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Mar 31, 2022
One Liberty Properties Q1 2022 Earnings Report
Reported results for the quarter ended March 31, 2022, including an additional industrial property acquisition and gains from property sales.
Key Takeaways
One Liberty Properties reported an increase in rental income and net income for the first quarter of 2022, driven by additional rental income, insurance recoveries, and a reduction in interest expense, partially offset by increased compensation expense. The company continues to evolve its portfolio to maximize long-term cash flow and remains disciplined in its acquisition strategy.
Rental income increased to $21.5 million compared to $20.7 million in the first quarter of 2021.
Net income attributable to One Liberty was $9.3 million, or $0.44 per diluted share, compared to $3.0 million, or $0.13 per diluted share, in the first quarter of 2021.
Funds from Operations (FFO) was $10.6 million, or $0.50 per diluted share, compared to $8.8 million, or $0.42 per diluted share, in the first quarter of 2021.
Adjusted Funds from Operations (AFFO) was $10.7 million, or $0.50 per diluted share, compared to $10.0 million, or $0.48 per diluted share, for the corresponding quarter in the prior year.