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Jun 30, 2020
One Liberty Properties Q2 2020 Earnings Report
Reported operating results for the quarter ended June 30, 2020.
Key Takeaways
One Liberty Properties reported a slight increase in rental income but a decrease in net income and FFO for the second quarter of 2020, impacted by COVID-19 and specific expenses like swap termination fees.
Rental income increased by 1.0% to $20.9 million compared to Q2 2019.
Net income was $2.3 million, or $0.10 per diluted share, down from $4.1 million, or $0.20 per diluted share, in Q2 2019.
FFO was $8.2 million, or $0.41 per diluted share, compared to $9.0 million, or $0.45 per diluted share, in Q2 2019.
AFFO was $9.5 million, or $0.47 per diluted share, the same as the prior year's $9.5 million, or $0.48 per diluted share.
Forward Guidance
One Liberty Properties is focused on mitigating the impact of COVID-19, working with tenants, and improving liquidity, which they believe will maximize long-term value and cash flow.
Positive Outlook
- Majority of tenants are now open for business.
- Anticipate making additional progress on rent collections.
- Aim to improve long-term occupancy.
- Focus on producing value for stockholders.
- Improved liquidity profile by selling a retail asset in July.
Challenges Ahead
- COVID-19 is impacting the portfolio.
- Working with tenants requiring help may impact near-term performance.
- Net income decreased due to various expenses.
- FFO decreased due to swap termination fee and non-cash expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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