One Liberty Properties Q1 2024 Earnings Report
Key Takeaways
One Liberty Properties reported a net income of $5.2 million, or $0.23 per diluted share, and rental income of $22.4 million for the first quarter of 2024. The company remained focused on transforming its portfolio towards industrial ownership through strategic acquisitions and opportunistic sales.
Rental income was $22.4 million, a decrease from $23.0 million in the same prior year quarter, primarily due to property sales in 2023.
Net income attributable to One Liberty was $5.2 million, or $0.23 per diluted share, compared to $5.4 million, or $0.25 per diluted share, in the first quarter of 2023.
Funds from Operations (FFO) was $9.6 million, or $0.45 per diluted share, compared to $10.1 million, or $0.47 per diluted share, in the first quarter of 2023.
Adjusted Funds from Operations (AFFO) was $10.2 million, or $0.48 per diluted share, compared to $10.8 million, or $0.50 per diluted share, for the corresponding quarter in the prior year.