• Occupancy Rate: Maintained a high occupancy rate of 98.8%.

• Debt Reduction: Paid off $21.8 million of credit facility debt.

• Dividends: Declared the 125th consecutive quarterly dividend.

• Share Repurchase: Repurchased $9.6 million of shares in 2023.

• Rental Income: Full-year rental income decreased slightly to $90.6 million from $92.2 million in 2022.

• Net Income: Reported a net income of $29.6 million for 2023, down from $42.2 million in 2022.

• FFO and AFFO: FFO per diluted share was $1.82 and AFFO per diluted share was $1.99 for the full year 2023.

• Warning! GuruFocus has detected 9 Warning Signs with OLP.

On March 5, 2024, One Liberty Properties Inc (NYSE:OLP), a self-administered and self-managed real estate investment trust, released its 8-K filing, reporting its financial results for the fourth quarter and full year ended December 31, 2023. The company, which focuses primarily on net leased industrial properties, has shown resilience with a high occupancy rate and strategic financial moves, despite facing some challenges in its financial metrics.

One Liberty Properties Inc is known for its diversified portfolio of industrial, retail, restaurant, health and fitness, and theater properties, generating the majority of its revenue from rental income. The company's occupancy rate stood strong at 98.8%, reflecting the demand for its properties and the effectiveness of its management strategies.

Fourth Quarter and Full Year 2023 Performance

For the fourth quarter, One Liberty Properties reported rental income of $22.7 million, a decrease from $27.7 million in the same period of the prior year. This decline was primarily due to a $4.6 million settlement in the previous year's quarter. Total operating expenses for the quarter were relatively flat year-over-year at $14.3 million.

The company experienced a net income of $15.0 million, or $0.71 per diluted share, in the fourth quarter, compared to $8.9 million, or $0.42 per diluted share, in the same period of the prior year. This increase was largely due to a $12 million gain from the sale of real estate. However, Funds from Operations (FFO) decreased to $9.6 million, or $0.45 per diluted share, from $15.1 million, or $0.71 per diluted share, in the corresponding quarter of 2022. Adjusted Funds from Operations (AFFO) also saw a slight decrease to $10.6 million, or $0.50 per diluted share, from $11.0 million, or $0.52 per diluted share.

For the full year, rental income decreased slightly to $90.6 million from $92.2 million in 2022. Net income for 2023 was reported at $29.6 million, or $1.38 per diluted share, a decrease from $42.2 million, or $1.99 per diluted share, in the previous year. The company's FFO for 2023 was $39.0 million, or $1.82 per diluted share, compared to $49.7 million, or $2.34 per diluted share, in 2022. AFFO for 2023 was $42.6 million, or $1.99 per diluted share, showing a slight increase from $42.1 million, or $1.98 per diluted share, in the prior year.