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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)