SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 12, 2003
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ONE LIBERTY PROPERTIES, INC.
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(Exact name of Registrant as specified in charter)
Maryland 0-11083 13-3147497
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(State or other (Commission file No.) (IRS Employer
jurisdiction of I.D. No.)
incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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Item 9. Regulation FD Disclosure. (The information provided herein is being
provided under Item 12 of Form 8-K, Results of Operations and Financial
Condition).
Attached hereto as an exhibit is a copy of a Press Release issued by
the registrant on May 12, 2003. The Release which is being furnished to the
Securities and Exchange Commission, discloses information regarding the
registrant's results of operations for the three months ended March 31, 2003 and
its financial condition at March 31, 2003.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned officer thereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
Date: May 13, 2003 By: /s/ Simeon Brinberg
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Simeon Brinberg
Senior Vice President
ONE LIBERTY PROPERTIES, INC.
60 CUTTER MILL ROAD - SUITE 303
GREAT NECK, NY 11021
Telephone 516-466-3100
Telecopier 516-466-3132
www.onelibertyproperties.com
ONE LIBERTY PROPERTIES ANNOUNCES RESULTS OF OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 2003
Great Neck, New York - May 12, 2003 - One Liberty Properties, Inc. (ASE: OLP;
OLP Pr) today announced that for the three months ended March 31, 2003, the
first quarter of its fiscal year, it had revenues of $4,644,000, net income of
$2,198,000 and net income applicable to common stockholders of $1,939,000, or
$.34 per common share on a diluted basis. Net income, net income applicable to
common stockholders and net income per common share for the three months ended
March 31, 2003 give effect to $654,000 attributable to the Company's equity in
earnings of unconsolidated joint ventures. This compares with revenues of
$3,671,000, net income of $1,198,000, and net income applicable to common
stockholders of $939,000 or $.30 per common share on a diluted basis, for the
three months ended March 31, 2002. Net income, net income applicable to common
stockholders and net income per common share for the three months ended March
31, 2002 give effect to $198,000 attributable to the Company's equity in
earnings of unconsolidated joint ventures. The weighted average number of common
shares outstanding, on a diluted basis, was 5,667,000 and 3,101,000 for the
three months ended March 31, 2003 and 2002, respectively.
Jeffrey Fishman, president and chief executive officer of One Liberty commented
that funds from operations applicable to common stockholders for the three
months ended March 31, 2003 was $2,890,000, or $.51 per common share on a
diluted basis, as compared to $1,613,000, or $.52 per common share on a diluted
basis, for the three months ended March 31, 2002. Funds from operations adds
back to net income depreciation of properties and deducts cash distributions to
preferred stockholders. Funds from operations has been calculated in accordance
with the NAREIT definition.
Commenting on the results of operations, Mr. Fishman noted that rental income
increased by $826,000, or 22.6% quarter over quarter, due to rental income
earned on four properties acquired by One Liberty between September, 2002 and
February, 2003. In addition, net income benefited from the $456,000 increase, a
230% increase, quarter versus quarter, in equity in earnings of unconsolidated
joint ventures. The increase attributable to the Company's equity in earnings of
unconsolidated joint ventures is primarily the result of the acquisition by the
Company's movie theater joint ventures of eight movie theater properties between
April and December, 2002.
On the expense side, Mr. Fishman pointed out that total expenses increased by
$427,000, or 16%, quarter versus quarter, primarily due to an increase in
depreciation and amortization, an increase in interest - credit line and an
increase in general and administrative expenses. The increase in general and
administrative expenses of $208,000, or 57.6%, was due to an increase in direct
and allocated payroll and payroll related expenses, professional fees, state
taxes and travel expenses related to property acquisition activities. The
increase in payroll and payroll related expenses is due to the increase in the
Company's level of business activity quarter over quarter, particularly in the
areas of property acquisition, mortgage financing, lease negotiation, regulatory
compliance activities and consummation of a new credit facility.
One Liberty Properties, Inc. is a real estate investment trust and invests
primarily in improved commercial real estate under long term net lease.
Certain information contained herein may be deemed 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, 2002.
Contact: Simeon Brinberg
(516) 466-3100
ONE LIBERTY PROPERTIES, INC. (ASE: OLP; OLP Pr)
(Amounts in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
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2003 2002
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Revenues $ 4,644 $ 3,671
Expenses 3,100 2,673
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Earnings before equity in earnings of unconsolidated
joint ventures and gain on sale 1,544 998
Equity in earnings of unconsolidated joint ventures 654 198
Gain on sale of available-for-sale securities - 2
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Net income $ 2,198 $ 1,198
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Calculation of net income applicable to common stockholders:
Net income $ 2,198 $ 1,198
Less: distributions on preferred stock 259 259
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Net income applicable to
common stockholders $ 1,939 $ 939
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Net income per common share:
Basic $ .34 $ .31
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Diluted $ .34 $ .30
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Funds from operations applicable to
common stockholders $ 2,890 $ 1,613
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Funds from operations per common share:
Diluted $ .51 $ .52
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Weighted average number of common shares outstanding (Note A):
Basic 5,636 3,066
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Diluted 5,667 3,101
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(Note A): The weighted average number of common shares outstanding for the three
months ended March 31, 2003 give effect to the sale by the Company of 2,500,000
common shares in a public offering.
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* Funds from operations applicable to common stockholders is summarized in the
following table:
Net Income $ 2,198 $1, 198
Add: depreciation of properties 772 642
Add: our share of depreciation in
Unconsolidated joint ventures 179 32
Deduct: preferred distributions (259) (259)
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Funds from operations applicable to
common stockholders $ 2,890 $ 1,613
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If One Liberty had adjusted the calculation of funds from operations for the
effects of the straightline rent adjustment:
Funds from operations applicable to
common stockholders $ 2,890 $ 1,613
Deduct: straight line rent income (323) (180)
Deduct: our share of straight line rent in
unconsolidated joint ventures (126) (7)
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Funds from operations applicable to
common stockholders, as adjusted $ 2,441 $ 1,426
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Funds from operations per common share,
as adjusted $ .43 $ .46
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