Download Results of Quarterly Operations, Quarter Ending 12/00

ONE LIBERTY PROPERTIES, INC.
60 CUTTER MILL ROAD - SUITE 303
GREAT NECK, NY 11021
Telephone 516-466-3100
Telecopier 516-466-3132
www.1Liberty.com
ONE LIBERTY PROPERTIES ANNOUNCES
RESULTS OF OPERATIONS FOR THE YEAR AND
QUARTER ENDED DECEMBER 31, 2000
Great Neck, New York - March 21, 2001 - One Liberty Properties, Inc. (ASE: OLP; OLP
Pr) today announced that for the year ended December 31, 2000 it had revenues of
$12,669,000, net income of $7,932,000, and net income applicable to common
stockholders of $6,888,000, or $2.25 per common share on a diluted basis. This
compares with revenues of $10,180,000, net income of $4,879,000, and net income
applicable to common stockholders of $3,632,000, or $1.23 per common share on a
diluted basis, for the year ended December 31, 1999. Net income for 2000 includes
gains on sales of real estate and available-for-sale securities (net) of $3,790,000, or
$1.21 per common share. The gains on sales were $126,000, or $.04 per common
share for the 1999 fiscal year. The weighted average number of common shares
outstanding, on a diluted basis, was 3,528,000 and 2,963,000 for the years ended
December 31, 2000 and 1999, respectively.
For the three months ended December 31, 2000, the Company reported total revenues
of $3,459,000, net income of $4,555,000, and net income applicable to common
stockholders of $4,296,000, or $1.29 per common share on a diluted basis (including a
net gain of $3,600,000, or $1.06 per common share on a diluted basis), compared with
total revenues of $2,384,000, net income of $1,005,000 and net income applicable to
common stockholders of $743,000, or $.25 per common share on a diluted basis for the
three months ended December 31, 1999 (including a net gain of $64,000, or $.02 per
common share on a diluted basis). The weighted average number of shares
outstanding, on a diluted basis, was 3,539,000 and 2,975,000 for the three months
ended December 31, 2000 and 1999, respectively.
Jeffrey Fishman, President and Chief Operating Officer of the Company noted that
excluding non-recurring revenue items and gains on sales of real estate and availablefor-sale securities (net), revenues, net income applicable to common stockholders and
net income per common share increased 35%, 14% and 13% , respectively, year over
year.
Mr. Fishman commented that funds from operations applicable to common stockholders
for the year ended December 31, 2000 was $5,324,000 or $1.78 per common share, as
compared to $4,334,000, or $1.46 per common share, for the year ended December 31,
1999. For the three months ended December 31, 2000, funds from operations
applicable to common stockholders was $1,394,000, or $.46 per common share, as
compared to $1,126,000, or $.38 per common share for the three months ended
December 31, 1999. Funds from operations adds back to net income depreciation of
properties and provision for valuation adjustment of real estate and deducts return of
unused escrow funds, gains on sales of real estate and cash distributions to preferred
stockholders. Funds from operations has been calculated in accordance with the
NAREIT definition. If One Liberty adjusts funds from operations for the effects of straight
line rent recognition, funds from operations applicable to common stockholders for the
year ended December 31, 2000 and 1999 would be $4,655,000, or $1.56 per common
share, and $3,762,000, or $1.27 per common share, respectively, and for the three
months ended December 31, 2000 and 1999 would be $1,241,000, or $.41 per common
share, and $982,000, or $.33 per share, respectively.
The results from operations and the funds from operations for both the year ended
December 31, 2000 and the quarter ended December 31, 2000, as compared to the
comparable year and quarter of the 1999 fiscal year, reflects an increase in rental
income due to the inclusion of properties acquired in 1999 for a full year and inclusion of
properties acquired in 2000 from the date of acquisition, partially offset by property sales
in 1999 and 2000. The increase in rental income was partially offset by a decrease in
interest and other income as funds were used for property acquisitions. On the expense
side, the Company had an increase in depreciation and amortization expense and an
increase in interest on mortgages payable due to an increase in the number of
properties in the Company's portfolio and an increase in the principal amount of
mortgages payable due to mortgages placed on properties acquired in 1999 and 2000.
Interest expense also increased in 2000 as funds were borrowed under the credit line for
property acquisitions and the Company had an increase in general and administrative
expenses primarily due to an increase in payroll and payroll related expenses.
In the fourth quarter of the 2000 fiscal year, the Company sold thirteen single-tenanted
properties net leased to Total Petroleum. The sale resulted in a gain of $3,603,000 for
financial statement purposes. The sale proceeds were applied by the Company in the
acquisition of two net leased properties on a tax-deferred basis in accordance with IRS
Section 1031. Accordingly, the Company will not realize a gain for federal income tax
purposes.
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 herein is forward looking. Information regarding certain
important factors that could cause actual outcomes or other events to differ materially
from any such forward looking statements appear in the Company's Form 10-K for the
year ended December 31, 2000.
Contact:
Simeon Brinberg
(516) 466-3100
(OLPPRMARCHOPER)