One Liberty Properties Inc. (OLP) reports earnings
One Liberty Properties Inc. (OLP) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing total revenues of $90.6 million, which is a slight decrease from the previous year's $90.6 million. The rental income, net, was $90.3 million, a decrease from $90.6 million in 2023.
Operating expenses increased to $58.7 million from $57.3 million in the previous year. This increase was primarily due to a rise in real estate expenses and an impairment loss of $1.1 million.
The company reported a net income of $30.8 million, slightly up from $29.9 million in 2023. Net income attributable to One Liberty Properties Inc. was $30.4 million.
One Liberty Properties Inc. acquired three industrial properties in 2024 for a total purchase price of $44.7 million. These acquisitions are expected to contribute $3.0 million to the company's 2025 contractual rental income.
The company sold 11 properties and one parcel in 2024, generating net sales proceeds of $38.2 million and a net gain on sale of real estate of $18.0 million.
As of December 31, 2024, the company had $425.0 million in mortgage debt outstanding with a weighted average interest rate of 4.56%. The company maintains a $100.0 million credit facility, which was undrawn at the end of 2024.
The company's occupancy rate was 99.2% based on square footage as of December 31, 2024. The weighted average remaining term of the leases generating 2025 contractual rental income is five years.
In 2025, the company acquired additional properties in Alabama and Kansas for a combined purchase price of $62.3 million, with new mortgage debt of $36.5 million.
One Liberty Properties Inc. continues to focus on acquiring industrial properties and managing its existing portfolio to maximize stockholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the One Liberty Properties Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].