One Liberty Properties, Inc. has released its investor presentation for September 2024, revealing compelling changes in its operational and financial metrics since the previous period.
The company's industrial portfolio has seen significant growth, with a 63.3% increase in the percentage of industrial rental income from 2017 to 2023. The number of industrial properties owned as of June 30, 2024, stands at 56, reflecting a steady upward trend from previous years.
Geographically, One Liberty Properties demonstrates a diversified portfolio, owning properties in 31 states. The highest state concentration by 2024 contractual rental income is in South Carolina, with 12% of the total, followed by New York, Texas, Pennsylvania, and New Jersey.
The company's top ten tenants make up 21.4% of its 2024 contractual rental income, with FedEx leading the pack, followed by Northern Tool & Equipment, NARDA Holdings, Inc., Havertys Furniture Companies, Inc., and LA Fitness International, LLC.
In terms of financials, One Liberty Properties reports a market cap of $588.8 million, with 25.5% insider ownership and a current annualized dividend of $1.80, yielding at 6.5%.
The company's balance sheet looks robust, with $944.5 million in gross assets and a total debt-to-gross assets ratio of 44.4%. With a debt service coverage ratio of 2.3 to 1.0 and a fixed charge coverage ratio of 2.7 to 1.0, the balance sheet appears positioned for growth.
One Liberty Properties has demonstrated a disciplined acquisition track record, with acquisitions peaking at $79.5 million in 2021 and a total of $44.7 million in acquisitions completed through September 30, 2024. The recent industrial acquisitions have shown attractive yields ranging from 6.8% to 8.1%.
Overall, the company has maintained stable occupancy, standing at 99.1% as of September 30, 2024, and has a well-structured lease maturity profile, with expiring leases representing a small percentage of its 2024 contractual rental income.
In terms of operational metrics, the historical Adjusted Funds From Operations (AFFO) per share has shown a consistent upward trend, reaching $1.99 in 2023, while the AFFO payout ratio has seen a slight decrease from 95% in 2020 to 90% in 2023.
One Liberty Properties' mortgage debt maturities reveal a balanced distribution, with approximately $50.7 million due in 2025, $41.5 million in 2026, $32.9 million in 2027, and $38.4 million in 2028.
Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $26.91. Check out the company's full 8-K submission here.
