One Liberty Properties Inc. (OLP, Financial) filed Quarterly Report for the period ended 2011-09-30.
One Liberty Properties Inc. has a market cap of $231.8 million; its shares were traded at around $15.99 with a P/E ratio of 9.9 and P/S ratio of 5.5. The dividend yield of One Liberty Properties Inc. stocks is 8.3%. One Liberty Properties Inc. had an annual average earning growth of 2.8% over the past 5 years.
The Companys five unconsolidated joint ventures each own and operate one property, including a 50% owned joint venture which acquired a retail property in March 2011 for a total purchase price of $3,200,000. At September 30, 2011 and December 31, 2010, the Companys equity investment in unconsolidated joint ventures totaled $5,139,000 and $4,777,000, respectively. In addition to the $107,000 gain on sale of property in the nine months ended September 30, 2010, the Company recorded equity in earnings of $241,000 and $354,000 for the nine months ended September 30, 2011 and 2010, respectively, and $105,000 and $101,000 for the three months ended September 30, 2011 and 2010, respectively.
In January 2010, the FASB issued updated guidance on fair value measurements and disclosures which requires disclosures of details of significant asset or liability transfers between Level 1 and 2 of the fair value hierarchy, the reasons for transfers in or out of Level 3 of the fair value hierarchy and activity for recurring Level 3 measures. The guidance also clarifies certain existing disclosure requirements related to the level at which fair value disclosures should be disaggregated and the requirement to provide disclosures about the valuation techniques and inputs used in determining the fair value of assets or liabilities classified as Level 2 or 3. These required disclosures were effective January 1, 2010, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures were effective for the Company on January 1, 2011. There were no transfers between Level 1, 2 and no significant transfers into or out of Level 3 of the fair value hierarchy during the three and nine months ended September 30, 2011. The adoption did not have a material effect on the Companys consolidated financial statements.
Two of the Companys unconsolidated joint ventures, in which a wholly owned subsidiary of the Company is a 50% partner and each of the two joint ventures have the same venture partners, had a $4,000,000 interest rate swap outstanding at September 30, 2011. The swap had an interest rate of 5.81% and matures in April 2018. The Companys 50% share of the swap is $2,000,000 and the value is $(177,000) as of September 30, 2011 and zero as of December 31, 2010 and is included in Investment in Unconsolidated Joint Ventures on the Companys balance sheet. The Companys 50% share of loss recognized in other comprehensive income was $119,000 and $206,000 for the three and nine months ended September 30, 2011 and the amount of loss reclassified from accumulated other comprehensive income into equity in earnings of unconsolidated joint ventures was $14,000 and $29,000 for the three and nine months ended September 30, 2011.
Equity in earnings of unconsolidated joint ventures. Approximately $65,000 of the decrease in the nine months ended September 30, 2011, results from a sale by a joint venture of a property in April 2010 at the same time the related lease expired. In addition, $50,000 of the decrease in the nine months ended September 30, 2011 is attributable to our 50% share of real estate acquisition costs incurred by one of our joint ventures in connection with the purchase of a property in March 2011.
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One Liberty Properties Inc. has a market cap of $231.8 million; its shares were traded at around $15.99 with a P/E ratio of 9.9 and P/S ratio of 5.5. The dividend yield of One Liberty Properties Inc. stocks is 8.3%. One Liberty Properties Inc. had an annual average earning growth of 2.8% over the past 5 years.
Highlight of Business Operations:
For the three and nine months ended September 30, 2011 and 2010, basic earnings per share was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period, including the effect of the 2,700,000 shares sold in February 2011 as described in Note 11. Net income during the applicable period is also allocated to the unvested restricted stock as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of unvested restricted stock. The weighted average number of unvested shares of restricted stock outstanding was 348,000 and 354,000 during the three and nine months ended September 30, 2011, respectively, and 321,000 and 335,000 during the three and nine months ended September 30, 2010, respectively. The dividends declared payable to unvested restricted stockholders was $115,000 and $345,000 during the three and nine months ended September 30, 2011, respectively, and $96,000 and $300,000 during the three and nine months ended September 30, 2010, respectively. The restricted stock units awarded under the Pay-for-Performance program described in Note 14 are excluded from the basic earnings per share calculation, as these units are not participating securities.The Companys five unconsolidated joint ventures each own and operate one property, including a 50% owned joint venture which acquired a retail property in March 2011 for a total purchase price of $3,200,000. At September 30, 2011 and December 31, 2010, the Companys equity investment in unconsolidated joint ventures totaled $5,139,000 and $4,777,000, respectively. In addition to the $107,000 gain on sale of property in the nine months ended September 30, 2010, the Company recorded equity in earnings of $241,000 and $354,000 for the nine months ended September 30, 2011 and 2010, respectively, and $105,000 and $101,000 for the three months ended September 30, 2011 and 2010, respectively.
In January 2010, the FASB issued updated guidance on fair value measurements and disclosures which requires disclosures of details of significant asset or liability transfers between Level 1 and 2 of the fair value hierarchy, the reasons for transfers in or out of Level 3 of the fair value hierarchy and activity for recurring Level 3 measures. The guidance also clarifies certain existing disclosure requirements related to the level at which fair value disclosures should be disaggregated and the requirement to provide disclosures about the valuation techniques and inputs used in determining the fair value of assets or liabilities classified as Level 2 or 3. These required disclosures were effective January 1, 2010, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures were effective for the Company on January 1, 2011. There were no transfers between Level 1, 2 and no significant transfers into or out of Level 3 of the fair value hierarchy during the three and nine months ended September 30, 2011. The adoption did not have a material effect on the Companys consolidated financial statements.
Two of the Companys unconsolidated joint ventures, in which a wholly owned subsidiary of the Company is a 50% partner and each of the two joint ventures have the same venture partners, had a $4,000,000 interest rate swap outstanding at September 30, 2011. The swap had an interest rate of 5.81% and matures in April 2018. The Companys 50% share of the swap is $2,000,000 and the value is $(177,000) as of September 30, 2011 and zero as of December 31, 2010 and is included in Investment in Unconsolidated Joint Ventures on the Companys balance sheet. The Companys 50% share of loss recognized in other comprehensive income was $119,000 and $206,000 for the three and nine months ended September 30, 2011 and the amount of loss reclassified from accumulated other comprehensive income into equity in earnings of unconsolidated joint ventures was $14,000 and $29,000 for the three and nine months ended September 30, 2011.
Equity in earnings of unconsolidated joint ventures. Approximately $65,000 of the decrease in the nine months ended September 30, 2011, results from a sale by a joint venture of a property in April 2010 at the same time the related lease expired. In addition, $50,000 of the decrease in the nine months ended September 30, 2011 is attributable to our 50% share of real estate acquisition costs incurred by one of our joint ventures in connection with the purchase of a property in March 2011.
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