One Liberty Properties, Inc. (OLP) has reported 12.84 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.86 million, or $0.15 a share in the quarter, compared with $3.29 million, or $0.18 a share for the same period last year. Revenue during the quarter grew 13.02 percent to $18.47 million from $16.34 million in the previous year period.
Cost of revenue rose 24.32 percent or $0.53 million during the quarter to $2.70 million. Gross margin for the quarter contracted 133 basis points over the previous year period to 85.36 percent.
Total expenses were $11.24 million for the quarter, up 20.49 percent or $1.91 million from year-ago period. Operating margin for the quarter contracted 377 basis points over the previous year period to 39.17 percent.
Operating income for the quarter was $7.24 million, compared with $7.02 million in the previous year period.
Revenue from real estate activities during the quarter increased 13.02 percent or $2.13 million to $18.47 million.
Income from operating leases during the quarter rose 11.80 percent or $1.78 million to $16.83 million. Revenue from tenant reimbursements was $1.64 million for the quarter, up 27.25 percent or $0.35 million from year-ago period.
Patrick J. Callan, Jr., president and chief executive officer of One Liberty stated, "Operating results continue to reflect our disciplined approach to portfolio management. During the first quarter, we benefitted from the accretive property additions made over the past year as adjusted funds from operations per diluted share grew 15.9% on a 13.5% improvement in total revenues. As we look forward, our portfolio is well positioned to drive continued growth which should result in higher cash flow as we move through the year and be additive to our efforts to enhance stockholder value."
Real estate investments stood at $10.77 million as on Mar. 31, 2017, down 2.74 percent or $0.30 million from year-ago.
Total assets grew 11.83 percent or $76.60 million to $723.93 million on Mar. 31, 2017. On the other hand, total liabilities were at $434.11 million as on Mar. 31, 2017, up 11.30 percent or $44.06 million from year-ago.
Return on assets moved down 13 basis points to 1 percent in the quarter. At the same time, return on equity moved down 29 basis points to 0.99 percent in the quarter.
Debt moves upTotal debt was at $396.80 million as on Mar. 31, 2017, up 13 percent or $45.65 million from year-ago. Shareholders equity stood at $289.82 million as on Mar. 31, 2017, up 12.65 percent or $32.54 million from year-ago. As a result, debt to equity ratio was almost stable at 1.37 percent in the quarter, when compared with the last year period.
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