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Real estate investment trusts

One Liberty Properties Reports Strong First Quarter 2025 Results Amidst Evolving Portfolio

Strategic Insights

— 1 min read

One Liberty Properties, Inc., a real estate investment trust (REIT) focused on net leased properties, has announced its operating results for the quarter ended March 31, 2025. The company demonstrated resilience in the face of an uncertain interest rate and economic environment, highlighting its disciplined approach to portfolio management. Key to this strategy is the expansion of its industrial assets, with the recent acquisition of four properties for $88.3 million and the sale of two non-industrial assets.

Key Takeaways:

  • Rental income grew 7.7% to $24.2 million in the first quarter of 2025 compared to $22.4 million in the same prior year quarter, primarily due to the acquisition of seven industrial properties.
  • Total operating expenses were $15.7 million in the first quarter of 2025, a $1.2 million increase from 2024, driven by higher real estate expenses and depreciation and amortization.
  • Net income attributable to One Liberty in the first quarter of 2025 was $4.2 million, or $0.18 per diluted share, compared to $5.2 million, or $0.23 per diluted share, in the first quarter of 2024.
  • Funds from Operations (FFO) was $9.6 million, or $0.44 per diluted share, for the first quarter of 2025, with Adjusted Funds from Operations (AFFO) at $10.5 million, or $0.48 per diluted share.
  • Patrick J. Callan, Jr., One Liberty's President and Chief Executive Officer, emphasized the company's focus on industrial assets, which now comprise approximately 75% of its base rent.

Statistics:

  • Rental income growth: 7.7% to $24.2 million in the first quarter 2025.
  • Acquisition of four industrial properties for $88.3 million, with new mortgage debt of $52.1 million.
  • Average interest rate on new mortgage debt: 6.2%.
  • Remaining term to maturity of new mortgage debt: 9.2 years.
  • Expected quarterly rental income from newly acquired properties: $1.6 million.
  • Total operating expenses: $15.7 million in the first quarter 2025.
  • Net income attributable to One Liberty: $4.2 million, or $0.18 per diluted share, in the first quarter 2025.
  • FFO: $9.6 million, or $0.44 per diluted share, in the first quarter 2025.
  • AFFO: $10.5 million, or $0.48 per diluted share, in the first quarter 2025.

Sources:

  • One Liberty Properties, Inc. (2025, March 31). One Liberty Properties, Inc. Announces Operating Results for the Quarter Ended March 31, 2025.

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