One Liberty Properties reports Q3 AFFO 46c, consensus 48c
Q3 Revenue Performance: One Liberty reported Q3 revenue of $22.2 million, exceeding the consensus estimate of $21.89 million, despite facing pressure compared to the previous year.
Focus on Industrial Assets: The company is shifting its portfolio towards industrial assets, with 70% of base rent coming from this sector, and recently acquired a $33 million industrial property to enhance cash flow stability.
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One Liberty Acquires 397,440 Sq Ft Industrial Property for $53.5 Million
- Acquisition Completed: One Liberty Properties has finalized the acquisition of a 397,440 square foot multi-tenant industrial property in Sewickley, Pennsylvania, for $53.5 million, marking a continued expansion in the industrial property sector.
- Strong Leasing Situation: The property is currently 93% leased to tenants including Amazon and Linde Gas, a Fortune Global 2000 company, generating an annual base rent of approximately $3.4 million, with potential for future rent growth as vacancies are filled and leases expire.
- Optimized Financing Structure: The acquisition was financed through cash and a seven-year $32.4 million mortgage at an interest rate of 5.45%, with the first five years being interest-only, followed by a 30-year amortization schedule, reducing short-term financial pressure.
- Accelerated Strategic Transformation: Year-to-date, One Liberty has completed over $188 million in transactions, exceeding its average acquisition pace from the previous five years by more than five times, indicating a significant inflection point in the company's industrial-focused transformation strategy.
Daily Dividend Update: OLP, TJX, AMGN, O, CAT
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