One Liberty Properties has recently released its 10-K report, providing insights into its business operations and financial performance. As a self-administered and self-managed real estate investment trust, the company primarily focuses on acquiring, owning, and managing a diverse portfolio of industrial and retail properties, many of which are subject to long-term net leases.
The 10-K report sheds light on the company's tenants, including its use of the term e-commerce, which encompasses retail, restaurant, health, and fitness sectors providing goods and services through non-traditional distribution channels. Additionally, the report mentions affiliated entities such as Gould Investors L.P., BRT Apartments Corp., and Majestic Property Management Corp., clarifying that the term does not constitute an acknowledgement of these entities as affiliates.
The report provides specific figures as of December 31, 2024, including a contractual rental income of $72.0 million for 2025, a high property occupancy rate of 99.2%, and the weighted average remaining term of mortgage debt at 6.1 years with an interest rate of 4.56%. Furthermore, it highlights the weighted average remaining lease term generating the 2025 contractual rental income, which stands at five years.
In terms of recent developments, the report outlines the acquisition of three industrial properties for a total purchase price of $44.7 million in 2024. It also details the sale of 11 properties, resulting in aggregate net sales proceeds of $38.2 million and a net gain on real estate sales of $18.0 million. Moreover, it mentions that as of December 31, 2024, no amounts were outstanding on the company's $100.0 million credit facility.
Subsequent to December 31, 2024, One Liberty Properties made significant moves, including the acquisition of two Class A industrial properties in Alabama and Kansas, as well as a contract to acquire a Class A industrial property in Iowa. These acquisitions are projected to contribute to an estimated 2025 contractual rental income of approximately $77.3 million.
The report also highlights a property sale in Concord, North Carolina, generating net proceeds of $3.1 million and anticipating a gain of approximately $1.1 million. Additionally, it mentions the termination of a previously announced contract to sell a multi-tenant retail center in St. Louis Park, Minnesota.
As a result of these announcements, the company's shares have moved 0.7% on the market, and are now trading at a price of $26.78. If you want to know more, read the company's complete 10-K report here.
