Line of credit, net of $54 and $216 of deferred financing costs, respectively

10,946

11,484

Dividends payable

9,618

9,448

Accrued expenses and other liabilities

18,212

18,992

Unamortized intangible lease liabilities, net

10,560

10,407

Total liabilities(1)

452,096

446,675

Commitments and contingencies

Equity:

One Liberty Properties, Inc. stockholders’ equity:

Preferred stock, $1 par value; 12,500 shares authorized; none issued

Common stock, $1 par value; 50,000 shares authorized;
20,311 and 20,239 shares issued and outstanding

20,311

20,239

Paid-in capital

323,576

322,793

Accumulated other comprehensive income (loss)

1,855

(1,513)

Distributions in excess of net income

(31,450)

(36,187)

Total One Liberty Properties, Inc. stockholders’ equity

314,292

305,332

Non-controlling interests in consolidated joint ventures(1)

959

946

Total equity

315,251

306,278

Total liabilities and equity

$

767,347

$

752,953

(1)The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 6. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $10,365 and $10,365 of land, $17,916 and $18,472 of building and improvements, net of $5,481 and $4,957 of accumulated depreciation, $3,298 and $3,580 of other assets included in other line items, $18,676 and $19,193 of real estate debt, net, $909 and $1,350 of other liabilities included in other line items and $959 and $946 of non-controlling interests as of September 30, 2022 and December 31, 2021, respectively.

See accompanying notes to consolidated financial statements.

1

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands, Except Per Share Data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Revenues:

Rental income, net

$

21,473

$

20,349

$

64,476

$

61,338

Lease termination fees

87

25

336

Total revenues

21,473

20,436

64,501

61,674

Operating expenses:

Depreciation and amortization

5,970

5,596

17,718

17,055

General and administrative (see Note 9 for related party information)

3,769

3,559

11,534

10,970

Real estate expenses (see Note 9 for related party information)

3,970

3,199

11,206

10,272

State taxes

60

55

211

221

Total operating expenses

13,769

12,409

40,669

38,518

Other operating income

Gain on sale of real estate, net

4,063

1,277

16,762

22,768

Operating income

11,767

9,304

40,594

45,924

Other income and expenses:

Equity in earnings of unconsolidated joint ventures

82

77

310

75

Equity in earnings from sale of unconsolidated joint venture property

801

801

Prepayment costs on debt

(38)

(837)

Income on settlement of litigation (see Note 13)

5,388

Other income (see Note 13)

17

678

997

865

Interest:

Expense

(4,367)

(4,365)

(13,026)

(13,573)

Amortization and write-off of deferred financing costs

(278)

(245)

(917)

(754)

Net income

7,221

6,212

33,346

32,501

Net income attributable to non-controlling interests

(17)

(153)

(52)

(151)

Net income attributable to One Liberty Properties, Inc.

$

7,204

$

6,059

$

33,294

$

32,350

Weighted average number of common shares outstanding:

Basic

20,340

20,115

20,361

20,044

Diluted

20,416

20,273

20,472

20,198

Per common share attributable to common stockholders:

Basic

$

.34

$

.29

$

1.58

$

1.56

Diluted

$

.34

$

.28

$

1.57

$

1.55

Cash distributions per share of common stock

$

.45

$

.45

$

1.35

$

1.35

See accompanying notes to consolidated financial statements.

2

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Net income

$

7,221

$

6,212

$

33,346

$

32,501

Other comprehensive income

Net unrealized gain on derivative instruments

931

317

3,371

2,659

Comprehensive income

8,152

6,529

36,717

35,160

Net income attributable to non-controlling interests

(17)

(153)

(52)

(151)

Adjustment for derivative instruments attributable to non-controlling interests

(1)

(3)

(3)

(7)

Comprehensive income attributable to One Liberty Properties, Inc.

$

8,134

$

6,373

$

36,662

$

35,002

See accompanying notes to consolidated financial statements.

3

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in Thousands, Except Per Share Data)

(Unaudited)

Accumulated

Accumulated

Non-Controlling

    

    

    

 Other

    

Distributions

    

 Interests in

    

Common

Paid-in

Comprehensive

in Excess of

 Consolidated

Stock

Capital

Income (Loss)

 Net Income

  Joint Ventures

Total

Balances, December 31, 2021

$

20,239

$

322,793

$

(1,513)

$

(36,187)

$

946

$

306,278

Distributions – common stock

Cash – $.45 per share

(9,559)

(9,559)

Restricted stock vesting

 

131

(131)

 

 

 

 

Shares issued through equity offering program – net

 

17

 

546

 

 

 

 

563

Shares issued through dividend reinvestment plan

 

5

156

 

 

 

 

161

Distributions to non-controlling interests

 

 

 

 

 

(33)

 

(33)

Compensation expense – restricted stock and RSUs

 

 

1,325

 

 

 

 

1,325

Net income

 

 

 

 

9,323

 

17

 

9,340

Other comprehensive income

 

 

 

1,773

 

 

2

 

1,775

Balances, March 31, 2022

20,392

324,689

260

(36,423)

932

309,850

Distributions – common stock

Cash – $.45 per share

 

 

 

 

(9,494)

 

 

(9,494)

Restricted stock vesting

16

(16)

 

 

Repurchases of common stock – net

(133)

(3,285)

 

 

(3,418)

Shares issued through dividend reinvestment plan

 

6

157

 

 

 

 

163

Distributions to non-controlling interests

 

 

 

 

 

(8)

 

(8)

Compensation expense – restricted stock and RSUs

 

 

1,559

 

 

 

 

1,559

Net income

 

 

 

 

16,767

 

18

 

16,785

Other comprehensive income

 

 

 

665

 

 

 

665

Balances, June 30, 2022

20,281

323,104

925

(29,150)

942

316,102

Distributions – common stock

Cash – $.45 per share

 

 

 

 

(9,504)

 

 

(9,504)

Restricted stock unit vesting

65

(65)

 

 

Repurchases of common stock – net

(75)

(1,747)

 

 

(1,822)

Shares issued through dividend reinvestment plan

 

40

978

 

 

 

 

1,018

Distributions to non-controlling interests

 

 

 

 

 

(1)

 

(1)

Compensation expense – restricted stock and RSUs

 

 

1,306

 

 

 

 

1,306

Net income

 

 

 

 

7,204

 

17

 

7,221

Other comprehensive income

 

 

 

930

 

 

1

 

931

Balances, September 30, 2022

$

20,311

$

323,576

$

1,855

$

(31,450)

$

959

$

315,251

See accompanying notes to consolidated financial statements.

4

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in Thousands, Except Per Share Data)

(Unaudited)

Accumulated

Accumulated

Non-Controlling

    

    

    

 Other

    

Distributions

    

 Interests in

    

Common

Paid-in

Comprehensive

in Excess of

 Consolidated

Stock

Capital

Income (Loss)

 Net Income

  Joint Ventures

Total

Balances, December 31, 2020

$

19,878

$

313,430

$

(5,002)

$

(37,539)

$

1,193

$

291,960

Distributions – common stock

Cash – $.45 per share

(9,329)

(9,329)

Restricted stock vesting

 

130

 

(130)

 

 

 

 

Contribution from non-controlling interest

20

20

Distributions to non-controlling interests

 

 

 

 

 

(13)

 

(13)

Compensation expense – restricted stock and RSUs

 

 

1,343

 

 

 

 

1,343

Net income (loss)

 

 

 

 

2,962

 

(5)

 

2,957

Other comprehensive income

 

 

 

1,498

 

 

3

 

1,501

Balances, March 31, 2021

20,008

314,643

(3,504)

(43,906)

1,198

288,439

Distributions – common stock

Cash – $.45 per share

 

 

 

 

(9,330)

 

 

(9,330)