One Liberty Properties (OLP) Q4 2024 earnings summary

Executive summary

• Added $133 million in industrial assets since early 2024, now over 75% of base rent from industrial properties.

• Declared 129th consecutive quarterly dividend of $0.45 per share, payable April 2025.

• Acquired three industrial properties for $44.7 million in 2024 and three more for $62.3 million in Q1 2025; signed agreement for $26 million industrial property.

Financial highlights

• Q4 2024 revenue was $23.9 million, up from $22.7 million year-over-year.

• Q4 net income attributable was $10.5 million ($0.49/share) vs. $15.0 million ($0.71/share) prior year, mainly due to lower gain on sale of real estate.

• Q4 FFO was $10.0 million ($0.46/share), up from $9.6 million ($0.45/share) year-over-year.

• Q4 AFFO was $10.8 million ($0.50/share), flat year-over-year.

• Full year 2024 net income was $30.4 million ($1.40/share) vs. $29.6 million ($1.38/share) in 2023.

• Full year FFO was $38.0 million ($1.77/share) vs. $39.0 million ($1.82/share) in 2023.

• Full year AFFO was $41.2 million ($1.91/share) vs. $42.6 million ($1.99/share) in 2023.

Outlook and guidance

• After closing a pending acquisition, industrial assets added since 2024 will total $133 million.

• Anticipates $3.5 million rental income from 2024 acquisitions in 2025, excluding tenant reimbursements.

• Expects $3.0 million base rent and $1.7 million interest expense from two Alabama properties acquired in 2025.

• Wichita, KS property to contribute $800,000 base rent and $413,000 interest expense in 2025.

• Council Bluffs, IA property expected to generate $1.5 million base rent and $800,000 interest expense in 2025.