Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'ONE LIBERTY PROPERTIES INC | ' | ' |
Entity Central Index Key | '0000712770 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $266.60 |
Entity Common Stock, Shares Outstanding | ' | 15,870,172 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate investments, at cost | ' | ' |
Land | $153,529 | $136,727 |
Buildings and improvements | 413,829 | 329,486 |
Total real estate investments, at cost | 567,358 | 466,213 |
Less accumulated depreciation | 71,171 | 61,052 |
Real estate investments, net | 496,187 | 405,161 |
Properties held-for-sale | 5,177 | 5,364 |
Investment in unconsolidated joint ventures | 4,906 | 19,485 |
Cash and cash equivalents | 16,631 | 14,577 |
Unbilled rent receivable | 13,743 | 12,629 |
Unamortized intangible lease assets | 26,035 | 16,491 |
Escrow, deposits and other assets and receivables | 5,690 | 3,741 |
Investment in BRT Realty Trust at market (related party) | 262 | 241 |
Unamortized deferred financing costs | 3,267 | 3,477 |
Total assets | 571,898 | 481,166 |
Liabilities: | ' | ' |
Mortgages payable | 278,045 | 225,971 |
Line of credit | 23,250 | ' |
Dividends payable | 5,806 | 5,252 |
Accrued expenses and other liabilities | 7,790 | 6,584 |
Unamortized intangible lease liabilities | 6,917 | 5,300 |
Total liabilities | 321,808 | 243,107 |
Commitments and contingencies | ' | ' |
One Liberty Properties Inc. stockholders' equity: | ' | ' |
Preferred stock, $1 par value; 12,500 shares authorized; none issued | ' | ' |
Common stock, $1 par value; 25,000 shares authorized; 15,221 and 14,598 shares issued and outstanding | 15,221 | 14,598 |
Paid-in capital | 210,324 | 196,107 |
Accumulated other comprehensive loss | -490 | -1,578 |
Accumulated undistributed net income | 23,877 | 28,001 |
Total One Liberty Properties, Inc. stockholders' equity | 248,932 | 237,128 |
Non-controlling interests in joint ventures | 1,158 | 931 |
Total equity | 250,090 | 238,059 |
Total liabilities and equity | $571,898 | $481,166 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 12,500 | 12,500 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 25,000 | 25,000 |
Common stock, shares issued | 15,221 | 14,598 |
Common stock, shares outstanding | 15,221 | 14,598 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income, net | $50,979,000 | $43,793,000 | $40,874,000 |
Operating expenses: | ' | ' | ' |
Depreciation and amortization | 11,919,000 | 9,564,000 | 8,792,000 |
General and administrative (including $2,681, $2,681 and $2,687 to related parties) | 7,801,000 | 7,317,000 | 6,849,000 |
Federal excise and state taxes | 255,000 | 457,000 | 168,000 |
Real estate expenses (including $600 in each year to related party) | 3,213,000 | 2,618,000 | 2,331,000 |
Leasehold rent | 308,000 | 308,000 | 308,000 |
Real estate acquisition costs | 921,000 | 823,000 | 213,000 |
Total operating expenses | 24,417,000 | 21,087,000 | 18,661,000 |
Operating income | 26,562,000 | 22,706,000 | 22,213,000 |
Other income and expenses: | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures | 651,000 | 1,368,000 | 914,000 |
Gain on disposition of real estate - unconsolidated joint venture | 2,807,000 | ' | ' |
Gain on sale - unconsolidated joint venture interest | 1,898,000 | ' | ' |
Gain on settlement of debt | ' | ' | 1,240,000 |
Other income (loss) | 97,000 | 241,000 | -35,000 |
Interest: | ' | ' | ' |
Expense | -13,716,000 | -12,532,000 | -12,429,000 |
Amortization of deferred financing costs | -890,000 | -774,000 | -815,000 |
Gain on sale of real estate | ' | 319,000 | ' |
Income from continuing operations | 17,409,000 | 11,328,000 | 11,088,000 |
Discontinued operations: | ' | ' | ' |
Income from operations | 577,000 | 1,567,000 | 1,700,000 |
Impairment charge | -62,000 | ' | ' |
Net gain on sales | ' | 19,413,000 | 932,000 |
Income from discontinued operations | 515,000 | 20,980,000 | 2,632,000 |
Net income | 17,924,000 | 32,308,000 | 13,720,000 |
Less net (income) loss attributable to non-controlling interests | -49,000 | 12,000 | 4,000 |
Net income attributable to One Liberty Properties, Inc. | $17,875,000 | $32,320,000 | $13,724,000 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic (in shares) | 14,948 | 14,427 | 13,801 |
Diluted (in shares) | 15,048 | 14,527 | 13,851 |
Per common share attributable to common stockholders - basic: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.12 | $0.77 | $0.77 |
Income from discontinued operations (in dollars per share) | $0.03 | $1.41 | $0.19 |
Total per common share attributable to common stockholders - basic (in dollars per share) | $1.15 | $2.18 | $0.96 |
Per common share attributable to common stockholders - diluted: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.11 | $0.76 | $0.77 |
Income from discontinued operations (in dollars per share) | $0.03 | $1.40 | $0.19 |
Total per common share attributable to common stockholders - diluted (in dollars per share) | $1.14 | $2.16 | $0.96 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' |
General and administrative, related parties | $2,681 | $2,681 | $2,687 |
Real estate expenses, related party | $600 | $600 | $600 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' |
Net income | $17,924 | $32,308 | $13,720 |
Other comprehensive gain (loss) | ' | ' | ' |
Net unrealized gain on available-for-sale securities | 47 | 11 | 66 |
Net unrealized gain (loss) on derivative instruments | 961 | -547 | -747 |
One Liberty Property's share of joint venture net unrealized gain (loss) on derivative instruments | 76 | -23 | -182 |
Other comprehensive gain (loss) | 1,084 | -559 | -863 |
Comprehensive income | 19,008 | 31,749 | 12,857 |
Less: comprehensive (income) loss attributable to non-controlling interests | -49 | 12 | 4 |
Plus: unrealized loss on derivative instruments attributable to non-controlling interests | -4 | ' | ' |
Comprehensive income attributable to One Liberty Properties, Inc. | $18,955 | $31,761 | $12,861 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Undistributed Net Income | Non-Controlling Interests in Joint Ventures |
In Thousands, unless otherwise specified | ||||||
Balances at Dec. 31, 2010 | $179,183 | $11,212 | $147,158 | ($156) | $20,969 | ' |
Distributions - common stock | ' | ' | ' | ' | ' | ' |
Cash - $1.42, $1.34 and $1.32 per share for the year ended December 31, 2013, 2012 and 2011, respectively | -19,088 | ' | ' | ' | -19,088 | ' |
Shares issued through equity offering program - net | 40,569 | 2,700 | 37,869 | ' | ' | ' |
Restricted stock vesting | ' | 46 | -46 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 3,751 | 255 | 3,496 | ' | ' | ' |
Contributions from non-controlling interest | 666 | ' | ' | ' | ' | 666 |
Compensation expense - restricted stock | 1,009 | ' | 1,009 | ' | ' | ' |
Net income (loss) | 13,720 | ' | ' | ' | 13,724 | -4 |
Other comprehensive income (loss) | -863 | ' | ' | -863 | ' | ' |
Balances at Dec. 31, 2011 | 218,947 | 14,213 | 189,486 | -1,019 | 15,605 | 662 |
Distributions - common stock | ' | ' | ' | ' | ' | ' |
Cash - $1.42, $1.34 and $1.32 per share for the year ended December 31, 2013, 2012 and 2011, respectively | -19,924 | ' | ' | ' | -19,924 | ' |
Shares issued through equity offering program - net | 2,131 | 121 | 2,010 | ' | ' | ' |
Restricted stock vesting | ' | 49 | -49 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 3,652 | 215 | 3,437 | ' | ' | ' |
Contributions from non-controlling interest | 571 | ' | ' | ' | ' | 571 |
Distributions to non-controlling Interests | -290 | ' | ' | ' | ' | -290 |
Compensation expense - restricted stock | 1,223 | ' | 1,223 | ' | ' | ' |
Net income (loss) | 32,308 | ' | ' | ' | 32,320 | -12 |
Other comprehensive income (loss) | -559 | ' | ' | -559 | ' | ' |
Balances at Dec. 31, 2012 | 238,059 | 14,598 | 196,107 | -1,578 | 28,001 | 931 |
Distributions - common stock | ' | ' | ' | ' | ' | ' |
Cash - $1.42, $1.34 and $1.32 per share for the year ended December 31, 2013, 2012 and 2011, respectively | -21,999 | ' | ' | ' | -21,999 | ' |
Shares issued through equity offering program - net | 9,165 | 363 | 8,802 | ' | ' | ' |
Restricted stock vesting | ' | 50 | -50 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 4,235 | 210 | 4,025 | ' | ' | ' |
Contributions from non-controlling interest | 480 | ' | ' | ' | ' | 480 |
Distributions to non-controlling Interests | -298 | ' | ' | ' | ' | -298 |
Compensation expense - restricted stock | 1,440 | ' | 1,440 | ' | ' | ' |
Net income (loss) | 17,924 | ' | ' | ' | 17,875 | 49 |
Other comprehensive income (loss) | 1,084 | ' | ' | 1,088 | ' | -4 |
Balances at Dec. 31, 2013 | $250,090 | $15,221 | $210,324 | ($490) | $23,877 | $1,158 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ' |
Distributions - common stock, Cash per share (in dollars per share) | $1.32 |
Share issued in public offering, offering costs (in dollars) | $282 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $17,924,000 | $32,308,000 | $13,720,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Gain on disposition of real estate held by unconsolidated joint venture | -2,807,000 | ' | ' |
Gain on sale - unconsolidated joint venture interest | -1,898,000 | ' | ' |
Gain on sales of real estate and other assets | -6,000 | -19,741,000 | -932,000 |
Gain on settlement of debt | ' | ' | -1,240,000 |
Increase in rental income from straight-lining of rent | -1,114,000 | -1,354,000 | -1,455,000 |
(Increase) decrease in rental income resulting from bad debt (recovery) expense, net | ' | -117,000 | 467,000 |
(Increase) decrease in rental income from amortization of intangibles relating to leases | -160,000 | 2,000 | 26,000 |
Impairment charge on properties held-for-sale | 62,000 | ' | ' |
Impairment charge on available-for-sale securities | ' | ' | 126,000 |
Amortization of restricted stock expense | 1,440,000 | 1,223,000 | 1,009,000 |
Equity in earnings of unconsolidated joint ventures | -651,000 | -1,368,000 | -914,000 |
Distributions of earnings from unconsolidated joint ventures | 1,103,000 | 1,016,000 | 902,000 |
Depreciation and amortization | 12,043,000 | 9,966,000 | 9,439,000 |
Amortization and write off of financing costs | 891,000 | 800,000 | 850,000 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) in escrow, deposits, other assets and receivables | -1,653,000 | -492,000 | -395,000 |
Increase in accrued expenses and other liabilities | 1,763,000 | 71,000 | 33,000 |
Net cash provided by operating activities | 26,937,000 | 22,314,000 | 21,636,000 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of real estate | -107,579,000 | -44,088,000 | -25,668,000 |
Improvements to real estate | -2,867,000 | -4,969,000 | -3,746,000 |
Net proceeds from sale of real estate | ' | 36,062,000 | 11,544,000 |
Net proceeds from disposition of unconsolidated joint venture interest | 13,444,000 | ' | ' |
Distributions of return of capital from unconsolidated joint ventures | 5,495,000 | 145,000 | 95,000 |
Investment in unconsolidated joint venture | ' | ' | -669,000 |
Payment of leasing commissions | -200,000 | -438,000 | -183,000 |
Net proceeds from sale of available-for-sale securities | 19,000 | 373,000 | ' |
Net cash used in investing activities | -91,688,000 | -12,915,000 | -18,627,000 |
Cash flows from financing activities: | ' | ' | ' |
Scheduled amortization payments of mortgages payable | -6,808,000 | -5,533,000 | -5,181,000 |
Repayment of mortgages payable | -4,708,000 | -32,422,000 | -15,302,000 |
Proceeds from mortgage financings | 63,590,000 | 65,989,000 | 12,455,000 |
Proceeds from common stock offering, net | 9,165,000 | 2,131,000 | 40,569,000 |
Proceeds from bank line of credit | 32,500,000 | 14,550,000 | 28,500,000 |
Repayment on bank line of credit | -9,250,000 | -34,550,000 | -44,700,000 |
Issuance of shares through dividend reinvestment plan | 4,235,000 | 3,652,000 | 3,751,000 |
Payment of financing costs | -656,000 | -2,111,000 | -741,000 |
Capital contributions from non-controlling interests | 480,000 | 571,000 | 666,000 |
Distributions to non-controlling interests | -298,000 | -290,000 | ' |
Cash distributions to common stockholders | -21,445,000 | -19,477,000 | -18,090,000 |
Net cash provided by (used in) financing activities | 66,805,000 | -7,490,000 | 1,927,000 |
Net increase in cash and cash equivalents | 2,054,000 | 1,909,000 | 4,936,000 |
Cash and cash equivalents at beginning of year | 14,577,000 | 12,668,000 | 7,732,000 |
Cash and cash equivalents at end of year | 16,631,000 | 14,577,000 | 12,668,000 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the year for interest expense, net of capitalized interest of $9 and $35 in 2013 and 2012, respectively | 13,744,000 | 13,088,000 | 13,363,000 |
Cash paid during the year for income taxes | 78,000 | 68,000 | 70,000 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' | ' |
Contribution of property to unconsolidated joint venture | ' | 11,734,000 | ' |
Settlement of mortgage debt | ' | ' | 1,259,000 |
Purchase accounting allocations - intangible lease assets | 11,624,000 | 6,641,000 | 2,387,000 |
Purchase accounting allocations - intangible lease liabilities | -2,210,000 | -588,000 | -614,000 |
Reclassification of 2010 prepaid tenant improvement allowance to building improvements | ' | ' | $1,750,000 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ' | ' |
Interest capitalized | $9 | $35 |
ORGANIZATION_AND_BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION AND BACKGROUND | ' |
ORGANIZATION AND BACKGROUND | ' |
NOTE 1—ORGANIZATION AND BACKGROUND | |
One Liberty Properties, Inc. ("OLP") was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust ("REIT"). OLP acquires, owns and manages a geographically diversified portfolio of retail, industrial, flex, office, health and fitness and other properties, a substantial portion of which are subject to long-term net leases. As of December 31, 2013, OLP owned 109 properties, including five properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 109 properties are located in 29 states. | |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries and its investment in five joint ventures in which the Company, as defined, has a controlling interest. OLP and its subsidiaries are hereinafter referred to as the "Company". Material intercompany items and transactions have been eliminated in consolidation. | |||||||||||
Investment in Joint Ventures | |||||||||||
The Financial Accounting Standards Board, or FASB, guidance for determining whether an entity is a variable interest entity, or VIE, requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. | |||||||||||
The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture's tax return before filing, and (iv) approve each lease at each property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture. | |||||||||||
With respect to the five consolidated joint ventures in which the Company has between an 85% and 95% interest, the Company has determined that (i) such ventures are not VIE's and (ii) the Company exercises substantial operating control and accordingly, such ventures are consolidated for financial statement purposes. | |||||||||||
The Company accounts for its investments in five unconsolidated joint ventures under the equity method of accounting. All investments in these five joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these five joint ventures are VIE's. In addition, although the Company is the managing member, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to customary carve-outs. | |||||||||||
The Company has elected to follow the cumulative earnings approach when assessing, for the statement of cash flows, whether the distribution from the investee is a return of the investor's investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. | |||||||||||
Use of Estimates | |||||||||||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Management believes that the estimates and assumptions that are most important to the portrayal of the Company's financial condition and results of operations, in that they require management's most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company's real estate portfolio. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company's future financial condition or results of operations. | |||||||||||
Revenue Recognition | |||||||||||
Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant's payment history and financial condition. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index. The percentage rents are based upon the level of sales achieved by the lessee and are recorded once the required sales levels are reached. | |||||||||||
Substantially all of the Company's properties are subject to long-term net leases under which the tenant is typically responsible to pay for real estate taxes, insurance and ordinary maintenance and repairs for the property directly to the vendor and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties is recorded on a net basis. For certain properties, the tenants, in addition to base rent, also pay the Company their pro rata share of real estate taxes and operating expenses. The income and expenses associated with these properties is recorded on a gross basis. During 2013, 2012 and 2011, the Company recorded additional rental income for the reimbursement of expenses in the amount of $1,694,000, $947,000 and $794,000, respectively. | |||||||||||
Gains or losses on disposition of properties are recorded when the criteria under GAAP have been met. | |||||||||||
Fair Value Measurements | |||||||||||
The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. | |||||||||||
Purchase Accounting for Acquisition of Real Estate | |||||||||||
The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases and origination costs associated with in-place leases. The Company assesses the fair value of the lease intangibles and the assumed mortgage based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The value, as determined, is allocated to land, buildings and improvements based on management's determination. | |||||||||||
In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. | |||||||||||
The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases associated with the original non-cancellable lease terms are amortized to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions and tenant improvements) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 55 years. | |||||||||||
Accounting for Long-Lived Assets and Impairment of Real Estate Owned | |||||||||||
The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the asset's carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset's carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Real estate assets that are classified as held for sale are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. | |||||||||||
Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. | |||||||||||
Cash and Cash Equivalents | |||||||||||
All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. The Company places its cash and cash equivalents in high quality financial institutions. | |||||||||||
Escrow, Deposits and Other Assets and Receivables | |||||||||||
Escrow, deposits and other assets and receivables include $1,453,000 and $1,104,000 at December 31, 2013 and 2012, respectively, of restricted cash relating to real estate taxes, insurance and other escrows. | |||||||||||
Allowance for Doubtful Accounts | |||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments. If the financial condition of a specific tenant were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. At December 31, 2013, there was no balance in allowance for doubtful accounts. At December 31, 2012, the balance in allowance for doubtful accounts was $132,000, recorded as a reduction to accounts receivable. | |||||||||||
The Company records bad debt expense as a reduction of rental income. For the years ended December 31, 2012 and 2011, the Company recorded bad debt expense of $56,000 and $486,000, respectively, in income from continuing operations and net recoveries of previously recognized bad debt expense of $173,000 and $19,000, respectively, in discontinued operations as a result of collections from one tenant. For the year ended December 31, 2013, the Company did not incur any bad debt expense. | |||||||||||
Depreciation and Amortization | |||||||||||
Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of improvements is computed on the straight line method over the lesser of the remaining lease term or the estimated useful life of the improvements. Depreciation ceases when a property is deemed "held for sale". Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense, including amortization of a leasehold position, lease origination costs, and capitalized lease commissions and excluding depreciation expense included in discontinued operations, amounted to $11,919,000, $9,564,000, and $8,792,000 for 2013, 2012 and 2011, respectively. | |||||||||||
Deferred Financing Costs | |||||||||||
Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2013 and 2012, accumulated amortization of such costs was $3,908,000 and $3,096,000, respectively. | |||||||||||
Federal Income Taxes | |||||||||||
The Company has qualified as a real estate investment trust under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to federal income taxes on amounts distributed to stockholders providing it distributes at least 90% of its taxable income and meets certain other conditions. During the years ended December 31, 2013 and 2012, the Company recorded accruals of Federal excise tax of $45,000 and $290,000, respectively, which are based on taxable income generated but not yet distributed. | |||||||||||
For 2013, 27% of the distributions are treated as capital gain distributions, with the balance treated as ordinary income. For 2012, 73% of the distributions were treated as capital gain distributions, with the balance treated as ordinary income. | |||||||||||
The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. | |||||||||||
Investment in Available-For-Sale Securities | |||||||||||
The Company determines the classification of equity securities at the time of purchase and reassesses the classification at each reporting date. At December 31, 2013, all marketable securities have been classified as available-for-sale and recorded at fair value. The fair value of the Company's equity investment in publicly-traded companies is determined based upon the closing trading price of the securities as of the balance sheet date and unrealized gains and losses on these securities are recorded as a separate component of stockholders' equity. Unrealized losses that are determined to be other-than-temporary are recognized in earnings. | |||||||||||
The Company's investment in 37,081 common shares of BRT Realty Trust ("BRT"), a related party of the Company, (accounting for less than 1% of the total voting power of BRT), was purchased at a cost of $132,000 and had a fair market value of $262,000 and $241,000 at December 31, 2013 and 2012, respectively. | |||||||||||
At December 31, 2013 and 2012, the total cumulative net unrealized gains of $145,000 and $98,000, respectively, on all investments in equity securities is reported as accumulated other comprehensive income (loss) in the stockholders' equity section. | |||||||||||
Realized gains and losses are determined using the average cost method and are included in "Other income" on the income statement. During 2013, 2012 and 2011, sales proceeds and gross realized gains and losses on securities classified as available-for-sale were (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales proceeds | $ | 19 | $ | 373 | $ | — | |||||
Gross realized gains | 6 | 9 | (a) | — | |||||||
(a) | |||||||||||
At December 31, 2011 the Company recorded an impairment charge of $126 on such securities. | |||||||||||
Concentration of Credit Risk | |||||||||||
The Company maintains accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. | |||||||||||
Including the properties owned by our unconsolidated joint ventures, the Company's properties are located in 29 states. The following chart lists the states where the Company's properties contributed over 10% to the Company's rental income (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Texas | 13 | % | 10.8 | % | 12.8 | % | |||||
New York | 11 | 12.8 | 13.8 | ||||||||
New Jersey | 10.7 | 8.3 | 5.9 | ||||||||
Pennsylvania | 8.8 | 10.1 | 10.8 | ||||||||
The Company owns eleven real estate investments that are located in six states and are net leased to Haverty Furniture Companies, Inc., a retail furniture company, pursuant to a master lease. The initial term of the net lease expires August 2022, with several renewal options. These real estate investments, which represented 9.5% of the depreciated book value of real estate investments at December 31, 2013, generated rental revenues of approximately $4,844,000 in each year or 9.5%, 11.1%, and 11.9%, of the Company's total revenues for 2013, 2012 and 2011, respectively. | |||||||||||
Earnings Per Common Share | |||||||||||
Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during each year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of unvested restricted stock. The restricted stock units awarded under the Pay-for-Performance program described in Note 9 are excluded from the basic earnings per share calculation, as these units are not participating securities. | |||||||||||
Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. For 2013, 2012 and 2011, the diluted weighted average number of common shares includes 100,000, 100,000 and 50,000 shares respectively, representing the diluted weighted average impact of 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance Program. These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid at the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance Program are not included during 2013, 2012 and 2011, as they did not meet the return on capital performance metric during such years. | |||||||||||
There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2013, 2012 and 2011. | |||||||||||
The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator for basic and diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 17,409 | $ | 11,328 | $ | 11,088 | |||||
Less net (income) loss attributable to noncontrolling interests | (49 | ) | 12 | 4 | |||||||
Less earnings allocated to unvested shares | (667 | ) | — | (460 | ) | ||||||
| | | | | | | | | | | |
Income from continuing operations available for common stockholders | 16,693 | 11,340 | 10,632 | ||||||||
Discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income available for common stockholders, basic and diluted | $ | 17,208 | $ | 32,320 | $ | 13,264 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator for basic earnings per share: | |||||||||||
—weighted average common shares | 14,948 | 14,427 | 13,801 | ||||||||
—weighted average unvested restricted stock shares | — | 411 | — | ||||||||
| | | | | | | | | | | |
14,948 | 14,838 | 13,801 | |||||||||
Effect of diluted securities: | |||||||||||
—restricted stock units awarded under Pay-for-Performance program | 100 | 100 | 50 | ||||||||
| | | | | | | | | | | |
Denominator for diluted earnings per share | |||||||||||
—weighted average shares | 15,048 | 14,938 | 13,851 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, basic | $ | 1.15 | $ | 2.18 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, diluted | $ | 1.14 | $ | 2.16 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests: | |||||||||||
Income from continuing operations | $ | 17,360 | $ | 11,340 | $ | 11,092 | |||||
Income from discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 17,875 | $ | 32,320 | $ | 13,724 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment Reporting | |||||||||||
Substantially all of the Company's real estate assets, at acquisition, are comprised of real estate owned that is net leased to tenants on a long-term basis. Therefore, the Company operates predominantly in one industry segment. | |||||||||||
Derivatives and Hedging Activities | |||||||||||
The Company's objective in using derivatives, and in particular interest rate swaps, is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes. | |||||||||||
The Company records all derivatives on the balance sheet at fair value. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. These counterparties are generally the larger financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions, including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. | |||||||||||
The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction affects earnings. The ineffective portion, if any, of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs, however; the Company's policy is to not enter into such transactions. | |||||||||||
Stock Based Compensation | |||||||||||
The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. | |||||||||||
New Accounting Pronouncements | |||||||||||
Effective January 1, 2013, the Company adopted ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which the FASB issued in February 2013. The standard requires an entity to present information about significant items reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance was effective for calendar year-end public companies beginning in the first quarter of 2013 with application on a prospective basis. The adoption of this guidance did not have a material impact on the Company's financial condition, results of operations or disclosures. | |||||||||||
Reclassification | |||||||||||
Certain amounts reported in previous consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year's presentation, primarily to reclassify the two properties that were sold in February 2014 to properties held-for-sale at December 31, 2012 and to reclassify the operations of these properties to discontinued operations for all years presented. | |||||||||||
REAL_ESTATE_INVESTMENTS_AND_MI
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | ' | |||||||||||||||||||
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | ' | |||||||||||||||||||
NOTE 3—REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | ||||||||||||||||||||
Real Estate Acquisitions | ||||||||||||||||||||
The following chart details the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Terms | Third Party | ||||||||||||||||
Purchase | of Payment(a) | Real Estate | ||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs(b) | ||||||||||||||||||||
Kmart retail store, | March 22, 2013 | $ | 4,640 | All cash | $ | 119 | ||||||||||||||
Clemmons, North Carolina(c) | ||||||||||||||||||||
Shutterfly flex facility, | July 1, 2013 | 15,500 | Cash and $9,300 | 124 | ||||||||||||||||
Fort Mill, South Carolina | mortgage(d) | |||||||||||||||||||
Texas Land & Cattle restaurant, | July 30, 2013 | 2,020 | All cash | — | (e) | |||||||||||||||
Killeen, Texas | ||||||||||||||||||||
Hooters restaurant, | August 1, 2013 | 2,469 | All cash | 15 | ||||||||||||||||
Concord, North Carolina | ||||||||||||||||||||
TRISUN Health Care—assisted living facility, | August 6, 2013 | 22,800 | Cash and $15,275 | 321 | ||||||||||||||||
Round Rock, Texas | mortgage(f) | |||||||||||||||||||
Hooters restaurant, | September 3, 2013 | 2,635 | All cash | 33 | ||||||||||||||||
Myrtle Beach, South Carolina | ||||||||||||||||||||
Joe's Crab Shack restaurant, | September 12, 2013 | 2,980 | All cash | 31 | ||||||||||||||||
Ann Arbor, Michigan | ||||||||||||||||||||
FedEx Express facility, | September 13, 2013 | 9,270 | All cash | 39 | ||||||||||||||||
Indianapolis, Indiana | ||||||||||||||||||||
Northern Tool & Equipment distribution facility, | September 18, 2013 | 39,195 | Cash and $27,300 | 91 | ||||||||||||||||
Fort Mill, South Carolina | mortgage(g) | |||||||||||||||||||
TGIF restaurant, | December 3, 2013 | 3,003 | All cash | — | (e) | |||||||||||||||
Greensboro, North Carolina | ||||||||||||||||||||
TGIF restaurant, | December 3, 2013 | 3,017 | All cash | — | (e) | |||||||||||||||
Richmond, Virginia | ||||||||||||||||||||
Other(h) | — | 148 | ||||||||||||||||||
| | | | | | | | | | | | |||||||||
Totals for 2013 | $ | 107,529 | $ | 921 | ||||||||||||||||
| | | | | | | | | | | | |||||||||
| | | | | | | | | | | | |||||||||
Urban Outfitters retail store, | February 7, 2012 | $ | 1,230 | All cash | $ | 21 | ||||||||||||||
Lawrence, Kansas | ||||||||||||||||||||
Three Applebee's restaurants, | March 12, 2012 | 8,568 | All cash | 84 | ||||||||||||||||
Carrollton, Kennesaw and Cartersville, Georgia | ||||||||||||||||||||
Avalon Carpet Tile and Flooring, retail store and warehouse, | April 24, 2012 | 2,200 | Cash and $2,040 | — | (i) | |||||||||||||||
Deptford, New Jersey(i) | mortgage(j) | |||||||||||||||||||
Applebee's restaurant, | May 17, 2012 | 2,340 | All cash | 19 | ||||||||||||||||
Lawrenceville, Georgia | ||||||||||||||||||||
FedEx Facility, | October 11, 2012 | 2,810 | All cash | 28 | (k) | |||||||||||||||
Pinellas Park, Florida | ||||||||||||||||||||
Walgreens Pharmacy, | October 25, 2012 | 2,268 | All cash | 92 | ||||||||||||||||
Cape Girardeau, Missouri(l) | ||||||||||||||||||||
Shopping Center, | November 13, 2012 | 7,150 | Cash and $5,100 | 206 | ||||||||||||||||
Houston, Texas(m) | mortgage(n) | |||||||||||||||||||
LA Fitness Health Club, | December 12, 2012 | 16,400 | Cash and $10,000 | 341 | ||||||||||||||||
Secaucus, New Jersey | mortgage(o) | |||||||||||||||||||
FedEx Facility, | December 26, 2012 | 1,650 | All cash | 6 | (k) | |||||||||||||||
Miamisburg, Ohio | ||||||||||||||||||||
Other(h) | — | 26 | ||||||||||||||||||
| | | | | | | | | | | | |||||||||
Totals for 2012 | $ | 44,616 | $ | 823 | ||||||||||||||||
| | | | | | | | | | | | |||||||||
| | | | | | | | | | | | |||||||||
(a) | ||||||||||||||||||||
All of the mortgages listed in this column were obtained from institutional lenders simultaneously with the acquisition of the respective properties. | ||||||||||||||||||||
(b) | ||||||||||||||||||||
Included as an expense in the accompanying consolidated statements of income. | ||||||||||||||||||||
(c) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 90% interest. The non-controlling interest contributed $470 for its 10% interest, which was equal to fair value at the date of purchase. | ||||||||||||||||||||
(d) | ||||||||||||||||||||
The mortgage bears interest at 4.562% per annum and matures July 2023. | ||||||||||||||||||||
(e) | ||||||||||||||||||||
Transaction costs of $50 incurred with these asset acquisitions were capitalized. | ||||||||||||||||||||
(f) | ||||||||||||||||||||
The mortgage bears interest at 5.375% per annum and matures August 2023. | ||||||||||||||||||||
(g) | ||||||||||||||||||||
The mortgage bears interest at 4.875% per annum and matures April 2029. | ||||||||||||||||||||
(h) | ||||||||||||||||||||
Costs incurred for potential acquisitions and properties purchased in prior year. | ||||||||||||||||||||
(i) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 95% interest. Transaction costs of $90 incurred with this asset acquisition were capitalized. | ||||||||||||||||||||
(j) | ||||||||||||||||||||
The mortgage bears interest at 5% per annum through April 2017 and thereafter at a rate of not less than 5% and matures May 2022. | ||||||||||||||||||||
(k) | ||||||||||||||||||||
Assignment fees of $84 and $125, paid in connection with the purchase of the FedEx properties located in Florida and Ohio, respectively, were capitalized. | ||||||||||||||||||||
(l) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 95% interest. | ||||||||||||||||||||
(m) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has an 85% interest. | ||||||||||||||||||||
(n) | ||||||||||||||||||||
The mortgage bears interest at 3.75% per annum and matures December 2017. | ||||||||||||||||||||
(o) | ||||||||||||||||||||
The mortgage bears interest at 4.9% per annum and matures January 2025. | ||||||||||||||||||||
The following chart provides the allocation of the purchase price for the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands): | ||||||||||||||||||||
Intangible Lease | ||||||||||||||||||||
Building | ||||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Kmart retail store, | $ | 2,496 | $ | 2,553 | $ | 653 | $ | 425 | $ | (1,487 | ) | $ | 4,640 | |||||||
Clemmons, North Carolina | ||||||||||||||||||||
Shutterfly flex facility, | 1,841 | 12,353 | 335 | 1,546 | (575 | ) | 15,500 | |||||||||||||
Fort Mill, South Carolina | ||||||||||||||||||||
Texas Land & Cattle restaurant, | 1,263 | 739 | 64 | — | — | 2,066 | (a) | |||||||||||||
Killeen, Texas | ||||||||||||||||||||
Hooters restaurant, | 999 | 954 | 122 | 394 | — | 2,469 | ||||||||||||||
Concord, North Carolina | ||||||||||||||||||||
TRISUN Health Care—assisted living facility, | 1,678 | 16,577 | 93 | 4,452 | — | 22,800 | ||||||||||||||
Round Rock, Texas | ||||||||||||||||||||
Hooters restaurant, | 1,102 | 1,090 | 71 | 372 | — | 2,635 | ||||||||||||||
Myrtle Beach, South Carolina | ||||||||||||||||||||
Joe's Crab Shack restaurant, | 1,098 | 1,338 | 122 | 422 | — | 2,980 | ||||||||||||||
Ann Arbor, Michigan | ||||||||||||||||||||
FedEx Express facility, | 1,224 | 6,438 | 498 | 1,222 | (112 | ) | 9,270 | |||||||||||||
Indianapolis, Indiana | ||||||||||||||||||||
Northern Tool & Equipment distribution facility, | 1,804 | 31,635 | 2,014 | 3,742 | — | 39,195 | ||||||||||||||
Fort Mill, South Carolina | ||||||||||||||||||||
TGIF restaurant, | 1,768 | 1,054 | 183 | — | — | 3,005 | (a) | |||||||||||||
Greensboro, North Carolina | ||||||||||||||||||||
TGIF restaurant, | 1,678 | 1,184 | 157 | — | — | 3,019 | (a) | |||||||||||||
Richmond, Virginia | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Subtotals | 16,951 | 75,915 | 4,312 | 12,575 | (2,174 | ) | 107,579 | |||||||||||||
Other(b) | — | — | — | (951 | ) | (36 | ) | (987 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Totals for 2013 | $ | 16,951 | $ | 75,915 | $ | 4,312 | $ | 11,624 | $ | (2,210 | ) | $ | 106,592 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(a) | ||||||||||||||||||||
Includes capitalized transaction costs of $50 incurred with these asset acquisitions. | ||||||||||||||||||||
(b) | ||||||||||||||||||||
Adjustments to finalize intangibles relating to properties purchased in 2012. | ||||||||||||||||||||
Intangible Lease | ||||||||||||||||||||
Building | ||||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Urban Outfitters retail store, | $ | 134 | $ | 937 | $ | — | $ | 169 | $ | (10 | ) | $ | 1,230 | |||||||
Lawrence, Kansas | ||||||||||||||||||||
Three Applebee's restaurants, | 2,284 | 3,439 | 281 | 2,564 | — | 8,568 | ||||||||||||||
Carrollton, Kennesaw and Cartersville, Georgia | ||||||||||||||||||||
Applebee's restaurant, | 804 | 739 | 43 | 754 | — | 2,340 | ||||||||||||||
Lawrenceville, Georgia | ||||||||||||||||||||
Avalon Carpet Tile and Flooring, retail store and warehouse, | 556 | 1,605 | 129 | — | 2,290 | (c) | ||||||||||||||
Deptford, New Jersey | ||||||||||||||||||||
FedEx Facility, | 1,231 | 1,607 | 62 | 94 | (100 | ) | 2,894 | (d) | ||||||||||||
Pinellas Park, Florida | ||||||||||||||||||||
Walgreens Pharmacy, | 545 | 1,478 | 69 | 379 | (203 | ) | 2,268 | |||||||||||||
Cape Girardeau, Missouri | ||||||||||||||||||||
Shopping Center, | 3,122 | 3,589 | 180 | 534 | (275 | ) | 7,150 | |||||||||||||
Houston, Texas | ||||||||||||||||||||
LA Fitness Health Club, | 5,660 | 8,830 | 25 | 1,885 | — | 16,400 | ||||||||||||||
Secaucus, New Jersey | ||||||||||||||||||||
FedEx Facility, | 165 | 1,248 | 100 | 262 | — | 1,775 | (d) | |||||||||||||
Miamisburg, Ohio | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Totals for 2012 | $ | 14,501 | $ | 23,472 | $ | 889 | $ | 6,641 | $ | (588 | ) | $ | 44,915 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(c) | ||||||||||||||||||||
Includes capitalized transaction costs of $90 incurred with this asset acquisition. | ||||||||||||||||||||
(d) | ||||||||||||||||||||
Includes capitalized assignment fees of $84 and $125 which were paid in connection with the purchase of these FedEx properties located in Florida and Ohio, respectively. | ||||||||||||||||||||
All of the properties purchased in 2013 and 2012 are (i) currently 100% occupied, other than the Houston, Texas property which is 91% occupied and (ii) leased by a single tenant pursuant to a long term net lease, other than the Northern Tool property, which is jointly leased by two companies under common ownership and the Houston, Texas property, which has 17 tenant spaces. | ||||||||||||||||||||
As a result of the 2013 and 2012 purchases, the Company recorded intangible lease assets of $11,624,000 and $6,641,000, respectively, and intangible lease liabilities of $2,210,000 and $588,000, respectively, representing the value of the acquired leases and origination costs. As of December 31, 2013, the weighted average amortization period for the 2013 and 2012 acquisitions is 13.2 and 16.8 years for the intangible lease assets and 6.0 and 16.2 years for the intangible lease liabilities, respectively. | ||||||||||||||||||||
At December 31, 2013 and 2012, accumulated amortization of intangible lease assets was $7,054,000 and $4,974,000, respectively and accumulated amortization of intangible lease liabilities was $3,099,000 and $2,505,000, respectively. | ||||||||||||||||||||
The Company recognized a net increase (decrease) in rental revenue of $160,000, $(2,000) and $(26,000) for the amortization of the above/below market leases for 2013, 2012 and 2011, respectively. For 2013, 2012 and 2011, the Company recognized amortization expense of $1,647,000, $1,006,000 and $844,000, respectively, relating to the amortization of the origination costs. | ||||||||||||||||||||
The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2013 will be deducted from rental income through 2032 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 458 | ||||||||||||||||||
2015 | 453 | |||||||||||||||||||
2016 | 443 | |||||||||||||||||||
2017 | 410 | |||||||||||||||||||
2018 | 370 | |||||||||||||||||||
Thereafter | 2,046 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 4,180 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2013 will be added to rental income through 2055 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 622 | ||||||||||||||||||
2015 | 601 | |||||||||||||||||||
2016 | 583 | |||||||||||||||||||
2017 | 574 | |||||||||||||||||||
2018 | 492 | |||||||||||||||||||
Thereafter | 4,045 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 6,917 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
The unamortized balance of origination costs associated with in-place leases at December 31, 2013 will be charged to amortization expense through 2055 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 2,167 | ||||||||||||||||||
2015 | 2,133 | |||||||||||||||||||
2016 | 2,013 | |||||||||||||||||||
2017 | 1,927 | |||||||||||||||||||
2018 | 1,808 | |||||||||||||||||||
Thereafter | 11,807 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 21,855 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Minimum Future Rents | ||||||||||||||||||||
The minimum future contractual rents (without taking into consideration straight-line rent or amortization of intangibles) to be received over the next five years and thereafter on the operating leases in effect at December 31, 2013 are as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 53,056 | ||||||||||||||||||
2015 | 49,432 | |||||||||||||||||||
2016 | 47,505 | |||||||||||||||||||
2017 | 45,316 | |||||||||||||||||||
2018 | 42,900 | |||||||||||||||||||
Thereafter | 233,512 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 471,721 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
The rental properties owned at December 31, 2013 are leased under noncancellable operating leases with current expirations ranging from 2014 to 2033, with certain tenant renewal rights. Substantially all lease agreements are net lease arrangements which require the tenant to pay rent and substantially all the expenses of the leased property including maintenance, taxes, utilities and insurance. For certain properties, the tenants pay the Company, in addition to the contractual base rent, their pro rata share of real estate taxes and operating expenses. Certain lease agreements provide for periodic rental increases and others provide for increases based on the consumer price index. | ||||||||||||||||||||
Unbilled Rent Receivable | ||||||||||||||||||||
At December 31, 2013 and 2012, the Company recorded unbilled rent receivables aggregating $13,743,000 and $12,629,000, respectively, representing rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 20 years. | ||||||||||||||||||||
During 2012, the Company wrote off $256,000 of unbilled "straight-line" rent receivable, relating to properties sold during such year. | ||||||||||||||||||||
DISCONTINUED_OPERATIONS_AND_RE
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ||||||||||
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ||||||||||
NOTE 4—DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | |||||||||||
Discontinued operations include two properties sold in February 2014 that are considered as held-for-sale at December 31, 2013, as well as a total of six properties sold in 2012 and 2011. | |||||||||||
Real estate investments are classified as held-for-sale when management has determined that it has met the criteria established under GAAP. Real estate investments which are held for sale are not depreciated and their operations are included in a separate component of income on the consolidated statements of income under the caption Discontinued Operations. | |||||||||||
Sales of Properties | |||||||||||
During 2013, the Company entered into a contract to sell two properties located in Michigan which were sold on February 3, 2014 for a total sales price of $5,177,000, net of closing costs. The net book value of the two properties was $5,177,000 (after recording an impairment charge of $61,700, representing the loss on sale of the properties) and $5,364,000 at December 31, 2013 and 2012, respectively, and is included in properties held-for-sale on the accompanying balance sheets. The impairment charge is included in discontinued operations at December 31, 2013. | |||||||||||
During 2012, the Company sold two properties located in Florida and leased to Office Depot, two properties located in New York and a property located in Texas. The total sales prices aggregated $36,062,000, net of closing costs, and the Company realized aggregate gains of $19,413,000 which is included in net gain on sales in discontinued operations in the results of operations for 2012. | |||||||||||
During 2011, the Company sold a property, leased to Office Depot and located in California, for $11,544,000, net of closing costs, and realized a gain of approximately $932,000, which is included in net gain on sales in discontinued operations in the results of operations for 2011. | |||||||||||
The following summarizes the components of income from discontinued operations (amounts in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Rental income | $ | 973 | $ | 2,690 | $ | 3,377 | |||||
| | | | | | | | | | | |
Depreciation and amortization | 125 | 402 | 647 | ||||||||
Real estate expenses | 12 | 106 | 257 | ||||||||
Interest expense | 259 | 615 | 773 | ||||||||
| | | | | | | | | | | |
Total expenses | 396 | 1,123 | 1,677 | ||||||||
| | | | | | | | | | | |
Income from operations | 577 | 1,567 | 1,700 | ||||||||
Impairment charge | 62 | — | — | ||||||||
Net gain on sales | — | 19,413 | 932 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | $ | 515 | $ | 20,980 | $ | 2,632 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
INVESTMENT_IN_UNCONSOLIDATED_J
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | 12 Months Ended |
Dec. 31, 2013 | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | ' |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | ' |
NOTE 5—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | |
At December 31, 2013 and 2012, the Company had investments in five and seven unconsolidated joint ventures, respectively, each of which owned and operated one property. The Company's equity investment in such unconsolidated joint ventures at such dates totaled $4,906,000 and $19,485,000, respectively. In addition to the $4,705,000 gain on sale of the two properties in 2013 described below, the Company recorded equity in earnings of $651,000, $1,368,000 and $914,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
In February 2012, the Company entered into a joint venture with an affiliate of Trammell Crow Company pursuant to which the Company contributed a property located in Plano, Texas to the joint venture in exchange for a 90% equity interest therein, and Trammell Crow contributed $1,500,000 in exchange for a 10% equity interest therein which resulted in a $319,000 gain to the Company. In February 2013, Trammell Crow exercised its right to purchase the Company's 90% equity interest in the unconsolidated joint venture for $13,500,000. The sale was completed in April 2013 and the Company recorded a gain of $1,898,000. | |
In May 2013, a property located in Los Angeles, California and owned by the Company and another entity as tenants-in-common, accounted for as an unconsolidated joint venture, was sold for $25,000,000, of which our share was $12,500,000. The Company recorded a $2,807,000 gain on this sale in 2013 and incurred a $148,000 expense, representing its share of the related mortgage prepayment penalty. The Company received net proceeds of $4,630,000 from the sale transaction. | |
DEBT_OBLIGATIONS
DEBT OBLIGATIONS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
DEBT OBLIGATIONS | ' | ||||
DEBT OBLIGATIONS | ' | ||||
NOTE 6—DEBT OBLIGATIONS | |||||
Mortgages Payable | |||||
At December 31, 2013, there were 51 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate carrying value of $459,760,000 before accumulated depreciation of $57,748,000. After giving effect to the interest rate swap agreements (see Note 7), the mortgage payments bear interest at fixed rates ranging from 3.13% to 8.80%, and mature between 2014 and 2037. The weighted average interest rate on all mortgage debt was 5.22% and 5.25% at December 31, 2013 and 2012, respectively. | |||||
Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 36,172 | (a) | ||
2015 | 14,643 | ||||
2016 | 32,679 | ||||
2017 | 44,595 | ||||
2018 | 18,696 | ||||
Thereafter | 131,260 | ||||
| | | | | |
Total | $ | 278,045 | |||
| | | | | |
| | | | | |
(a) | |||||
Includes a $16,261 mortgage loan which bears interest at 5.67% per annum and matures May 1, 2014. In February 2014, the Company refinanced this loan with a $19,750 new mortgage loan bearing interest at 4.75% per annum (with interest only payments for the first five years) and maturing March 2024. | |||||
Line of Credit | |||||
The Company has a $75,000,000 revolving credit facility with Manufacturer's & Trader's Trust Company, VNB New York Corp., Bank Leumi USA and Israel Discount Bank of New York. This facility matures March 31, 2015 and provides for an interest rate equal to the greater of (i) 90 day LIBOR plus 3% (3.25% at December 31, 2013), and (ii) 4.75% per annum, and an unused facility fee of .25% per annum. At December 31, 2013 and March 12, 2014, there were outstanding balances of $23,250,000 and $12,850,000, respectively, under the facility. | |||||
The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, minimum amount of tangible net worth, minimum amount of debt service coverage, minimum amount of fixed charge coverage, maximum amount of debt to value, minimum level of net income, certain investment limitations and minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2013. | |||||
The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company's subsidiaries and delivered to the lenders collateral mortgages with respect to certain unencumbered properties owned by the Company or its subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15 million and 15% of the borrowing base and if used for working capital purposes, will not exceed $10 million. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. | |||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
NOTE 7—FAIR VALUE MEASUREMENTS | ||||||||||||||
The carrying amounts of cash and cash equivalents, escrow, deposits and other assets and receivables, and accrued expenses and other liabilities are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. | ||||||||||||||
At December 31, 2013, the $283,142,000 estimated fair value of the Company's mortgages payable is more than their carrying value by approximately $5,097,000 assuming a blended market interest rate of 5% based on the 9.0 year weighted average remaining term of the mortgages. At December 31, 2012, the $233,170,000 estimated fair value of the Company's mortgages payable is more than their carrying value by approximately $7,199,000 assuming a blended market interest rate of 4.8% based on the 9.2 year weighted average remaining term of the mortgages. | ||||||||||||||
At December 31, 2013, the $23,250,000 carrying amount of the Company's line of credit approximates its fair value. | ||||||||||||||
The fair values of the Company's mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. | ||||||||||||||
Financial Instruments Measured at Fair Value | ||||||||||||||
Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||
The fair value of the Company's available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands): | ||||||||||||||
Fair Value | ||||||||||||||
Measurements | ||||||||||||||
Using Fair Value | ||||||||||||||
Hierarchy on a | ||||||||||||||
Year Ended | Carrying and | Recurring Basis | ||||||||||||
December 31, | Fair Value | Level 1 | Level 2 | |||||||||||
Financial assets: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Equity securities | 2013 | $ | 282 | $ | 282 | $ | — | |||||||
2012 | 278 | 278 | — | |||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | 2013 | 265 | — | 265 | ||||||||||
2012 | — | — | — | |||||||||||
Financial liabilities: | ||||||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | 2013 | 774 | — | 774 | ||||||||||
2012 | 1,470 | — | 1,470 | |||||||||||
The Company does not currently own any financial instruments that are classified as Level 3. | ||||||||||||||
Available-for-sale securities | ||||||||||||||
At December 31, 2013, the Company's available-for-sale securities were as follows: (i) a $262,000 investment in 37,081 shares of BRT Realty Trust and (ii) a $20,000 investment in other equity securities (included in other assets on the balance sheet). The aggregate cost of these securities was $138,000 and unrealized gains on such securities were $144,000. Such unrealized gains were included in accumulated other comprehensive loss on the balance sheet. Fair values are approximated on current market quotes from financial sources that track such securities. | ||||||||||||||
During 2013 and 2012, the Company sold certain available-for-sale securities for gross proceeds of $19,000 and $373,000, respectively, and recognized gains of $6,000 and $9,000, respectively. At December 31, 2011, the Company recorded an impairment charge of $126,000 (net against "Other income (loss)" on the income statement) on the securities sold in 2012. | ||||||||||||||
Derivative financial instruments | ||||||||||||||
Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. | ||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparty. As of December 31, 2013, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy. | ||||||||||||||
As of December 31, 2013, the Company had entered into twelve interest rate derivatives, all of which were interest rate swaps, related to twelve outstanding mortgage loans with an aggregate $69,173,000 notional amount and mature between 2014 and 2024 (weighted average maturity of 6.6 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted Libor based variable rate mortgages to fixed annual rate mortgages with interest rates ranging from 3.55% to 6.50% (weighted average interest rate of 5.05%). The fair value of the Company's derivatives designated as hedging instruments in asset and liability positions reflected as other assets or other liabilities on the consolidated balance sheets were $265,000 and $774,000, respectively, at December 31, 2013 and $0 and $1,470,000, respectively, at December 31, 2012. | ||||||||||||||
Two of the Company's unconsolidated joint ventures, in which a wholly owned subsidiary of the Company is a 50% partner, had an interest rate derivative outstanding at December 31, 2013 with a notional amount of $3,798,000. The interest rate derivative, which was entered into in March 2011, has an interest rate of 5.81% and matures in April 2018. | ||||||||||||||
The following table presents the effect of the Company's derivative financial instruments on the statement of income for the periods presented (amounts in thousands): | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Consolidated | ||||||||||||||
Amount of (loss) recognized on derivatives in Other comprehensive (loss) | $ | (1 | ) | $ | (1,051 | ) | $ | (1,098 | ) | |||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Interest expense | (962 | ) | (504 | ) | (351 | ) | ||||||||
Joint Ventures (Company's share) | ||||||||||||||
Amount of gain (loss) recognized on derivative in Other comprehensive (loss) | $ | 21 | $ | (79 | ) | $ | (225 | ) | ||||||
Amount of (loss) reclassification from Accumulated Other comprehensive (loss) into Equity in earnings of unconsolidated joint ventures | (55 | ) | (56 | ) | (43 | ) | ||||||||
No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges for the three years ended December 31, 2013. During the twelve months ending December 31, 2014, the Company estimates an additional $1,458,000 will be reclassified from other comprehensive income as an increase to interest expense. | ||||||||||||||
The derivative agreements in effect at December 31, 2013 provide that if the wholly owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary's derivative obligation. In addition, the Company is a party to one of the derivative agreements and if the subsidiary defaults on the loan subject to such agreement and if there are swap breakage losses on account of the derivative being terminated early, the Company could be held liable for interest rate swap breakage losses, if any. | ||||||||||||||
As of December 31, 2013, the fair value of the derivatives in the liability position, including accrued interest and excluding any adjustments for nonperformance risk was approximately $817,000. In the unlikely event that the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $817,000. Such amount is included in accrued expenses and other liabilities at December 31, 2013. | ||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 8—RELATED PARTY TRANSACTIONS | |
At December 31, 2013 and 2012, Gould Investors L.P. ("Gould"), a related party, owned 1,597,304 and 1,524,009 shares of the outstanding common stock of the Company or approximately 10.2% in each year. During 2013, Gould purchased 69,595 shares of the Company's stock through the Company's dividend reinvestment plan and 3,700 shares of the Company's stock in the open market. During 2012, Gould purchased 73,038 shares of the Company's stock through the Company's dividend reinvestment plan and 301 shares of the Company's stock in the open market. | |
Effective as of January 1, 2007, the Company entered into a compensation and services agreement with Majestic Property Management Corp. ("Majestic"), a company wholly-owned by the Company's Vice Chairman and in which certain of the Company's executive officers are officers and from which they receive compensation. Under the agreement, Majestic assumed the Company's obligations to make payments to Gould (and other affiliated entities) under a shared services agreement and agreed to provide to the Company the services of all affiliated executive, administrative, legal, accounting and clerical personnel that the Company had used prior to 2007 on an as needed, part time basis and for which the Company had reimbursed an allocated portion of the payroll expenses of such personnel in accordance with the shared services agreement. Commencing January 1, 2007, the Company no longer incurs any allocated expenses. Under the compensation and services agreement, Majestic (or its affiliates) continues to provide to the Company certain property management services (including construction supervisory services), property acquisition, sales and leasing services and mortgage brokerage services that it has provided to the Company prior to 2007, some of which were capitalized, deferred or reduced net sales proceeds in prior years. The Company does not incur any fees or expenses for such services except for the annual fees described below. | |
In consideration for providing to the Company the services described above, the Company paid Majestic an annual fee of $2,725,000 in each of 2013, 2012 and 2011, in equal monthly installments, of which $600,000 of property management costs is allocated annually to real estate expenses. Majestic credits against the fees due to it under the agreement any management or other fees received by it from any joint venture in which the Company is a joint venture partner (exclusive of fees that were paid by our joint venture partner on a property located in Los Angeles, California until its sale in May 2013). The agreement also provides for an additional payment to Majestic of $175,000 in 2013, 2012 and 2011 for the Company's share of all direct office expenses, such as rent, telephone, postage, computer services and internet usage, previously allocated to the Company under the shared services agreement. The annual payment the Company makes to Majestic is negotiated each year by the Company and Majestic, and is approved by the Company's independent directors. | |
Executive officers and others providing services under the compensation and services agreement also receive awards of shares of restricted stock and restricted stock units under the Company's stock incentive plans (described in Note 9). The costs of the plans charged to the Company's operations applicable to the executive officers and others providing services under the compensation and services agreement amounted to $867,000, $743,000 and $603,000 in 2013, 2012, and 2011, respectively. | |
In addition to its share of rent included in the $175,000 payment to Majestic, the Company leased additional space in the same building, and paid a subsidiary of Gould, an annual rent of $41,000 in each of 2013 and 2012, and $47,000 in 2011. | |
The Company also pays a fee of $250,000 and $100,000 per annum to the Company's chairman and vice-chairman, respectively. | |
Except for the $600,000 of real estate expenses described above, the fees paid under the compensation and services agreement, the chairman and vice-chairman fees and the rent expense are included in general and administrative expense in 2013, 2012 and 2011. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||
NOTE 9—STOCKHOLDERS' EQUITY | |||||||||||
Stock Based Compensation | |||||||||||
The Company's 2012 Incentive Plan, approved by the Company's stockholders in June 2012, permits the Company to grant, among other things, stock options, restricted stock, restricted stock units and performance share awards and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 600,000 shares of the Company's common stock is authorized for issuance pursuant to this Plan, of which 112,650 have been issued and 50 have vested. An aggregate of 557,415 shares of restricted stock and restricted stock units are outstanding under the Company's 2003 and 2009 equity incentive plans (collectively, the "Prior Plans") and have not yet vested. No additional awards may be granted under the Prior Plans. | |||||||||||
The restricted stock grants are charged to general and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Substantially all restricted stock awards made to date provide for vesting upon the fifth anniversary of the date of grant and under certain circumstances may vest earlier. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however dividends are paid on the unvested shares. | |||||||||||
On September 14, 2010, the Board of Directors approved a Pay-For-Performance Program under the Company's 2009 Incentive Plan and awarded 200,000 performance share awards in the form of restricted stock units (the "Units"), half of which were awarded to full time employees of the Company. The other half were awarded to part time officers of the Company who are compensated through the compensation and services agreement, some of whom are also officers of Majestic Property Management Corp. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for financial statement purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet. If the defined performance criteria are satisfied in full at June 30, 2017, one share of the Company's common stock will vest and be issued for each Unit outstanding and a pro-rata portion of the Units will vest and be issued if the performance criteria fall between defined ranges. In the event that the performance criteria are not satisfied in whole or in part at June 30, 2017, the unvested Units will be forfeited and no shares of the Company's common stock will be issued for those Units. For the awards which vest based on total stockholder return, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value. For the awards which vest based on return on capital, the fair value is based on the market value on the date of grant. Expense is not recognized on the Units which the Company does not expect to vest as a result of service conditions or the Company's performance expectations. The average per Unit grant price of the 200,000 units granted is $11.74. The total amount recorded as deferred compensation is $779,000 and is being charged to general and administrative expense over the approximate seven year vesting period. The deferred compensation expense to be recognized is net of certain forfeiture and performance assumptions (which are re-evaluated quarterly). No Units were forfeited or vested during 2013, 2012 and 2011. | |||||||||||
As of December 31, 2013, 2012 and 2011 there were no options outstanding under the Company's equity incentive plans. | |||||||||||
The following is a summary of the activity of the equity incentive plans (excluding, except as otherwise noted, the 200,000 Units): | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Restricted share grants | 112,650 | 109,450 | 74,040 | ||||||||
Average per share grant price | $ | 21.59 | $ | 16.77 | $ | 16.19 | |||||
Deferred compensation to be recognized over vesting period | $ | 2,432,000 | $ | 1,835,000 | $ | 1,199,000 | |||||
Non-vested shares: | |||||||||||
Non-vested beginning of period | 407,460 | 348,385 | 320,940 | ||||||||
Grants | 112,650 | 109,450 | 74,040 | ||||||||
Vested during period | (50,095 | ) | (49,325 | ) | (46,450 | ) | |||||
Forfeitures | — | (1,050 | ) | (145 | ) | ||||||
| | | | | | | | | | | |
Non-vested end of period | 470,015 | 407,460 | 348,385 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Average per share value of non-vested shares (based on grant price) | $ | 14.22 | $ | 12.59 | $ | 12.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Value of shares vested during the year (based on grant price) | $ | 876,000 | $ | 1,208,000 | $ | 960,000 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Average value of shares forfeited (based on grant price) | $ | — | $ | 13.65 | $ | 11.03 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | |||||||||||
Outstanding restricted stock grants | $ | 1,341,000 | $ | 1,050,000 | $ | 930,000 | |||||
Outstanding restricted stock units | 99,000 | 173,000 | 79,000 | ||||||||
| | | | | | | | | | | |
Total charge to operations | $ | 1,440,000 | $ | 1,223,000 | $ | 1,009,000 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
As of December 31, 2013, there were approximately $4,219,000 of total compensation costs related to nonvested awards that have not yet been recognized, including $401,000 related to the Pay-for-Performance Program (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.6 years. | |||||||||||
Common Stock Dividend Distributions | |||||||||||
In 2013, 2012 and 2011, the Company declared an aggregate $1.42, $1.34 and $1.32 per share in cash distributions, respectively. | |||||||||||
Distribution Reinvestment Plan | |||||||||||
The Company's Dividend Reinvestment Plan (the "Plan") provides stockholders with the opportunity to reinvest all, or a portion of, their cash dividends paid on the Company's common stock in additional shares of its common stock, at a discount of up to 5% from the market price. The discount is determined in the Company's sole discretion. The Company is currently offering up to a 5% discount from market. The Company issued 210,000, 215,000 and 255,000 common shares under the Plan during 2013, 2012 and 2011, respectively. | |||||||||||
Shares Issued Through Equity Offering Program | |||||||||||
On August 9, 2012, the Company entered into an equity offering sales agreement to sell shares of the Company's common stock from time to time with an aggregate sales price of up to $50,000,000, through an "at the market" equity offering program. During 2013, the Company sold 363,463 shares for proceeds of $9,227,800, net of commissions of $93,000, and incurred offering costs of $63,000. During 2012, the Company sold 120,844 shares for proceeds of $2,296,000, net of commissions of $23,000 and incurring offering costs of $165,000. | |||||||||||
Public Offering | |||||||||||
On February 11, 2011, the Company sold 2,700,000 shares of its common stock and received net proceeds of approximately $40,569,000. The proceeds were used to repay two mortgages in the aggregate amount of $7,700,000 having a weighted average interest rate of 7.9%, to reduce the amount outstanding under the line of credit by $26,200,000, to purchase a property in March 2011 for $2,325,000 and for general corporate purposes. | |||||||||||
GAIN_ON_SETTLEMENT_OF_DEBT
GAIN ON SETTLEMENT OF DEBT | 12 Months Ended |
Dec. 31, 2013 | |
GAIN ON SETTLEMENT OF DEBT | ' |
GAIN ON SETTLEMENT OF DEBT | ' |
NOTE 10—GAIN ON SETTLEMENT OF DEBT | |
In June 2011, with a payment of $7,634,000, the Company paid off the $8,893,000 principal balance of the mortgage secured by a property previously leased to a tenant which vacated the property in June 2011 in the course of its liquidation after filing for bankruptcy protection in early 2011. The $1,240,000 gain on settlement of debt is net of a $19,000 write off of the remaining balance of related deferred mortgage costs. The property was tested for impairment in June 2011 and it was determined that no charge was required. As described in Note 5, the Company contributed this property to an unconsolidated joint venture and then sold its equity interest in the venture for a gain of $1,898,000 in April 2013. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 11—COMMITMENTS AND CONTINGENCIES | |
The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees' total salary (subject to the maximum amount allowed by law). Pension expense approximated $147,000, $128,000 and $119,000 for 2013, 2012 and 2011, respectively. | |
The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $296,875 through July 2014 with 25% increases every five years through March 3, 2020. The Company has the right to extend the lease for up to five 5-year and one seven month renewal options. | |
In the ordinary course of business the Company is party to various legal actions which management believes are routine in nature and incidental to the operation of the Company's business. Management believes that the outcome of the proceedings will not have a material adverse effect upon the Company's consolidated financial statements taken as a whole. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
INCOME TAXES | ' | ||||||||||
INCOME TAXES | ' | ||||||||||
NOTE 12—INCOME TAXES | |||||||||||
The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. | |||||||||||
Reconciliation between Financial Statement Net Income and Federal Taxable Income: | |||||||||||
The following unaudited table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Estimate | Actual | Actual | |||||||||
Net income | $ | 17,875 | $ | 32,320 | $ | 13,724 | |||||
Straight line rent adjustments | (1,003 | ) | (919 | ) | (1,419 | ) | |||||
Financial statement gain on sale—less than (in excess of) tax gain | 1,391 | (445 | ) | 61 | |||||||
Rent received in advance, net | 691 | 97 | (78 | ) | |||||||
Financial statement adjustment for above/below market leases | (42 | ) | 6 | 31 | |||||||
Non-deductible portion of restricted stock expense | 357 | 341 | 300 | ||||||||
Federal excise tax, non-deductible | 45 | 290 | — | ||||||||
Financial statement depreciation in excess of tax depreciation | 1,644 | (208 | ) | 1,042 | |||||||
Property acquisition costs—capitalized for tax purposes | 774 | 836 | 268 | ||||||||
Other adjustments | (59 | ) | (201 | ) | (516 | ) | |||||
| | | | | | | | | | | |
Federal taxable income | $ | 21,673 | $ | 32,117 | $ | 13,413 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: | |||||||||||
The following unaudited table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Estimate | Actual | Actual | |||||||||
Dividends paid | $ | 21,999 | $ | 24,252 | $ | 14,758 | |||||
Dividend reinvestment plan(a) | 230 | 256 | 153 | ||||||||
| | | | | | | | | | | |
22,229 | 24,508 | 14,911 | |||||||||
Less: Spillover dividends designated to previous year | (7,659 | ) | — | (1,448 | ) | ||||||
Plus: Dividends designated from following year | 7,103 | 7,659 | — | ||||||||
| | | | | | | | | | | |
Dividends paid deduction(b) | $ | 21,673 | $ | 32,167 | $ | 13,463 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(a) | |||||||||||
Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan. | |||||||||||
(b) | |||||||||||
Dividends paid deduction is slightly higher than federal taxable income in 2012 and 2011 to account for adjustments made to federal taxable income as a result of the impact of the alternative minimum tax. | |||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 13—SUBSEQUENT EVENTS | |
Subsequent events have been evaluated and except as disclosed below and in Note 4 (Sales of Properties), there were no other events relative to our consolidated financial statements that require additional disclosure. | |
On January 15, 2014, 118,850 shares were issued as restricted share grants having an aggregate value of approximately $2,478,000 and will vest in January 2019. | |
On March 13, 2014, the Board of Directors declared a quarterly cash dividend of $.37 per share on the Company's common stock, totaling $5,872,000. The quarterly dividend is payable on April 3, 2014 to stockholders of record on March 25, 2014. | |
QUARTERLY_FINANCIAL_DATA_Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited): | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited): | ' | ||||||||||||||||
NOTE 14—QUARTERLY FINANCIAL DATA (Unaudited): | |||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Total | |||||||||||||||||
2013 | March 31 | June 30 | Sept. 30 | Dec. 31 | For Year | ||||||||||||
Rental revenues as previously reported | $ | 12,102 | $ | 12,227 | $ | 13,214 | $ | 14,166 | $ | 51,709 | |||||||
Revenues from discontinued operations(a) | (240 | ) | (246 | ) | (244 | ) | — | (730 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Revenues | $ | 11,862 | $ | 11,981 | $ | 12,970 | $ | 14,166 | $ | 50,979 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Income from continuing operations(b) | $ | 3,313 | $ | 7,607 | $ | 3,084 | $ | 3,405 | $ | 17,409 | |||||||
Income from discontinued operations(b) | 136 | 145 | 144 | 90 | 515 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 3,449 | $ | 7,752 | $ | 3,228 | $ | 3,495 | $ | 17,924 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 3,450 | $ | 7,736 | $ | 3,211 | $ | 3,478 | $ | 17,875 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic: | 14,672 | 14,844 | 15,093 | 15,178 | 14,948 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | 14,772 | 14,944 | 15,193 | 15,278 | 15,048 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic: | |||||||||||||||||
Income from continuing operations(b) | $ | 0.21 | $ | 0.5 | $ | 0.19 | $ | 0.21 | $ | 1.12 | (c) | ||||||
Income from discontinued operations(b) | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | (c) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.51 | $ | 0.2 | $ | 0.22 | $ | 1.15 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | |||||||||||||||||
Income from continuing operations(b) | $ | 0.21 | $ | 0.49 | $ | 0.19 | $ | 0.21 | $ | 1.11 | (c) | ||||||
Income from discontinued operations(b) | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | (c) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.5 | $ | 0.2 | $ | 0.22 | $ | 1.14 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(a) | |||||||||||||||||
Represents revenues from discontinued operations which were previously included in rental revenues as previously reported. | |||||||||||||||||
(b) | |||||||||||||||||
Amounts have been adjusted to give effect to discontinued operations. | |||||||||||||||||
(c) | |||||||||||||||||
Calculated on weighted average shares outstanding for the year. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Total | |||||||||||||||||
2012 | March 31 | June 30 | Sept. 30 | Dec. 31 | For Year | ||||||||||||
Rental revenues as previously reported | $ | 10,758 | $ | 11,102 | $ | 11,333 | $ | 11,557 | $ | 44,750 | |||||||
Revenues from discontinued operations(d) | (237 | ) | (240 | ) | (240 | ) | (240 | ) | (957 | ) | |||||||
| | | | | | | | | | | | | | | | | |
Revenues | $ | 10,521 | $ | 10,862 | $ | 11,093 | $ | 11,317 | $ | 43,793 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Income from continuing operations(e) | $ | 2,833 | $ | 3,137 | $ | 2,867 | $ | 2,491 | $ | 11,328 | |||||||
Income from discontinued operations(e) | 393 | 2,617 | 15,553 | 2,417 | 20,980 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 3,226 | $ | 5,754 | $ | 18,420 | $ | 4,908 | $ | 32,308 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 3,223 | $ | 5,750 | $ | 18,414 | $ | 4,933 | $ | 32,320 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic: | 14,289 | 14,378 | 14,443 | 14,596 | 14,427 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | 14,389 | 14,478 | 14,543 | 14,696 | 14,527 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic: | |||||||||||||||||
Income from continuing operations(e) | $ | 0.19 | $ | 0.21 | $ | 0.19 | $ | 0.16 | $ | 0.77 | (f) | ||||||
Income from discontinued operations(e) | 0.03 | 0.18 | 1.05 | 0.17 | 1.41 | (f) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.39 | $ | 1.24 | $ | 0.33 | $ | 2.18 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | |||||||||||||||||
Income from continuing operations(e) | $ | 0.19 | $ | 0.21 | $ | 0.19 | $ | 0.16 | $ | 0.76 | (f) | ||||||
Income from discontinued operations(e) | 0.02 | 0.18 | 1.04 | 0.17 | 1.4 | (f) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.21 | $ | 0.39 | $ | 1.23 | $ | 0.33 | $ | 2.16 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(d) | |||||||||||||||||
Represents revenues from discontinued operations which were previously included in rental revenues as previously reported. | |||||||||||||||||
(e) | |||||||||||||||||
Amounts have been adjusted to give effect to discontinued operations. | |||||||||||||||||
(f) | |||||||||||||||||
Calculated on weighted average shares outstanding for the year. | |||||||||||||||||
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||
Schedule III—Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||||||||
Cost | Gross Amount at Which | ||||||||||||||||||||||||||||||
Capitalized | Carried at December 31, 2013 | ||||||||||||||||||||||||||||||
Initial Cost to Company | Subsequent to | ||||||||||||||||||||||||||||||
Building | Acquisition | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||
and | Improvements | Depreciation(1) | Construction | Acquired | |||||||||||||||||||||||||||
Type | Location | Encumbrances | Land | Improvements | Improvements | Land | Total | ||||||||||||||||||||||||
Flex | Hauppauge, NY | $ | 8,668 | $ | 1,952 | $ | 10,954 | $ | — | $ | 1,952 | $ | 10,954 | $ | 12,906 | $ | 3,571 | 1982 | 2000 | ||||||||||||
Flex | Ronkonkoma, NY | 3,797 | 1,042 | 4,171 | 1,117 | 1,042 | 5,288 | 6,330 | 1,541 | 1986 | 2000 | ||||||||||||||||||||
Flex | Fort Mill, SC | 9,212 | 1,840 | 12,687 | — | 1,840 | 12,687 | 14,527 | 161 | 1992 | 2013 | ||||||||||||||||||||
Health Clubs | Tucker, GA | 5,083 | 807 | 3,027 | 3,126 | 807 | 6,153 | 6,960 | 1,603 | 1988 | 2002 | ||||||||||||||||||||
Health Clubs | Grand Rapids, MI(5) | 1,821 | 912 | 3,649 | — | 906 | 3,625 | 4,531 | 1,209 | 1972 | 2000 | ||||||||||||||||||||
Health Clubs | Grand Rapids, MI(5) | 953 | 513 | 2,053 | — | 507 | 2,029 | 2,536 | 680 | 1968 | 2000 | ||||||||||||||||||||
Health Clubs | Secaucus, NJ | 9,809 | 5,449 | 9,873 | — | 5,449 | 9,873 | 15,322 | 258 | 1986 | 2012 | ||||||||||||||||||||
Health Clubs | Hamilton, OH | 3,804 | 1,483 | 5,953 | — | 1,483 | 5,953 | 7,436 | 408 | 2008 | 2011 | ||||||||||||||||||||
Industrial | West Palm Beach, FL | — | 181 | 724 | — | 181 | 724 | 905 | 275 | 1973 | 1998 | ||||||||||||||||||||
Industrial | Pinellas Park, FL | — | 1,231 | 1,669 | — | 1,231 | 1,669 | 2,900 | 73 | 1995 | 2012 | ||||||||||||||||||||
Industrial | Indianapolis, IN | — | 1,224 | 6,935 | — | 1,224 | 6,935 | 8,159 | 68 | 1997 | 2013 | ||||||||||||||||||||
Industrial | Baltimore, MD(2) | 21,480 | 6,474 | 25,282 | — | 6,474 | 25,282 | 31,756 | 4,451 | 1960 | 2006 | ||||||||||||||||||||
Industrial | Saco, ME | 3,280 | 1,027 | 3,623 | — | 1,027 | 3,623 | 4,650 | 698 | 2001 | 2006 | ||||||||||||||||||||
Industrial | Durham, NC | 2,106 | 1,043 | 2,404 | — | 1,043 | 2,404 | 3,447 | 177 | 1991 | 2011 | ||||||||||||||||||||
Industrial | Melville, NY | — | 774 | 3,029 | 799 | 774 | 3,828 | 4,602 | 893 | 1982 | 2003 | ||||||||||||||||||||
Industrial | New Hyde Park, NY | — | 182 | 728 | 33 | 182 | 761 | 943 | 273 | 1960 | 1999 | ||||||||||||||||||||
Industrial | Columbus, OH | — | 435 | 1,703 | — | 435 | 1,703 | 2,138 | 564 | 1979 | 1995 | ||||||||||||||||||||
Industrial | Miamisburg, OH | 848 | 165 | 1,348 | 9 | 165 | 1,357 | 1,522 | 41 | 1987 | 2012 | ||||||||||||||||||||
Industrial | Philadelphia, PA | 5,626 | 1,981 | 7,668 | — | 1,981 | 7,668 | 9,649 | 1,701 | 1964 | 2005 | ||||||||||||||||||||
Industrial | Fort Mill, SC | 27,177 | 1,804 | 33,650 | — | 1,804 | 33,650 | 35,454 | 348 | 1997 | 2013 | ||||||||||||||||||||
Office | Parsippany, NJ | 13,836 | 6,055 | 23,300 | 1,826 | 6,055 | 25,126 | 31,181 | 5,130 | 1997 | 2005 | ||||||||||||||||||||
Office | Brooklyn, NY | 5,473 | 1,381 | 5,447 | 2,867 | 1,381 | 8,314 | 9,695 | 2,782 | 1973 | 1998 | ||||||||||||||||||||
Retail | Denver, CO | 2,963 | 780 | 3,248 | 413 | 780 | 3,661 | 4,441 | 1,506 | 1995 | 1996 | ||||||||||||||||||||
Retail | West Hartford, CT | — | 2,881 | 94 | 47 | 2,881 | 141 | 3,022 | 32 | N/A | 2010 | ||||||||||||||||||||
Retail | West Hartford, CT | 12,598 | 9,296 | 5,071 | 279 | 9,296 | 5,350 | 14,646 | 469 | 2005 | 2010 | ||||||||||||||||||||
Retail | Newark, DE | 1,999 | 935 | 3,643 | 10 | 935 | 3,653 | 4,588 | 945 | 1996 | 2003 | ||||||||||||||||||||
Retail | Ft. Myers, FL | 3,075 | 1,013 | 4,054 | — | 1,013 | 4,054 | 5,067 | 1,736 | 1995 | 1996 | ||||||||||||||||||||
Retail | Naples, FL(3) | — | 3,070 | 2,846 | — | 3,070 | 2,846 | 5,916 | 376 | 1992 | 2008 | ||||||||||||||||||||
Retail | Athens, GA(3) | 2,757 | 1,130 | 4,340 | — | 1,130 | 4,340 | 5,470 | 1,044 | 2003 | 2004 | ||||||||||||||||||||
Retail | Atlanta, GA | 1,531 | 803 | 3,211 | — | 803 | 3,211 | 4,014 | 1,395 | 1994 | 1996 | ||||||||||||||||||||
Retail | Carrollton, GA | 1,737 | 796 | 1,458 | — | 796 | 1,458 | 2,254 | 77 | 1996 | 2012 | ||||||||||||||||||||
Retail | Cartersville, GA | 1,642 | 786 | 1,346 | — | 786 | 1,346 | 2,132 | 76 | 1995 | 2012 | ||||||||||||||||||||
Retail | Duluth, GA(4) | 1,817 | 778 | 3,436 | — | 778 | 3,436 | 4,214 | 664 | 1987 | 2006 | ||||||||||||||||||||
Retail | Fayetteville, GA(4) | 2,278 | 976 | 4,308 | — | 976 | 4,308 | 5,284 | 830 | 1987 | 2006 | ||||||||||||||||||||
Retail | Kennesaw, GA(3) | — | 1,501 | 4,349 | — | 1,501 | 4,349 | 5,850 | 575 | 1995 | 2008 | ||||||||||||||||||||
Cost | Gross Amount at Which | ||||||||||||||||||||||||||||||
Capitalized | Carried at December 31, 2013 | ||||||||||||||||||||||||||||||
Initial Cost to Company | Subsequent to | ||||||||||||||||||||||||||||||
Building | Acquisition | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||
and | Improvements | Depreciation(1) | Construction | Acquired | |||||||||||||||||||||||||||
Type | Location | Encumbrances | Land | Improvements | Improvements | Land | Total | ||||||||||||||||||||||||
Retail | Kennesaw, GA | 1,346 | 702 | 916 | — | 702 | 916 | 1,618 | 51 | 1989 | 2012 | ||||||||||||||||||||
Retail | Lawrenceville, GA | 1,292 | 866 | 899 | — | 866 | 899 | 1,765 | 62 | 1988 | 2012 | ||||||||||||||||||||
Retail | Bolingbrook, IL | — | 834 | 1,887 | — | 834 | 1,887 | 2,721 | 133 | 2001 | 2011 | ||||||||||||||||||||
Retail | Champaign, IL | 1,857 | 791 | 3,165 | 274 | 791 | 3,439 | 4,230 | 1,203 | 1985 | 1999 | ||||||||||||||||||||
Retail | Chicago, IL(3) | — | 3,877 | 2,256 | — | 3,877 | 2,256 | 6,133 | 298 | 1994 | 2008 | ||||||||||||||||||||
Retail | Crystal Lake, IL | 1,978 | 615 | 1,899 | — | 615 | 1,899 | 2,514 | 144 | 1997 | 2011 | ||||||||||||||||||||
Retail | Gurnee, IL | 2,447 | 834 | 3,635 | — | 834 | 3,635 | 4,469 | 663 | 1994 | 2006 | ||||||||||||||||||||
Retail | Niles, IL | 3,315 | 843 | 3,485 | — | 843 | 3,485 | 4,328 | 231 | 1995 | 2011 | ||||||||||||||||||||
Retail | Lawrence, KS | — | 134 | 938 | — | 134 | 938 | 1,072 | 44 | 1915 | 2012 | ||||||||||||||||||||
Retail | Wichita, KS(4) | 2,774 | 1,189 | 5,248 | — | 1,189 | 5,248 | 6,437 | 1,011 | 1996 | 2006 | ||||||||||||||||||||
Retail | Lexington, KY(4) | 1,867 | 800 | 3,532 | — | 800 | 3,532 | 4,332 | 681 | 1999 | 2006 | ||||||||||||||||||||
Retail | Bastrop, LA | 1,013 | 378 | 1,465 | — | 378 | 1,465 | 1,843 | 261 | 1995 | 2006 | ||||||||||||||||||||
Retail | Kentwood, LA | 985 | 368 | 1,425 | — | 368 | 1,425 | 1,793 | 254 | 1995 | 2006 | ||||||||||||||||||||
Retail | Lake Charles, LA(3) | — | 1,167 | 4,669 | 378 | 1,167 | 5,047 | 6,214 | 1,348 | 1998 | 2002 | ||||||||||||||||||||
Retail | Monroe, LA | 1,013 | 378 | 1,465 | — | 378 | 1,465 | 1,843 | 262 | 1995 | 2006 | ||||||||||||||||||||
Retail | Monroe, LA | 967 | 361 | 1,399 | — | 361 | 1,399 | 1,760 | 250 | 1995 | 2006 | ||||||||||||||||||||
Retail | Everett, MA | 1,291 | 1,935 | — | — | 1,935 | 0 | 1,935 | — | N/A | 2008 | ||||||||||||||||||||
Retail | Hyannis, MA | 1,036 | 802 | 2,324 | — | 802 | 2,324 | 3,126 | 346 | 1998 | 2008 | ||||||||||||||||||||
Retail | Marston Mills, MA | 434 | 461 | 2,313 | — | 461 | 2,313 | 2,774 | 340 | 1998 | 2008 | ||||||||||||||||||||
Retail | Somerville, MA | 1,945 | 510 | 1,993 | 23 | 510 | 2,016 | 2,526 | 547 | 1993 | 2003 | ||||||||||||||||||||
Retail | Ann Arbor, MI | 1,490 | 1,098 | 1,460 | — | 1,098 | 1,460 | 2,558 | 14 | 1998 | 2013 | ||||||||||||||||||||
Retail | Kansas City, MO | 4,231 | 2,958 | 5,691 | — | 2,958 | 5,691 | 8,649 | 504 | 2004 | 2010 | ||||||||||||||||||||
Retail | Cape Girardeau, MO | — | 545 | 1,547 | — | 545 | 1,547 | 2,092 | 53 | 1994 | 2012 | ||||||||||||||||||||
Retail | D'lberville, MS | 985 | 368 | 1,425 | — | 368 | 1,425 | 1,793 | 254 | 1995 | 2006 | ||||||||||||||||||||
Retail | Flowood, MS | 1,049 | 392 | 1,517 | — | 392 | 1,517 | 1,909 | 269 | 1995 | 2006 | ||||||||||||||||||||
Retail | Vicksburg, MS | 958 | 358 | 1,385 | — | 358 | 1,385 | 1,743 | 245 | 1985 | 2006 | ||||||||||||||||||||
Retail | Vicksburg, MS | 1,168 | 436 | 1,689 | — | 436 | 1,689 | 2,125 | 301 | 1995 | 2006 | ||||||||||||||||||||
Retail | Cary, NC(3) | — | 1,129 | 3,736 | — | 1,129 | 3,736 | 4,865 | 494 | 1995 | 2008 | ||||||||||||||||||||
Retail | Clemmons, NC | 2,500 | 2,496 | 3,205 | — | 2,496 | 3,205 | 5,701 | 90 | 1993 | 2013 | ||||||||||||||||||||
Retail | Concord, NC | — | 999 | 1,076 | — | 999 | 1,076 | 2,075 | 12 | 2000 | 2013 | ||||||||||||||||||||
Retail | Greensboro, NC | — | 1,768 | 1,237 | — | 1,768 | 1,237 | 3,005 | 2 | 1983 | 2013 | ||||||||||||||||||||
Retail | Cherry Hill, NJ | 7,542 | 3,584 | 2,794 | 4,850 | 3,584 | 7,644 | 11,228 | 634 | 2000 | 2011 | ||||||||||||||||||||
Retail | Deptford, NJ | 1,970 | 572 | 1,779 | 705 | 572 | 2,484 | 3,056 | 150 | 1981 | 2012 | ||||||||||||||||||||
Retail | Batavia, NY(3) | — | 515 | 2,061 | — | 515 | 2,061 | 2,576 | 766 | 1998 | 1999 | ||||||||||||||||||||
Retail | Hauppauge, NY | 1,965 | 725 | 2,963 | — | 725 | 2,963 | 3,688 | 602 | 1992 | 2005 | ||||||||||||||||||||
Retail | Island Park, NY | 1,112 | 1,235 | 1,355 | — | 1,235 | 1,355 | 2,590 | 124 | 1947 | 2010 | ||||||||||||||||||||
Retail | Selden, NY | 3,264 | 572 | 2,287 | 150 | 572 | 2,437 | 3,009 | 888 | 1997 | 1999 | ||||||||||||||||||||
Retail | Columbus, OH | — | 1,445 | 5,431 | 350 | 1,445 | 5,781 | 7,226 | 2,330 | 1996 | 1997 | ||||||||||||||||||||
Retail | Eugene, OR(3) | — | 1,952 | 2,096 | — | 1,952 | 2,096 | 4,048 | 277 | 1994 | 2008 | ||||||||||||||||||||
Retail | Gettysburg, PA | 914 | 754 | 704 | — | 754 | 704 | 1,458 | 59 | 1991 | 2010 | ||||||||||||||||||||
Retail | Hanover, PA | 892 | 736 | 686 | — | 736 | 686 | 1,422 | 58 | 1992 | 2010 | ||||||||||||||||||||
Cost | Gross Amount at Which | ||||||||||||||||||||||||||||||
Capitalized | Carried at December 31, 2013 | ||||||||||||||||||||||||||||||
Initial Cost to Company | Subsequent to | ||||||||||||||||||||||||||||||
Building | Acquisition | Building & | Accumulated | Date of | Date | ||||||||||||||||||||||||||
and | Improvements | Depreciation(1) | Construction | Acquired | |||||||||||||||||||||||||||
Type | Location | Encumbrances | Land | Improvements | Improvements | Land | Total | ||||||||||||||||||||||||
Retail | Monroeville, PA | — | 450 | 863 | — | 450 | 863 | 1,313 | 78 | 1994 | 2010 | ||||||||||||||||||||
Retail | Palmyra, PA | 816 | 650 | 650 | — | 650 | 650 | 1,300 | 56 | 1981 | 2010 | ||||||||||||||||||||
Retail | Reading, PA | 805 | 655 | 625 | — | 655 | 625 | 1,280 | 54 | 1981 | 2010 | ||||||||||||||||||||
Retail | Reading, PA | 793 | 618 | 643 | — | 618 | 643 | 1,261 | 57 | 1983 | 2010 | ||||||||||||||||||||
Retail | Royersford, PA | 16,261 | 19,538 | 3,150 | 404 | 19,538 | 3,554 | 23,092 | 314 | 2001 | 2010 | ||||||||||||||||||||
Retail | Trexlertown, PA | 777 | 800 | 439 | — | 800 | 439 | 1,239 | 37 | 1994 | 2010 | ||||||||||||||||||||
Retail | Bluffton, SC(4) | 1,374 | 589 | 2,600 | — | 589 | 2,600 | 3,189 | 500 | 1994 | 2006 | ||||||||||||||||||||
Retail | Myrtle Beach, SC | — | 1,102 | 1,161 | — | 1,102 | 1,161 | 2,263 | 11 | 1978 | 2013 | ||||||||||||||||||||
Retail | Knoxville, TN | 4,194 | 2,290 | 8,855 | — | 2,290 | 8,855 | 11,145 | 2,168 | 2003 | 2004 | ||||||||||||||||||||
Retail | Amarillo, TX(4) | 2,014 | 863 | 3,810 | — | 863 | 3,810 | 4,673 | 734 | 1996 | 2006 | ||||||||||||||||||||
Retail | Austin, TX(4) | 3,707 | 1,587 | 7,010 | — | 1,587 | 7,010 | 8,597 | 1,353 | 2001 | 2006 | ||||||||||||||||||||
Retail | El Paso, TX | — | 2,821 | 11,123 | 321 | 2,821 | 11,444 | 14,265 | 3,950 | 1974 | 2000 | ||||||||||||||||||||
Retail | El Paso, TX(3) | — | 1,035 | 2,700 | — | 1,035 | 2,700 | 3,735 | 357 | 1993 | 2008 | ||||||||||||||||||||
Retail | Houston, TX | — | 396 | 1,583 | — | 396 | 1,583 | 1,979 | 622 | 1997 | 1998 | ||||||||||||||||||||
Retail | Houston, TX | 2,750 | 1,962 | 1,540 | 30 | 1,962 | 1,570 | 3,532 | 138 | 2006 | 2010 | ||||||||||||||||||||
Retail | Houston, TX | — | 2,002 | 1,800 | — | 2,002 | 1,800 | 3,802 | 159 | 2009 | 2010 | ||||||||||||||||||||
Retail | Killeen, TX | — | 1,263 | 803 | — | 1,263 | 803 | 2,066 | 16 | 2007 | 2013 | ||||||||||||||||||||
Retail | Rosenberg, TX | — | 216 | 863 | 67 | 216 | 930 | 1,146 | 396 | 1994 | 1995 | ||||||||||||||||||||
Retail | Tyler, TX(4) | 2,408 | 1,031 | 4,554 | — | 1,031 | 4,554 | 5,585 | 879 | 2001 | 2006 | ||||||||||||||||||||
Retail | Houston, TX | 4,975 | 3,122 | 3,768 | 52 | 3,122 | 3,820 | 6,942 | 169 | 2001 | 2012 | ||||||||||||||||||||
Retail | Newport News, VA(4) | 1,753 | 751 | 3,316 | — | 751 | 3,316 | 4,067 | 639 | 1995 | 2006 | ||||||||||||||||||||
Retail | Richmond, VA | — | 1,678 | 1,341 | — | 1,678 | 1,341 | 3,019 | 2 | 1983 | 2013 | ||||||||||||||||||||
Retail | Richmond, VA(4) | 2,025 | 867 | 3,829 | — | 867 | 3,829 | 4,696 | 738 | 1979 | 2006 | ||||||||||||||||||||
Retail | Virginia Beach, VA(4) | 1,993 | 854 | 3,770 | — | 854 | 3,770 | 4,624 | 726 | 1995 | 2006 | ||||||||||||||||||||
Retail | Seattle, WA | — | 201 | 189 | — | 201 | 189 | 390 | 124 | 1986 | 1987 | ||||||||||||||||||||
Retail | Onalaska, WI | — | 753 | 3,099 | — | 753 | 3,099 | 3,852 | 707 | 1994 | 2004 | ||||||||||||||||||||
Other | Greensboro, NC | 5,231 | — | 8,328 | — | 0 | 8,328 | 8,328 | 5,033 | 1999 | 2004 | ||||||||||||||||||||
Other | Round Rock, TX | 15,199 | 1,678 | 16,670 | — | 1,678 | 16,670 | 18,348 | 158 | 2012 | 2013 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOTALS | $ | 278,045 | $ | 154,954 | $ | 401,400 | $ | 18,130 | $ | 154,942 | $ | 419,482 | $ | 574,424 | $ | 73,060 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. | |||||||||||||||||||||||||||||||
Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company's benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building. | |||||||||||||||||||||||||||||||
Note 3—These nine properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in eight states (Illinois, Louisiana, North Carolina, Texas, Georgia, Oregon, New York and Florida). | |||||||||||||||||||||||||||||||
Note 4—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross—collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia). | |||||||||||||||||||||||||||||||
Note 5—These two properties are held-for-sale at December 31, 2013. The Company recorded an impairment charge of $61,700 against these properties at December 31, 2013. | |||||||||||||||||||||||||||||||
Notes to Schedule III | |||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||
(a) | |||||||||||||||||||||||||||||||
Reconciliation of "Real Estate and Accumulated Depreciation" | |||||||||||||||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Investment in real estate(b): | |||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 473,341 | $ | 430,337 | $ | 400,795 | |||||||||||||||||||||||||
Addition: Land, buildings and improvements | 101,145 | 43,004 | 29,542 | ||||||||||||||||||||||||||||
Deduction: Impairment charge on properties held-for-sale | (62 | ) | — | — | |||||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
Balance, end of year | $ | 574,424 | (c) | $ | 473,341 | $ | 430,337 | ||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
Accumulated depreciation(b): | |||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 62,816 | $ | 54,214 | $ | 46,410 | |||||||||||||||||||||||||
Addition: Depreciation | 10,244 | 8,602 | 8,537 | ||||||||||||||||||||||||||||
Deduction: Accumulated depreciation related to properties sold and property contributed to joint venture | — | — | (733 | ) | |||||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
Balance, end of year | $ | 73,060 | $ | 62,816 | $ | 54,214 | |||||||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
| | | | | | | | | | | |||||||||||||||||||||
(b) | |||||||||||||||||||||||||||||||
Includes two properties that are held-for-sale. | |||||||||||||||||||||||||||||||
(c) | |||||||||||||||||||||||||||||||
The aggregate cost of the properties is approximately $26,297 higher for federal income tax purposes at December 31, 2013. | |||||||||||||||||||||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries and its investment in five joint ventures in which the Company, as defined, has a controlling interest. OLP and its subsidiaries are hereinafter referred to as the "Company". Material intercompany items and transactions have been eliminated in consolidation. | |||||||||||
Investment in Joint Ventures | ' | ||||||||||
Investment in Joint Ventures | |||||||||||
The Financial Accounting Standards Board, or FASB, guidance for determining whether an entity is a variable interest entity, or VIE, requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. | |||||||||||
The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture's tax return before filing, and (iv) approve each lease at each property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture. | |||||||||||
With respect to the five consolidated joint ventures in which the Company has between an 85% and 95% interest, the Company has determined that (i) such ventures are not VIE's and (ii) the Company exercises substantial operating control and accordingly, such ventures are consolidated for financial statement purposes. | |||||||||||
The Company accounts for its investments in five unconsolidated joint ventures under the equity method of accounting. All investments in these five joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these five joint ventures are VIE's. In addition, although the Company is the managing member, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to customary carve-outs. | |||||||||||
The Company has elected to follow the cumulative earnings approach when assessing, for the statement of cash flows, whether the distribution from the investee is a return of the investor's investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Management believes that the estimates and assumptions that are most important to the portrayal of the Company's financial condition and results of operations, in that they require management's most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company's real estate portfolio. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company's future financial condition or results of operations. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the term of the lease. In order for management to determine, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant's payment history and financial condition. Some of the leases provide for additional contingent rental revenue in the form of percentage rents and increases based on the consumer price index. The percentage rents are based upon the level of sales achieved by the lessee and are recorded once the required sales levels are reached. | |||||||||||
Substantially all of the Company's properties are subject to long-term net leases under which the tenant is typically responsible to pay for real estate taxes, insurance and ordinary maintenance and repairs for the property directly to the vendor and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties is recorded on a net basis. For certain properties, the tenants, in addition to base rent, also pay the Company their pro rata share of real estate taxes and operating expenses. The income and expenses associated with these properties is recorded on a gross basis. During 2013, 2012 and 2011, the Company recorded additional rental income for the reimbursement of expenses in the amount of $1,694,000, $947,000 and $794,000, respectively. | |||||||||||
Gains or losses on disposition of properties are recorded when the criteria under GAAP have been met. | |||||||||||
Fair Value Measurements | ' | ||||||||||
Fair Value Measurements | |||||||||||
The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based significantly on "unobservable" market inputs. | |||||||||||
Purchase Accounting for Acquisition of Real Estate | ' | ||||||||||
Purchase Accounting for Acquisition of Real Estate | |||||||||||
The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases and origination costs associated with in-place leases. The Company assesses the fair value of the lease intangibles and the assumed mortgage based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant. The value, as determined, is allocated to land, buildings and improvements based on management's determination. | |||||||||||
In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. | |||||||||||
The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases associated with the original non-cancellable lease terms are amortized to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions and tenant improvements) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 55 years. | |||||||||||
Accounting for Long-Lived Assets and Impairment of Real Estate Owned | ' | ||||||||||
Accounting for Long-Lived Assets and Impairment of Real Estate Owned | |||||||||||
The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, if the undiscounted cash flow analysis yields an amount which is less than the asset's carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset's carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Real estate assets that are classified as held for sale are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. | |||||||||||
Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset's estimated useful life. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. The Company places its cash and cash equivalents in high quality financial institutions. | |||||||||||
Escrow, Deposits and Other Assets and Receivables | ' | ||||||||||
Escrow, Deposits and Other Assets and Receivables | |||||||||||
Escrow, deposits and other assets and receivables include $1,453,000 and $1,104,000 at December 31, 2013 and 2012, respectively, of restricted cash relating to real estate taxes, insurance and other escrows. | |||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||
Allowance for Doubtful Accounts | |||||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments. If the financial condition of a specific tenant were to deteriorate, resulting in an impairment of its ability to make payments, additional allowances may be required. At December 31, 2013, there was no balance in allowance for doubtful accounts. At December 31, 2012, the balance in allowance for doubtful accounts was $132,000, recorded as a reduction to accounts receivable. | |||||||||||
The Company records bad debt expense as a reduction of rental income. For the years ended December 31, 2012 and 2011, the Company recorded bad debt expense of $56,000 and $486,000, respectively, in income from continuing operations and net recoveries of previously recognized bad debt expense of $173,000 and $19,000, respectively, in discontinued operations as a result of collections from one tenant. For the year ended December 31, 2013, the Company did not incur any bad debt expense. | |||||||||||
Depreciation and Amortization | ' | ||||||||||
Depreciation and Amortization | |||||||||||
Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of improvements is computed on the straight line method over the lesser of the remaining lease term or the estimated useful life of the improvements. Depreciation ceases when a property is deemed "held for sale". Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense, including amortization of a leasehold position, lease origination costs, and capitalized lease commissions and excluding depreciation expense included in discontinued operations, amounted to $11,919,000, $9,564,000, and $8,792,000 for 2013, 2012 and 2011, respectively. | |||||||||||
Deferred Financing Costs | ' | ||||||||||
Deferred Financing Costs | |||||||||||
Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2013 and 2012, accumulated amortization of such costs was $3,908,000 and $3,096,000, respectively. | |||||||||||
Federal Income Taxes | ' | ||||||||||
Federal Income Taxes | |||||||||||
The Company has qualified as a real estate investment trust under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to federal income taxes on amounts distributed to stockholders providing it distributes at least 90% of its taxable income and meets certain other conditions. During the years ended December 31, 2013 and 2012, the Company recorded accruals of Federal excise tax of $45,000 and $290,000, respectively, which are based on taxable income generated but not yet distributed. | |||||||||||
For 2013, 27% of the distributions are treated as capital gain distributions, with the balance treated as ordinary income. For 2012, 73% of the distributions were treated as capital gain distributions, with the balance treated as ordinary income. | |||||||||||
The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. | |||||||||||
Investment in Available-For-Sale Securities | ' | ||||||||||
Investment in Available-For-Sale Securities | |||||||||||
The Company determines the classification of equity securities at the time of purchase and reassesses the classification at each reporting date. At December 31, 2013, all marketable securities have been classified as available-for-sale and recorded at fair value. The fair value of the Company's equity investment in publicly-traded companies is determined based upon the closing trading price of the securities as of the balance sheet date and unrealized gains and losses on these securities are recorded as a separate component of stockholders' equity. Unrealized losses that are determined to be other-than-temporary are recognized in earnings. | |||||||||||
The Company's investment in 37,081 common shares of BRT Realty Trust ("BRT"), a related party of the Company, (accounting for less than 1% of the total voting power of BRT), was purchased at a cost of $132,000 and had a fair market value of $262,000 and $241,000 at December 31, 2013 and 2012, respectively. | |||||||||||
At December 31, 2013 and 2012, the total cumulative net unrealized gains of $145,000 and $98,000, respectively, on all investments in equity securities is reported as accumulated other comprehensive income (loss) in the stockholders' equity section. | |||||||||||
Realized gains and losses are determined using the average cost method and are included in "Other income" on the income statement. During 2013, 2012 and 2011, sales proceeds and gross realized gains and losses on securities classified as available-for-sale were (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales proceeds | $ | 19 | $ | 373 | $ | — | |||||
Gross realized gains | 6 | 9 | (a) | — | |||||||
(a) | |||||||||||
At December 31, 2011 the Company recorded an impairment charge of $126 on such securities. | |||||||||||
Concentration of Credit Risk | ' | ||||||||||
Concentration of Credit Risk | |||||||||||
The Company maintains accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. | |||||||||||
Including the properties owned by our unconsolidated joint ventures, the Company's properties are located in 29 states. The following chart lists the states where the Company's properties contributed over 10% to the Company's rental income (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Texas | 13 | % | 10.8 | % | 12.8 | % | |||||
New York | 11 | 12.8 | 13.8 | ||||||||
New Jersey | 10.7 | 8.3 | 5.9 | ||||||||
Pennsylvania | 8.8 | 10.1 | 10.8 | ||||||||
The Company owns eleven real estate investments that are located in six states and are net leased to Haverty Furniture Companies, Inc., a retail furniture company, pursuant to a master lease. The initial term of the net lease expires August 2022, with several renewal options. These real estate investments, which represented 9.5% of the depreciated book value of real estate investments at December 31, 2013, generated rental revenues of approximately $4,844,000 in each year or 9.5%, 11.1%, and 11.9%, of the Company's total revenues for 2013, 2012 and 2011, respectively. | |||||||||||
Earnings Per Common Share | ' | ||||||||||
Earnings Per Common Share | |||||||||||
Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during each year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of unvested restricted stock. The restricted stock units awarded under the Pay-for-Performance program described in Note 9 are excluded from the basic earnings per share calculation, as these units are not participating securities. | |||||||||||
Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. For 2013, 2012 and 2011, the diluted weighted average number of common shares includes 100,000, 100,000 and 50,000 shares respectively, representing the diluted weighted average impact of 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance Program. These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid at the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance Program are not included during 2013, 2012 and 2011, as they did not meet the return on capital performance metric during such years. | |||||||||||
There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2013, 2012 and 2011. | |||||||||||
The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator for basic and diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 17,409 | $ | 11,328 | $ | 11,088 | |||||
Less net (income) loss attributable to noncontrolling interests | (49 | ) | 12 | 4 | |||||||
Less earnings allocated to unvested shares | (667 | ) | — | (460 | ) | ||||||
| | | | | | | | | | | |
Income from continuing operations available for common stockholders | 16,693 | 11,340 | 10,632 | ||||||||
Discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income available for common stockholders, basic and diluted | $ | 17,208 | $ | 32,320 | $ | 13,264 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator for basic earnings per share: | |||||||||||
—weighted average common shares | 14,948 | 14,427 | 13,801 | ||||||||
—weighted average unvested restricted stock shares | — | 411 | — | ||||||||
| | | | | | | | | | | |
14,948 | 14,838 | 13,801 | |||||||||
Effect of diluted securities: | |||||||||||
—restricted stock units awarded under Pay-for-Performance program | 100 | 100 | 50 | ||||||||
| | | | | | | | | | | |
Denominator for diluted earnings per share | |||||||||||
—weighted average shares | 15,048 | 14,938 | 13,851 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, basic | $ | 1.15 | $ | 2.18 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, diluted | $ | 1.14 | $ | 2.16 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests: | |||||||||||
Income from continuing operations | $ | 17,360 | $ | 11,340 | $ | 11,092 | |||||
Income from discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 17,875 | $ | 32,320 | $ | 13,724 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Segment Reporting | ' | ||||||||||
Segment Reporting | |||||||||||
Substantially all of the Company's real estate assets, at acquisition, are comprised of real estate owned that is net leased to tenants on a long-term basis. Therefore, the Company operates predominantly in one industry segment. | |||||||||||
Derivatives and Hedging Activities | ' | ||||||||||
Derivatives and Hedging Activities | |||||||||||
The Company's objective in using derivatives, and in particular interest rate swaps, is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes. | |||||||||||
The Company records all derivatives on the balance sheet at fair value. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. These counterparties are generally the larger financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions, including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. | |||||||||||
The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction affects earnings. The ineffective portion, if any, of changes in the fair value of the derivative is recognized directly in earnings. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs, however; the Company's policy is to not enter into such transactions. | |||||||||||
Stock Based Compensation | ' | ||||||||||
Stock Based Compensation | |||||||||||
The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. | |||||||||||
New Accounting Pronouncements | ' | ||||||||||
New Accounting Pronouncements | |||||||||||
Effective January 1, 2013, the Company adopted ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which the FASB issued in February 2013. The standard requires an entity to present information about significant items reclassified out of accumulated other comprehensive income by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to financial statements. The guidance was effective for calendar year-end public companies beginning in the first quarter of 2013 with application on a prospective basis. The adoption of this guidance did not have a material impact on the Company's financial condition, results of operations or disclosures. | |||||||||||
Reclassification | ' | ||||||||||
Reclassification | |||||||||||
Certain amounts reported in previous consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year's presentation, primarily to reclassify the two properties that were sold in February 2014 to properties held-for-sale at December 31, 2012 and to reclassify the operations of these properties to discontinued operations for all years presented. | |||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
Schedule of sales proceeds and gross realized gains and losses on securities classified as available-for-sale | ' | ||||||||||
During 2013, 2012 and 2011, sales proceeds and gross realized gains and losses on securities classified as available-for-sale were (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales proceeds | $ | 19 | $ | 373 | $ | — | |||||
Gross realized gains | 6 | 9 | (a) | — | |||||||
(a) | |||||||||||
At December 31, 2011 the Company recorded an impairment charge of $126 on such securities. | |||||||||||
Schedules of states where the Company's properties contributed over 10% to rental income | ' | ||||||||||
The following chart lists the states where the Company's properties contributed over 10% to the Company's rental income (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Texas | 13 | % | 10.8 | % | 12.8 | % | |||||
New York | 11 | 12.8 | 13.8 | ||||||||
New Jersey | 10.7 | 8.3 | 5.9 | ||||||||
Pennsylvania | 8.8 | 10.1 | 10.8 | ||||||||
Schedule of reconciliation of numerator and denominator of earnings per share calculations | ' | ||||||||||
The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator for basic and diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 17,409 | $ | 11,328 | $ | 11,088 | |||||
Less net (income) loss attributable to noncontrolling interests | (49 | ) | 12 | 4 | |||||||
Less earnings allocated to unvested shares | (667 | ) | — | (460 | ) | ||||||
| | | | | | | | | | | |
Income from continuing operations available for common stockholders | 16,693 | 11,340 | 10,632 | ||||||||
Discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income available for common stockholders, basic and diluted | $ | 17,208 | $ | 32,320 | $ | 13,264 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominator for basic earnings per share: | |||||||||||
—weighted average common shares | 14,948 | 14,427 | 13,801 | ||||||||
—weighted average unvested restricted stock shares | — | 411 | — | ||||||||
| | | | | | | | | | | |
14,948 | 14,838 | 13,801 | |||||||||
Effect of diluted securities: | |||||||||||
—restricted stock units awarded under Pay-for-Performance program | 100 | 100 | 50 | ||||||||
| | | | | | | | | | | |
Denominator for diluted earnings per share | |||||||||||
—weighted average shares | 15,048 | 14,938 | 13,851 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, basic | $ | 1.15 | $ | 2.18 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Earnings per common share, diluted | $ | 1.14 | $ | 2.16 | $ | 0.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests: | |||||||||||
Income from continuing operations | $ | 17,360 | $ | 11,340 | $ | 11,092 | |||||
Income from discontinued operations | 515 | 20,980 | 2,632 | ||||||||
| | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 17,875 | $ | 32,320 | $ | 13,724 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
REAL_ESTATE_INVESTMENTS_AND_MI1
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS | ' | |||||||||||||||||||
Schedule of the Company's real estate acquisitions | ' | |||||||||||||||||||
The following chart details the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Terms | Third Party | ||||||||||||||||
Purchase | of Payment(a) | Real Estate | ||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs(b) | ||||||||||||||||||||
Kmart retail store, | March 22, 2013 | $ | 4,640 | All cash | $ | 119 | ||||||||||||||
Clemmons, North Carolina(c) | ||||||||||||||||||||
Shutterfly flex facility, | July 1, 2013 | 15,500 | Cash and $9,300 | 124 | ||||||||||||||||
Fort Mill, South Carolina | mortgage(d) | |||||||||||||||||||
Texas Land & Cattle restaurant, | July 30, 2013 | 2,020 | All cash | — | (e) | |||||||||||||||
Killeen, Texas | ||||||||||||||||||||
Hooters restaurant, | August 1, 2013 | 2,469 | All cash | 15 | ||||||||||||||||
Concord, North Carolina | ||||||||||||||||||||
TRISUN Health Care—assisted living facility, | August 6, 2013 | 22,800 | Cash and $15,275 | 321 | ||||||||||||||||
Round Rock, Texas | mortgage(f) | |||||||||||||||||||
Hooters restaurant, | September 3, 2013 | 2,635 | All cash | 33 | ||||||||||||||||
Myrtle Beach, South Carolina | ||||||||||||||||||||
Joe's Crab Shack restaurant, | September 12, 2013 | 2,980 | All cash | 31 | ||||||||||||||||
Ann Arbor, Michigan | ||||||||||||||||||||
FedEx Express facility, | September 13, 2013 | 9,270 | All cash | 39 | ||||||||||||||||
Indianapolis, Indiana | ||||||||||||||||||||
Northern Tool & Equipment distribution facility, | September 18, 2013 | 39,195 | Cash and $27,300 | 91 | ||||||||||||||||
Fort Mill, South Carolina | mortgage(g) | |||||||||||||||||||
TGIF restaurant, | December 3, 2013 | 3,003 | All cash | — | (e) | |||||||||||||||
Greensboro, North Carolina | ||||||||||||||||||||
TGIF restaurant, | December 3, 2013 | 3,017 | All cash | — | (e) | |||||||||||||||
Richmond, Virginia | ||||||||||||||||||||
Other(h) | — | 148 | ||||||||||||||||||
| | | | | | | | | | | | |||||||||
Totals for 2013 | $ | 107,529 | $ | 921 | ||||||||||||||||
| | | | | | | | | | | | |||||||||
| | | | | | | | | | | | |||||||||
Urban Outfitters retail store, | February 7, 2012 | $ | 1,230 | All cash | $ | 21 | ||||||||||||||
Lawrence, Kansas | ||||||||||||||||||||
Three Applebee's restaurants, | March 12, 2012 | 8,568 | All cash | 84 | ||||||||||||||||
Carrollton, Kennesaw and Cartersville, Georgia | ||||||||||||||||||||
Avalon Carpet Tile and Flooring, retail store and warehouse, | April 24, 2012 | 2,200 | Cash and $2,040 | — | (i) | |||||||||||||||
Deptford, New Jersey(i) | mortgage(j) | |||||||||||||||||||
Applebee's restaurant, | May 17, 2012 | 2,340 | All cash | 19 | ||||||||||||||||
Lawrenceville, Georgia | ||||||||||||||||||||
FedEx Facility, | October 11, 2012 | 2,810 | All cash | 28 | (k) | |||||||||||||||
Pinellas Park, Florida | ||||||||||||||||||||
Walgreens Pharmacy, | October 25, 2012 | 2,268 | All cash | 92 | ||||||||||||||||
Cape Girardeau, Missouri(l) | ||||||||||||||||||||
Shopping Center, | November 13, 2012 | 7,150 | Cash and $5,100 | 206 | ||||||||||||||||
Houston, Texas(m) | mortgage(n) | |||||||||||||||||||
LA Fitness Health Club, | December 12, 2012 | 16,400 | Cash and $10,000 | 341 | ||||||||||||||||
Secaucus, New Jersey | mortgage(o) | |||||||||||||||||||
FedEx Facility, | December 26, 2012 | 1,650 | All cash | 6 | (k) | |||||||||||||||
Miamisburg, Ohio | ||||||||||||||||||||
Other(h) | — | 26 | ||||||||||||||||||
| | | | | | | | | | | | |||||||||
Totals for 2012 | $ | 44,616 | $ | 823 | ||||||||||||||||
| | | | | | | | | | | | |||||||||
| | | | | | | | | | | | |||||||||
(a) | ||||||||||||||||||||
All of the mortgages listed in this column were obtained from institutional lenders simultaneously with the acquisition of the respective properties. | ||||||||||||||||||||
(b) | ||||||||||||||||||||
Included as an expense in the accompanying consolidated statements of income. | ||||||||||||||||||||
(c) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 90% interest. The non-controlling interest contributed $470 for its 10% interest, which was equal to fair value at the date of purchase. | ||||||||||||||||||||
(d) | ||||||||||||||||||||
The mortgage bears interest at 4.562% per annum and matures July 2023. | ||||||||||||||||||||
(e) | ||||||||||||||||||||
Transaction costs of $50 incurred with these asset acquisitions were capitalized. | ||||||||||||||||||||
(f) | ||||||||||||||||||||
The mortgage bears interest at 5.375% per annum and matures August 2023. | ||||||||||||||||||||
(g) | ||||||||||||||||||||
The mortgage bears interest at 4.875% per annum and matures April 2029. | ||||||||||||||||||||
(h) | ||||||||||||||||||||
Costs incurred for potential acquisitions and properties purchased in prior year. | ||||||||||||||||||||
(i) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 95% interest. Transaction costs of $90 incurred with this asset acquisition were capitalized. | ||||||||||||||||||||
(j) | ||||||||||||||||||||
The mortgage bears interest at 5% per annum through April 2017 and thereafter at a rate of not less than 5% and matures May 2022. | ||||||||||||||||||||
(k) | ||||||||||||||||||||
Assignment fees of $84 and $125, paid in connection with the purchase of the FedEx properties located in Florida and Ohio, respectively, were capitalized. | ||||||||||||||||||||
(l) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has a 95% interest. | ||||||||||||||||||||
(m) | ||||||||||||||||||||
Owned by a consolidated joint venture in which the Company has an 85% interest. | ||||||||||||||||||||
(n) | ||||||||||||||||||||
The mortgage bears interest at 3.75% per annum and matures December 2017. | ||||||||||||||||||||
(o) | ||||||||||||||||||||
The mortgage bears interest at 4.9% per annum and matures January 2025. | ||||||||||||||||||||
Schedule of allocation of purchase price for the company's real estate acquisitions | ' | |||||||||||||||||||
The following chart provides the allocation of the purchase price for the Company's real estate acquisitions during 2013 and 2012 (amounts in thousands): | ||||||||||||||||||||
Intangible Lease | ||||||||||||||||||||
Building | ||||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Kmart retail store, | $ | 2,496 | $ | 2,553 | $ | 653 | $ | 425 | $ | (1,487 | ) | $ | 4,640 | |||||||
Clemmons, North Carolina | ||||||||||||||||||||
Shutterfly flex facility, | 1,841 | 12,353 | 335 | 1,546 | (575 | ) | 15,500 | |||||||||||||
Fort Mill, South Carolina | ||||||||||||||||||||
Texas Land & Cattle restaurant, | 1,263 | 739 | 64 | — | — | 2,066 | (a) | |||||||||||||
Killeen, Texas | ||||||||||||||||||||
Hooters restaurant, | 999 | 954 | 122 | 394 | — | 2,469 | ||||||||||||||
Concord, North Carolina | ||||||||||||||||||||
TRISUN Health Care—assisted living facility, | 1,678 | 16,577 | 93 | 4,452 | — | 22,800 | ||||||||||||||
Round Rock, Texas | ||||||||||||||||||||
Hooters restaurant, | 1,102 | 1,090 | 71 | 372 | — | 2,635 | ||||||||||||||
Myrtle Beach, South Carolina | ||||||||||||||||||||
Joe's Crab Shack restaurant, | 1,098 | 1,338 | 122 | 422 | — | 2,980 | ||||||||||||||
Ann Arbor, Michigan | ||||||||||||||||||||
FedEx Express facility, | 1,224 | 6,438 | 498 | 1,222 | (112 | ) | 9,270 | |||||||||||||
Indianapolis, Indiana | ||||||||||||||||||||
Northern Tool & Equipment distribution facility, | 1,804 | 31,635 | 2,014 | 3,742 | — | 39,195 | ||||||||||||||
Fort Mill, South Carolina | ||||||||||||||||||||
TGIF restaurant, | 1,768 | 1,054 | 183 | — | — | 3,005 | (a) | |||||||||||||
Greensboro, North Carolina | ||||||||||||||||||||
TGIF restaurant, | 1,678 | 1,184 | 157 | — | — | 3,019 | (a) | |||||||||||||
Richmond, Virginia | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Subtotals | 16,951 | 75,915 | 4,312 | 12,575 | (2,174 | ) | 107,579 | |||||||||||||
Other(b) | — | — | — | (951 | ) | (36 | ) | (987 | ) | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Totals for 2013 | $ | 16,951 | $ | 75,915 | $ | 4,312 | $ | 11,624 | $ | (2,210 | ) | $ | 106,592 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(a) | ||||||||||||||||||||
Includes capitalized transaction costs of $50 incurred with these asset acquisitions. | ||||||||||||||||||||
(b) | ||||||||||||||||||||
Adjustments to finalize intangibles relating to properties purchased in 2012. | ||||||||||||||||||||
Intangible Lease | ||||||||||||||||||||
Building | ||||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Urban Outfitters retail store, | $ | 134 | $ | 937 | $ | — | $ | 169 | $ | (10 | ) | $ | 1,230 | |||||||
Lawrence, Kansas | ||||||||||||||||||||
Three Applebee's restaurants, | 2,284 | 3,439 | 281 | 2,564 | — | 8,568 | ||||||||||||||
Carrollton, Kennesaw and Cartersville, Georgia | ||||||||||||||||||||
Applebee's restaurant, | 804 | 739 | 43 | 754 | — | 2,340 | ||||||||||||||
Lawrenceville, Georgia | ||||||||||||||||||||
Avalon Carpet Tile and Flooring, retail store and warehouse, | 556 | 1,605 | 129 | — | 2,290 | (c) | ||||||||||||||
Deptford, New Jersey | ||||||||||||||||||||
FedEx Facility, | 1,231 | 1,607 | 62 | 94 | (100 | ) | 2,894 | (d) | ||||||||||||
Pinellas Park, Florida | ||||||||||||||||||||
Walgreens Pharmacy, | 545 | 1,478 | 69 | 379 | (203 | ) | 2,268 | |||||||||||||
Cape Girardeau, Missouri | ||||||||||||||||||||
Shopping Center, | 3,122 | 3,589 | 180 | 534 | (275 | ) | 7,150 | |||||||||||||
Houston, Texas | ||||||||||||||||||||
LA Fitness Health Club, | 5,660 | 8,830 | 25 | 1,885 | — | 16,400 | ||||||||||||||
Secaucus, New Jersey | ||||||||||||||||||||
FedEx Facility, | 165 | 1,248 | 100 | 262 | — | 1,775 | (d) | |||||||||||||
Miamisburg, Ohio | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Totals for 2012 | $ | 14,501 | $ | 23,472 | $ | 889 | $ | 6,641 | $ | (588 | ) | $ | 44,915 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(c) | ||||||||||||||||||||
Includes capitalized transaction costs of $90 incurred with this asset acquisition. | ||||||||||||||||||||
(d) | ||||||||||||||||||||
Includes capitalized assignment fees of $84 and $125 which were paid in connection with the purchase of these FedEx properties located in Florida and Ohio, respectively. | ||||||||||||||||||||
Schedule of amortization of intangible lease assets as a result of acquired above market leases | ' | |||||||||||||||||||
The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2013 will be deducted from rental income through 2032 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 458 | ||||||||||||||||||
2015 | 453 | |||||||||||||||||||
2016 | 443 | |||||||||||||||||||
2017 | 410 | |||||||||||||||||||
2018 | 370 | |||||||||||||||||||
Thereafter | 2,046 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 4,180 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases | ' | |||||||||||||||||||
The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2013 will be added to rental income through 2055 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 622 | ||||||||||||||||||
2015 | 601 | |||||||||||||||||||
2016 | 583 | |||||||||||||||||||
2017 | 574 | |||||||||||||||||||
2018 | 492 | |||||||||||||||||||
Thereafter | 4,045 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 6,917 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Schedule of amortization of origination costs associated with in-place leases | ' | |||||||||||||||||||
The unamortized balance of origination costs associated with in-place leases at December 31, 2013 will be charged to amortization expense through 2055 as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 2,167 | ||||||||||||||||||
2015 | 2,133 | |||||||||||||||||||
2016 | 2,013 | |||||||||||||||||||
2017 | 1,927 | |||||||||||||||||||
2018 | 1,808 | |||||||||||||||||||
Thereafter | 11,807 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 21,855 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Schedule of minimum future contractual rents to be received | ' | |||||||||||||||||||
The minimum future contractual rents (without taking into consideration straight-line rent or amortization of intangibles) to be received over the next five years and thereafter on the operating leases in effect at December 31, 2013 are as follows (amounts in thousands): | ||||||||||||||||||||
2014 | $ | 53,056 | ||||||||||||||||||
2015 | 49,432 | |||||||||||||||||||
2016 | 47,505 | |||||||||||||||||||
2017 | 45,316 | |||||||||||||||||||
2018 | 42,900 | |||||||||||||||||||
Thereafter | 233,512 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 471,721 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
DISCONTINUED_OPERATIONS_AND_RE1
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ||||||||||
Summary of income from discontinued operations | ' | ||||||||||
The following summarizes the components of income from discontinued operations (amounts in thousands): | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Rental income | $ | 973 | $ | 2,690 | $ | 3,377 | |||||
| | | | | | | | | | | |
Depreciation and amortization | 125 | 402 | 647 | ||||||||
Real estate expenses | 12 | 106 | 257 | ||||||||
Interest expense | 259 | 615 | 773 | ||||||||
| | | | | | | | | | | |
Total expenses | 396 | 1,123 | 1,677 | ||||||||
| | | | | | | | | | | |
Income from operations | 577 | 1,567 | 1,700 | ||||||||
Impairment charge | 62 | — | — | ||||||||
Net gain on sales | — | 19,413 | 932 | ||||||||
| | | | | | | | | | | |
Income from discontinued operations | $ | 515 | $ | 20,980 | $ | 2,632 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
DEBT_OBLIGATIONS_Tables
DEBT OBLIGATIONS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
DEBT OBLIGATIONS | ' | ||||
Schedule of principal repayments | ' | ||||
Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 36,172 | (a) | ||
2015 | 14,643 | ||||
2016 | 32,679 | ||||
2017 | 44,595 | ||||
2018 | 18,696 | ||||
Thereafter | 131,260 | ||||
| | | | | |
Total | $ | 278,045 | |||
| | | | | |
| | | | | |
(a) | |||||
Includes a $16,261 mortgage loan which bears interest at 5.67% per annum and matures May 1, 2014. In February 2014, the Company refinanced this loan with a $19,750 new mortgage loan bearing interest at 4.75% per annum (with interest only payments for the first five years) and maturing March 2024. | |||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||
Schedule of available-for-sale securities and derivative financial instruments measured at fair value | ' | |||||||||||||
The fair value of the Company's available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands): | ||||||||||||||
Fair Value | ||||||||||||||
Measurements | ||||||||||||||
Using Fair Value | ||||||||||||||
Hierarchy on a | ||||||||||||||
Year Ended | Carrying and | Recurring Basis | ||||||||||||
December 31, | Fair Value | Level 1 | Level 2 | |||||||||||
Financial assets: | ||||||||||||||
Available-for-sale securities: | ||||||||||||||
Equity securities | 2013 | $ | 282 | $ | 282 | $ | — | |||||||
2012 | 278 | 278 | — | |||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | 2013 | 265 | — | 265 | ||||||||||
2012 | — | — | — | |||||||||||
Financial liabilities: | ||||||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | 2013 | 774 | — | 774 | ||||||||||
2012 | 1,470 | — | 1,470 | |||||||||||
Schedule of effect of derivative financial instruments on statement of income | ' | |||||||||||||
The following table presents the effect of the Company's derivative financial instruments on the statement of income for the periods presented (amounts in thousands): | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Consolidated | ||||||||||||||
Amount of (loss) recognized on derivatives in Other comprehensive (loss) | $ | (1 | ) | $ | (1,051 | ) | $ | (1,098 | ) | |||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Interest expense | (962 | ) | (504 | ) | (351 | ) | ||||||||
Joint Ventures (Company's share) | ||||||||||||||
Amount of gain (loss) recognized on derivative in Other comprehensive (loss) | $ | 21 | $ | (79 | ) | $ | (225 | ) | ||||||
Amount of (loss) reclassification from Accumulated Other comprehensive (loss) into Equity in earnings of unconsolidated joint ventures | (55 | ) | (56 | ) | (43 | ) |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||
Summary of the activity of the equity incentive plans excluding the 200,000 units | ' | ||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Restricted share grants | 112,650 | 109,450 | 74,040 | ||||||||
Average per share grant price | $ | 21.59 | $ | 16.77 | $ | 16.19 | |||||
Deferred compensation to be recognized over vesting period | $ | 2,432,000 | $ | 1,835,000 | $ | 1,199,000 | |||||
Non-vested shares: | |||||||||||
Non-vested beginning of period | 407,460 | 348,385 | 320,940 | ||||||||
Grants | 112,650 | 109,450 | 74,040 | ||||||||
Vested during period | (50,095 | ) | (49,325 | ) | (46,450 | ) | |||||
Forfeitures | — | (1,050 | ) | (145 | ) | ||||||
| | | | | | | | | | | |
Non-vested end of period | 470,015 | 407,460 | 348,385 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Average per share value of non-vested shares (based on grant price) | $ | 14.22 | $ | 12.59 | $ | 12.96 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Value of shares vested during the year (based on grant price) | $ | 876,000 | $ | 1,208,000 | $ | 960,000 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Average value of shares forfeited (based on grant price) | $ | — | $ | 13.65 | $ | 11.03 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of the total charge to operations for all incentive plans, including the 200,000 units | ' | ||||||||||
Outstanding restricted stock grants | $ | 1,341,000 | $ | 1,050,000 | $ | 930,000 | |||||
Outstanding restricted stock units | 99,000 | 173,000 | 79,000 | ||||||||
| | | | | | | | | | | |
Total charge to operations | $ | 1,440,000 | $ | 1,223,000 | $ | 1,009,000 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
INCOME TAXES | ' | ||||||||||
Schedule of reconciliation of financial statement net income to federal taxable income | ' | ||||||||||
The following unaudited table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Estimate | Actual | Actual | |||||||||
Net income | $ | 17,875 | $ | 32,320 | $ | 13,724 | |||||
Straight line rent adjustments | (1,003 | ) | (919 | ) | (1,419 | ) | |||||
Financial statement gain on sale—less than (in excess of) tax gain | 1,391 | (445 | ) | 61 | |||||||
Rent received in advance, net | 691 | 97 | (78 | ) | |||||||
Financial statement adjustment for above/below market leases | (42 | ) | 6 | 31 | |||||||
Non-deductible portion of restricted stock expense | 357 | 341 | 300 | ||||||||
Federal excise tax, non-deductible | 45 | 290 | — | ||||||||
Financial statement depreciation in excess of tax depreciation | 1,644 | (208 | ) | 1,042 | |||||||
Property acquisition costs—capitalized for tax purposes | 774 | 836 | 268 | ||||||||
Other adjustments | (59 | ) | (201 | ) | (516 | ) | |||||
| | | | | | | | | | | |
Federal taxable income | $ | 21,673 | $ | 32,117 | $ | 13,413 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of reconciliation of cash dividends paid with the dividends paid deduction | ' | ||||||||||
The following unaudited table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Estimate | Actual | Actual | |||||||||
Dividends paid | $ | 21,999 | $ | 24,252 | $ | 14,758 | |||||
Dividend reinvestment plan(a) | 230 | 256 | 153 | ||||||||
| | | | | | | | | | | |
22,229 | 24,508 | 14,911 | |||||||||
Less: Spillover dividends designated to previous year | (7,659 | ) | — | (1,448 | ) | ||||||
Plus: Dividends designated from following year | 7,103 | 7,659 | — | ||||||||
| | | | | | | | | | | |
Dividends paid deduction(b) | $ | 21,673 | $ | 32,167 | $ | 13,463 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
(a) | |||||||||||
Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan. | |||||||||||
(b) | |||||||||||
Dividends paid deduction is slightly higher than federal taxable income in 2012 and 2011 to account for adjustments made to federal taxable income as a result of the impact of the alternative minimum tax. | |||||||||||
QUARTERLY_FINANCIAL_DATA_Unaud1
QUARTERLY FINANCIAL DATA (Unaudited): (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
QUARTERLY FINANCIAL DATA (Unaudited): | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Total | |||||||||||||||||
2013 | March 31 | June 30 | Sept. 30 | Dec. 31 | For Year | ||||||||||||
Rental revenues as previously reported | $ | 12,102 | $ | 12,227 | $ | 13,214 | $ | 14,166 | $ | 51,709 | |||||||
Revenues from discontinued operations(a) | (240 | ) | (246 | ) | (244 | ) | — | (730 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Revenues | $ | 11,862 | $ | 11,981 | $ | 12,970 | $ | 14,166 | $ | 50,979 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Income from continuing operations(b) | $ | 3,313 | $ | 7,607 | $ | 3,084 | $ | 3,405 | $ | 17,409 | |||||||
Income from discontinued operations(b) | 136 | 145 | 144 | 90 | 515 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 3,449 | $ | 7,752 | $ | 3,228 | $ | 3,495 | $ | 17,924 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 3,450 | $ | 7,736 | $ | 3,211 | $ | 3,478 | $ | 17,875 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic: | 14,672 | 14,844 | 15,093 | 15,178 | 14,948 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | 14,772 | 14,944 | 15,193 | 15,278 | 15,048 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic: | |||||||||||||||||
Income from continuing operations(b) | $ | 0.21 | $ | 0.5 | $ | 0.19 | $ | 0.21 | $ | 1.12 | (c) | ||||||
Income from discontinued operations(b) | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | (c) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.51 | $ | 0.2 | $ | 0.22 | $ | 1.15 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | |||||||||||||||||
Income from continuing operations(b) | $ | 0.21 | $ | 0.49 | $ | 0.19 | $ | 0.21 | $ | 1.11 | (c) | ||||||
Income from discontinued operations(b) | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | (c) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.5 | $ | 0.2 | $ | 0.22 | $ | 1.14 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(a) | |||||||||||||||||
Represents revenues from discontinued operations which were previously included in rental revenues as previously reported. | |||||||||||||||||
(b) | |||||||||||||||||
Amounts have been adjusted to give effect to discontinued operations. | |||||||||||||||||
(c) | |||||||||||||||||
Calculated on weighted average shares outstanding for the year. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Total | |||||||||||||||||
2012 | March 31 | June 30 | Sept. 30 | Dec. 31 | For Year | ||||||||||||
Rental revenues as previously reported | $ | 10,758 | $ | 11,102 | $ | 11,333 | $ | 11,557 | $ | 44,750 | |||||||
Revenues from discontinued operations(d) | (237 | ) | (240 | ) | (240 | ) | (240 | ) | (957 | ) | |||||||
| | | | | | | | | | | | | | | | | |
Revenues | $ | 10,521 | $ | 10,862 | $ | 11,093 | $ | 11,317 | $ | 43,793 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Income from continuing operations(e) | $ | 2,833 | $ | 3,137 | $ | 2,867 | $ | 2,491 | $ | 11,328 | |||||||
Income from discontinued operations(e) | 393 | 2,617 | 15,553 | 2,417 | 20,980 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 3,226 | $ | 5,754 | $ | 18,420 | $ | 4,908 | $ | 32,308 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Net income attributable to One Liberty Properties, Inc. | $ | 3,223 | $ | 5,750 | $ | 18,414 | $ | 4,933 | $ | 32,320 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic: | 14,289 | 14,378 | 14,443 | 14,596 | 14,427 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | 14,389 | 14,478 | 14,543 | 14,696 | 14,527 | ||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Basic: | |||||||||||||||||
Income from continuing operations(e) | $ | 0.19 | $ | 0.21 | $ | 0.19 | $ | 0.16 | $ | 0.77 | (f) | ||||||
Income from discontinued operations(e) | 0.03 | 0.18 | 1.05 | 0.17 | 1.41 | (f) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.22 | $ | 0.39 | $ | 1.24 | $ | 0.33 | $ | 2.18 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Diluted: | |||||||||||||||||
Income from continuing operations(e) | $ | 0.19 | $ | 0.21 | $ | 0.19 | $ | 0.16 | $ | 0.76 | (f) | ||||||
Income from discontinued operations(e) | 0.02 | 0.18 | 1.04 | 0.17 | 1.4 | (f) | |||||||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 0.21 | $ | 0.39 | $ | 1.23 | $ | 0.33 | $ | 2.16 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(d) | |||||||||||||||||
Represents revenues from discontinued operations which were previously included in rental revenues as previously reported. | |||||||||||||||||
(e) | |||||||||||||||||
Amounts have been adjusted to give effect to discontinued operations. | |||||||||||||||||
(f) | |||||||||||||||||
Calculated on weighted average shares outstanding for the year. | |||||||||||||||||
ORGANIZATION_AND_BACKGROUND_De
ORGANIZATION AND BACKGROUND (Details) | Dec. 31, 2013 |
item | |
property | |
Organization and Background | ' |
Number of real estate properties | 109 |
Number of states in which properties are located | 29 |
Properties owned by consolidated joint ventures | ' |
Organization and Background | ' |
Number of real estate properties | 5 |
Properties owned by unconsolidated joint ventures | ' |
Organization and Background | ' |
Number of real estate properties | 5 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
item | item | |
Investment in Joint Ventures | ' | ' |
Number of unconsolidated joint ventures | 5 | 7 |
Consolidated JV | ' | ' |
Investment in Joint Ventures | ' | ' |
Number of joint ventures with controlling interest | 5 | ' |
Consolidated JV | Minimum | ' | ' |
Investment in Joint Ventures | ' | ' |
Ownership interest in consolidated joint venture (as a percent) | 85.00% | ' |
Consolidated JV | Maximum | ' | ' |
Investment in Joint Ventures | ' | ' |
Ownership interest in consolidated joint venture (as a percent) | 95.00% | ' |
Unconsolidated JV | ' | ' |
Investment in Joint Ventures | ' | ' |
Number of unconsolidated joint ventures | 5 | ' |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | item | ||
Revenue Recognition | ' | ' | ' |
Additional rental income for the reimbursement of expenses | $1,694,000 | $947,000 | $794,000 |
Purchase Accounting for Acquisition of Real Estate | ' | ' | ' |
Estimated useful lives of building and intangible assets, minimum | '1 year | ' | ' |
Estimated useful lives of building and intangible assets, maximum | '55 years | ' | ' |
Escrow, Deposits and Other Assets and Receivables | ' | ' | ' |
Restricted cash relating to real estate taxes, insurance and other escrows | 1,453,000 | 1,104,000 | ' |
Allowance for Doubtful Accounts | ' | ' | ' |
Balance in allowance for doubtful accounts | 0 | 132,000 | ' |
Number of tenants from whom the doubtful collections were received | ' | 1 | 1 |
Continuing operations | ' | ' | ' |
Allowance for Doubtful Accounts | ' | ' | ' |
Bad debt expense | ' | 56,000 | 486,000 |
Discontinued operations | ' | ' | ' |
Allowance for Doubtful Accounts | ' | ' | ' |
Net recoveries of bad debt | ' | $173,000 | $19,000 |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Depreciation and Amortization | ' | ' | ' |
Depreciation and amortization | $11,919,000 | $9,564,000 | $8,792,000 |
Deferred Financing Costs | ' | ' | ' |
Accumulated amortization of deferred financing costs | 3,908,000 | 3,096,000 | ' |
Federal Income Taxes | ' | ' | ' |
Accrued federal excise tax based on taxable income generated but not yet distributed | $45,000 | $290,000 | ' |
Capital gain distributions (as a percent) | 27.00% | 73.00% | ' |
Commercial properties | ' | ' | ' |
Depreciation and Amortization | ' | ' | ' |
Estimated useful life | '40 years | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE6
SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment in Available-For-Sale Securities | ' | ' | ' |
Total cumulative net unrealized gain on all investments in equity and debt securities | $145,000 | $98,000 | ' |
Sales proceeds and gross realized gains and losses on available-for-sale securities | ' | ' | ' |
Sales proceeds | 19,000 | 373,000 | ' |
Gross realized gains | 6,000 | 9,000 | ' |
Impairment charge on available-for-sale securities | ' | ' | 126,000 |
BRT | ' | ' | ' |
Investment in Available-For-Sale Securities | ' | ' | ' |
Investment in available-for-sale equity securities (in shares) | 37,081 | ' | ' |
Maximum percentage of voting power of related party held | 1.00% | ' | ' |
Cost at which securities are purchased | 132,000 | ' | ' |
Fair market value of securities | $262,000 | $241,000 | ' |
SIGNIFICANT_ACCOUNTING_POLICIE7
SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
property | |||
Concentration of Credit Risk | ' | ' | ' |
Number of states in which properties are located | 29 | ' | ' |
Number of real estate investments | 109 | ' | ' |
Rental revenues | $50,979,000 | $43,793,000 | $40,874,000 |
Rental income | Geographic concentration | Texas | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 13.00% | 10.80% | 12.80% |
Rental income | Geographic concentration | New York | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 11.00% | 12.80% | 13.80% |
Rental income | Geographic concentration | New Jersey | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 10.70% | 8.30% | 5.90% |
Rental income | Geographic concentration | Pennsylvania | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Concentration risk percentage | 8.80% | 10.10% | 10.80% |
Rental income | Customer concentration | Haverty Furniture Companies, Inc. | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' |
Number of states in which properties are located | 6 | ' | ' |
Concentration risk percentage | 9.50% | 11.10% | 11.90% |
Number of real estate investments | 11 | ' | ' |
Real estate investments (as a percent) | 9.50% | ' | ' |
Rental revenues | $4,844,000 | $4,844,000 | $4,844,000 |
SIGNIFICANT_ACCOUNTING_POLICIE8
SIGNIFICANT ACCOUNTING POLICIES (Details 6) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 14, 2010 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | ||||||||||||
Earnings Per Common Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded under Pay-for-Performance program included in diluted weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 50,000 |
Underlying number of shares awarded under Pay-for-Performance program included in calculation of diluted weighted average number of shares | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares awarded under Pay-for-Performance program not included in diluted weighted average number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 |
Outstanding options at the end of the period (in shares) | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | $3,405 | $3,084 | $7,607 | $3,313 | $2,491 | $2,867 | $3,137 | $2,833 | $17,409 | $11,328 | $11,088 |
Less net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49 | 12 | 4 |
Less earnings allocated to unvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -667 | ' | -460 |
Income from continuing operations available for common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,693 | 11,340 | 10,632 |
Discontinued operations | ' | 90 | 144 | 145 | 136 | 2,417 | 15,553 | 2,617 | 393 | 515 | 20,980 | 2,632 |
Net income available for common stockholders, basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,208 | 32,320 | 13,264 |
Net income available for common stockholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,208 | 32,320 | 13,264 |
Denominator for basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares | ' | 15,178,000 | 15,093,000 | 14,844,000 | 14,672,000 | 14,596,000 | 14,443,000 | 14,378,000 | 14,289,000 | 14,948,000 | 14,427,000 | 13,801,000 |
Weighted average unvested restricted stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 411,000 | ' |
Denominator for basic earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,948,000 | 14,838,000 | 13,801,000 |
Effect of diluted securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units awarded under Pay-for-Performance program (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 50,000 |
Denominator for diluted earnings per share - weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,048,000 | 14,938,000 | 13,851,000 |
Earnings per common share, basic (in dollars per share) | ' | $0.22 | $0.20 | $0.51 | $0.22 | $0.33 | $1.24 | $0.39 | $0.22 | $1.15 | $2.18 | $0.96 |
Earnings per common share, diluted (in dollars per share) | ' | $0.22 | $0.20 | $0.50 | $0.22 | $0.33 | $1.23 | $0.39 | $0.21 | $1.14 | $2.16 | $0.96 |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of noncontrolling interests: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,360 | 11,340 | 11,092 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 515 | 20,980 | 2,632 |
Net income attributable to One Liberty Properties, Inc. | ' | $3,478 | $3,211 | $7,736 | $3,450 | $4,933 | $18,414 | $5,750 | $3,223 | $17,875 | $32,320 | $13,724 |
Segment Reporting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold, considered for reclassification | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
REAL_ESTATE_INVESTMENTS_AND_MI2
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | $2,325,000 | $107,529,000 | $44,616,000 | ' |
Third Party Real Estate Acquisition Costs | ' | 921,000 | 823,000 | 213,000 |
Contributions from non-controlling interest | ' | 480,000 | 571,000 | 666,000 |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 16,951,000 | 14,501,000 | ' |
Building | ' | 75,915,000 | 23,472,000 | ' |
Building Improvements | ' | 4,312,000 | 889,000 | ' |
Intangible Lease Asset | ' | 12,575,000 | 6,641,000 | ' |
Intangible Lease Liability | ' | -2,174,000 | -588,000 | ' |
Total | ' | 107,579,000 | 44,915,000 | ' |
Other | ' | -951,000 | ' | ' |
Other | ' | -36,000 | ' | ' |
Total adjustments | ' | -987,000 | ' | ' |
Intangible lease assets | ' | 11,624,000 | ' | ' |
Intangible Lease Liability | ' | -2,210,000 | ' | ' |
Totals | ' | 106,592,000 | ' | ' |
Occupancy percentage for properties purchased by the company | ' | 100.00% | ' | ' |
Weighted average amortization period for intangible lease liabilities | ' | '6 years | '16 years 2 months 12 days | ' |
Below market lease accumulated amortization | ' | 3,099,000 | 2,505,000 | ' |
Net increase (decrease) in rental revenue due to amortization of the above/below market leases | ' | 160,000 | -2,000 | -26,000 |
Minimum future contractual rents to be received | ' | ' | ' | ' |
2014 | ' | 53,056,000 | ' | ' |
2015 | ' | 49,432,000 | ' | ' |
2016 | ' | 47,505,000 | ' | ' |
2017 | ' | 45,316,000 | ' | ' |
2018 | ' | 42,900,000 | ' | ' |
Thereafter | ' | 233,512,000 | ' | ' |
Total | ' | 471,721,000 | ' | ' |
Unbilled Rent Receivable | ' | ' | ' | ' |
Unbilled rent receivables | ' | 13,743,000 | 12,629,000 | ' |
Period during which amount of unbilled rent receivable is to be billed and received | ' | '20 years | ' | ' |
Unbilled straight-line rent receivable written off | ' | ' | 256,000 | ' |
Rental income | ' | ' | ' | ' |
Future amortization income of below market leases | ' | ' | ' | ' |
2014 | ' | 622,000 | ' | ' |
2015 | ' | 601,000 | ' | ' |
2016 | ' | 583,000 | ' | ' |
2017 | ' | 574,000 | ' | ' |
2018 | ' | 492,000 | ' | ' |
Thereafter | ' | 4,045,000 | ' | ' |
Total | ' | 6,917,000 | ' | ' |
Intangible lease asset - above market lease | Rental income | ' | ' | ' | ' |
Amortization of intangible lease assets | ' | ' | ' | ' |
2014 | ' | 458,000 | ' | ' |
2015 | ' | 453,000 | ' | ' |
2016 | ' | 443,000 | ' | ' |
2017 | ' | 410,000 | ' | ' |
2018 | ' | 370,000 | ' | ' |
Thereafter | ' | 2,046,000 | ' | ' |
Total | ' | 4,180,000 | ' | ' |
Intangible lease asset | ' | ' | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Intangible lease assets | ' | 11,624,000 | 6,641,000 | ' |
Weighted average amortization period for intangible lease assets | ' | '13 years 2 months 12 days | '16 years 9 months 18 days | ' |
Above market lease accumulated amortization | ' | 7,054,000 | 4,974,000 | ' |
Intangible lease asset | Amortization expense | ' | ' | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Amortization expense relating to origination costs | ' | 1,647,000 | 1,006,000 | 844,000 |
Amortization of intangible lease assets | ' | ' | ' | ' |
2014 | ' | 2,167,000 | ' | ' |
2015 | ' | 2,133,000 | ' | ' |
2016 | ' | 2,013,000 | ' | ' |
2017 | ' | 1,927,000 | ' | ' |
2018 | ' | 1,808,000 | ' | ' |
Thereafter | ' | 11,807,000 | ' | ' |
Total | ' | 21,855,000 | ' | ' |
Consolidated JV | Minimum | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | 85.00% | ' | ' |
Kmart retail store, Clemmons, North Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 4,640,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 119,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 2,496,000 | ' | ' |
Building | ' | 2,553,000 | ' | ' |
Building Improvements | ' | 653,000 | ' | ' |
Intangible Lease Asset | ' | 425,000 | ' | ' |
Intangible Lease Liability | ' | -1,487,000 | ' | ' |
Total | ' | 4,640,000 | ' | ' |
Kmart retail store, Clemmons, North Carolina | Consolidated JV | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | 90.00% | ' | ' |
Ownership interest in consolidated joint venture of non-controlling interest (as a percent) | ' | 10.00% | ' | ' |
Contributions from non-controlling interest | ' | 470,000 | ' | ' |
Shutterfly flex facility Fort Mill, South Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 15,500,000 | ' | ' |
Mortgage incurred | ' | 9,300,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 124,000 | ' | ' |
Interest rate (as a percent) | ' | 4.56% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,841,000 | ' | ' |
Building | ' | 12,353,000 | ' | ' |
Building Improvements | ' | 335,000 | ' | ' |
Intangible Lease Asset | ' | 1,546,000 | ' | ' |
Intangible Lease Liability | ' | -575,000 | ' | ' |
Total | ' | 15,500,000 | ' | ' |
Texas Land & Cattle restaurant Killeen, Texas | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 2,020,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,263,000 | ' | ' |
Building | ' | 739,000 | ' | ' |
Building Improvements | ' | 64,000 | ' | ' |
Total | ' | 2,066,000 | ' | ' |
Capitalized transaction costs incurred with the asset acquisition | ' | 50,000 | ' | ' |
Hooters restaurant Concord, North Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 2,469,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 15,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 999,000 | ' | ' |
Building | ' | 954,000 | ' | ' |
Building Improvements | ' | 122,000 | ' | ' |
Intangible Lease Asset | ' | 394,000 | ' | ' |
Total | ' | 2,469,000 | ' | ' |
TRISUN Health Care - assisted living facility Round Rock, Texas | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 22,800,000 | ' | ' |
Mortgage incurred | ' | 15,275,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 321,000 | ' | ' |
Interest rate (as a percent) | ' | 5.38% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,678,000 | ' | ' |
Building | ' | 16,577,000 | ' | ' |
Building Improvements | ' | 93,000 | ' | ' |
Intangible Lease Asset | ' | 4,452,000 | ' | ' |
Total | ' | 22,800,000 | ' | ' |
Hooters restaurant Myrtle Beach, South Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 2,635,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 33,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,102,000 | ' | ' |
Building | ' | 1,090,000 | ' | ' |
Building Improvements | ' | 71,000 | ' | ' |
Intangible Lease Asset | ' | 372,000 | ' | ' |
Total | ' | 2,635,000 | ' | ' |
Joe's Crab Shack restaurant Ann Arbor, Michigan | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 2,980,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 31,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,098,000 | ' | ' |
Building | ' | 1,338,000 | ' | ' |
Building Improvements | ' | 122,000 | ' | ' |
Intangible Lease Asset | ' | 422,000 | ' | ' |
Total | ' | 2,980,000 | ' | ' |
FedEx Express facility Indianapolis, Indiana | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 9,270,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 39,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,224,000 | ' | ' |
Building | ' | 6,438,000 | ' | ' |
Building Improvements | ' | 498,000 | ' | ' |
Intangible Lease Asset | ' | 1,222,000 | ' | ' |
Intangible Lease Liability | ' | -112,000 | ' | ' |
Total | ' | 9,270,000 | ' | ' |
Northern Tool & Equipment distribution facility Fort Mill, South Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 39,195,000 | ' | ' |
Mortgage incurred | ' | 27,300,000 | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 91,000 | ' | ' |
Interest rate (as a percent) | ' | 4.88% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,804,000 | ' | ' |
Building | ' | 31,635,000 | ' | ' |
Building Improvements | ' | 2,014,000 | ' | ' |
Intangible Lease Asset | ' | 3,742,000 | ' | ' |
Total | ' | 39,195,000 | ' | ' |
Number of tenants in the property | ' | 2 | ' | ' |
TGIF restaurant, Greensboro, North Carolina | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 3,003,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,768,000 | ' | ' |
Building | ' | 1,054,000 | ' | ' |
Building Improvements | ' | 183,000 | ' | ' |
Total | ' | 3,005,000 | ' | ' |
TGIF restaurant, Richmond, Virginia | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | 3,017,000 | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | 1,678,000 | ' | ' |
Building | ' | 1,184,000 | ' | ' |
Building Improvements | ' | 157,000 | ' | ' |
Total | ' | 3,019,000 | ' | ' |
Urban Outfitters retail store, Lawrence, Kansas | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 1,230,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 21,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 134,000 | ' |
Building | ' | ' | 937,000 | ' |
Intangible Lease Asset | ' | ' | 169,000 | ' |
Intangible Lease Liability | ' | ' | -10,000 | ' |
Total | ' | ' | 1,230,000 | ' |
Three Applebee's restaurants, Carrollton, Kennesaw and Cartersville, Georgia | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 8,568,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 84,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 2,284,000 | ' |
Building | ' | ' | 3,439,000 | ' |
Building Improvements | ' | ' | 281,000 | ' |
Intangible Lease Asset | ' | ' | 2,564,000 | ' |
Total | ' | ' | 8,568,000 | ' |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 2,200,000 | ' |
Mortgage incurred | ' | ' | 2,040,000 | ' |
Interest rate (as a percent) | ' | 5.00% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 556,000 | ' |
Building | ' | ' | 1,605,000 | ' |
Building Improvements | ' | ' | 129,000 | ' |
Total | ' | ' | 2,290,000 | ' |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey | Minimum | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Interest rate (as a percent) | ' | 5.00% | ' | ' |
Avalon Carpet Tile and Flooring, retail store and warehouse, Deptford, New Jersey | Consolidated JV | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | 95.00% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Capitalized transaction costs incurred with the asset acquisition | ' | ' | 90,000 | ' |
Applebee's restaurant, Lawrenceville, Georgia | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 2,340,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 19,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 804,000 | ' |
Building | ' | ' | 739,000 | ' |
Building Improvements | ' | ' | 43,000 | ' |
Intangible Lease Asset | ' | ' | 754,000 | ' |
Total | ' | ' | 2,340,000 | ' |
FedEx Facility, Pinellas Park, Florida | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 2,810,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 28,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 1,231,000 | ' |
Building | ' | ' | 1,607,000 | ' |
Building Improvements | ' | ' | 62,000 | ' |
Intangible Lease Asset | ' | ' | 94,000 | ' |
Intangible Lease Liability | ' | ' | -100,000 | ' |
Total | ' | ' | 2,894,000 | ' |
Capitalized transaction costs incurred with the asset acquisition | ' | ' | 84,000 | ' |
Assignment fees capitalized in connection with purchase | ' | ' | 84,000 | ' |
Walgreens Pharmacy, Cape Girardeau, Missouri | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 2,268,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 92,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 545,000 | ' |
Building | ' | ' | 1,478,000 | ' |
Building Improvements | ' | ' | 69,000 | ' |
Intangible Lease Asset | ' | ' | 379,000 | ' |
Intangible Lease Liability | ' | ' | -203,000 | ' |
Total | ' | ' | 2,268,000 | ' |
Walgreens Pharmacy, Cape Girardeau, Missouri | Consolidated JV | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | 95.00% | ' | ' |
Shopping Center, Houston, Texas | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 7,150,000 | ' |
Mortgage incurred | ' | ' | 5,100,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 206,000 | ' |
Interest rate (as a percent) | ' | 3.75% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 3,122,000 | ' |
Building | ' | ' | 3,589,000 | ' |
Building Improvements | ' | ' | 180,000 | ' |
Intangible Lease Asset | ' | ' | 534,000 | ' |
Intangible Lease Liability | ' | ' | -275,000 | ' |
Total | ' | ' | 7,150,000 | ' |
Occupancy percentage for properties purchased by the company | ' | 91.00% | ' | ' |
Number of tenants in the property | ' | 17 | ' | ' |
Shopping Center, Houston, Texas | Consolidated JV | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | 85.00% | ' | ' |
LA Fitness Health Club, Secaucus, New Jersey | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 16,400,000 | ' |
Mortgage incurred | ' | ' | 10,000,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 341,000 | ' |
Interest rate (as a percent) | ' | 4.90% | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 5,660,000 | ' |
Building | ' | ' | 8,830,000 | ' |
Building Improvements | ' | ' | 25,000 | ' |
Intangible Lease Asset | ' | ' | 1,885,000 | ' |
Total | ' | ' | 16,400,000 | ' |
FedEx Facility, Miamisburg, Ohio | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | 1,650,000 | ' |
Third Party Real Estate Acquisition Costs | ' | ' | 6,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Land | ' | ' | 165,000 | ' |
Building | ' | ' | 1,248,000 | ' |
Building Improvements | ' | ' | 100,000 | ' |
Intangible Lease Asset | ' | ' | 262,000 | ' |
Total | ' | ' | 1,775,000 | ' |
Capitalized transaction costs incurred with the asset acquisition | ' | ' | 125,000 | ' |
Assignment fees capitalized in connection with purchase | ' | ' | 125,000 | ' |
Other | ' | ' | ' | ' |
Real Estate Acquisitions | ' | ' | ' | ' |
Third Party Real Estate Acquisition Costs | ' | 148,000 | 26,000 | ' |
Texas Land & Cattle restaurant Killeen, Texas, TGIF restaurant, Greensboro, North Carolina and TGIF restaurant, Richmond, Virginia | ' | ' | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' |
Capitalized transaction costs incurred with the asset acquisition | ' | $50,000 | ' | ' |
DISCONTINUED_OPERATIONS_AND_RE2
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||
Feb. 28, 2014 | Jun. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
property | property | |||||||||||||
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 |
Total sales price, net of closing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,062,000 | $11,544,000 | ' |
Net book value of properties held for sale | ' | ' | 5,177,000 | ' | ' | ' | 5,364,000 | ' | ' | ' | 5,177,000 | 5,364,000 | ' | 5,364,000 |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 973,000 | 2,690,000 | 3,377,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | 402,000 | 647,000 | ' |
Real estate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 106,000 | 257,000 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259,000 | 615,000 | 773,000 | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000 | 1,123,000 | 1,677,000 | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 577,000 | 1,567,000 | 1,700,000 | ' |
Impairment charge | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 62,000 | ' | ' | ' |
Net gain on sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,413,000 | 932,000 | ' |
Income from discontinued operations | ' | ' | 90,000 | 144,000 | 145,000 | 136,000 | 2,417,000 | 15,553,000 | 2,617,000 | 393,000 | 515,000 | 20,980,000 | 2,632,000 | ' |
Property in Florida and leased to Office Depot | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Property in New York | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Real estate property located in Michigan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED OPERATIONS AND REAL ESTATE INVESTMENTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties under contract of sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Total sales price, net of closing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,177,000 | ' | ' | ' |
Net book value of properties held for sale | ' | ' | 5,177,000 | ' | ' | ' | 5,364,000 | ' | ' | ' | 5,177,000 | 5,364,000 | ' | 5,364,000 |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,700 | ' | ' | ' |
INVESTMENT_IN_UNCONSOLIDATED_J1
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Feb. 28, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | |
property | item | Unconsolidated JV in Plano, Texas | Unconsolidated JV in Plano, Texas | Unconsolidated JV in Plano, Texas | Unconsolidated JV in Los Angeles, California | ||
item | property | ||||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND SALES OF JOINT VENTURE PROPERTIES | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated joint ventures | 5 | 7 | ' | ' | ' | ' | ' |
Number of properties owned and operated by each unconsolidated joint venture | 1 | 1 | ' | ' | ' | ' | ' |
Investment in unconsolidated joint ventures | $4,906,000 | $19,485,000 | ' | ' | ' | ' | ' |
Gain on sale of properties | 4,705,000 | ' | ' | ' | ' | ' | ' |
Number of properties sold | 2 | ' | ' | ' | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures | 651,000 | 1,368,000 | 914,000 | ' | ' | ' | ' |
Investment in Unconsolidated Joint Ventures | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in variable interest entity | ' | ' | ' | ' | 90.00% | 90.00% | ' |
Ownership percentage in variable interest entity of other party | ' | ' | ' | ' | ' | 10.00% | ' |
Amount contributed by other party | ' | ' | ' | ' | ' | 1,500,000 | ' |
Gain from contribution of property to joint venture | ' | 319,000 | ' | ' | ' | 319,000 | ' |
Gain on disposition of real estate - unconsolidated joint venture | 2,807,000 | ' | ' | ' | ' | ' | 2,807,000 |
Proceeds before cost of sale from disposition of unconsolidated joint venture interest | ' | ' | ' | ' | 13,500,000 | ' | ' |
Net proceeds from disposition of unconsolidated joint venture property | ' | ' | ' | ' | ' | ' | 4,630,000 |
Gain on sale of equity interest in the joint venture | ' | ' | ' | 1,898,000 | ' | ' | ' |
Sale price of real estate sold in unconsolidated joint venture | ' | ' | ' | ' | ' | ' | 25,000,000 |
Entity share in sale price of real estate sold in unconsolidated joint venture | ' | ' | ' | ' | ' | ' | 12,500,000 |
Mortgage prepayment penalty | ' | ' | ' | ' | ' | ' | $148,000 |
DEBT_OBLIGATIONS_Details
DEBT OBLIGATIONS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Mortgages Payable | Mortgages Payable | Mortgages Payable | Mortgages Payable | Mortgages Payable | Mortgages Payable | |||
item | Mortgage loan maturing on May 1, 2014 | Mortgage loan maturing in March 2024 | Minimum | Maximum | ||||
Interest rate swap | Interest rate swap | |||||||
DEBT OBLIGATIONS | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt instruments outstanding | ' | ' | 51 | ' | ' | ' | ' | ' |
Aggregate carrying value of real estate investments | $567,358,000 | $466,213,000 | $459,760,000 | ' | ' | ' | ' | ' |
Accumulated depreciation | 71,171,000 | 61,052,000 | 57,748,000 | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | 5.67% | 4.75% | 3.13% | 8.80% |
Weighted average interest rate (as a percent) | ' | ' | 5.22% | 5.25% | ' | ' | ' | ' |
Repayment of the outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 36,172,000 | ' | ' | ' | ' | ' | ' | ' |
2015 | 14,643,000 | ' | ' | ' | ' | ' | ' | ' |
2016 | 32,679,000 | ' | ' | ' | ' | ' | ' | ' |
2017 | 44,595,000 | ' | ' | ' | ' | ' | ' | ' |
2018 | 18,696,000 | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 131,260,000 | ' | ' | ' | ' | ' | ' | ' |
Total | 278,045,000 | 225,971,000 | ' | ' | ' | ' | ' | ' |
Face value of debt | ' | ' | ' | ' | $16,261,000 | $19,750,000 | ' | ' |
Term of interest only payments | ' | ' | ' | ' | ' | '5 years | ' | ' |
DEBT_OBLIGATIONS_Details_2
DEBT OBLIGATIONS (Details 2) (Facility, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 12, 2014 | |
Line of Credit | ' | ' |
Borrowing capacity | $75,000,000 | ' |
Maximum effective interest rate (as a percent) | 4.75% | ' |
Unused facility fee (as a percent) | 0.25% | ' |
Amount outstanding under the facility | 23,250,000 | 12,850,000 |
Maximum | ' | ' |
Line of Credit | ' | ' |
Amount of facility available for specified purposes | 15,000,000 | ' |
Percentage of permitted borrowing base available for specified purposes | 15.00% | ' |
Amount of facility available for specified purposes if used for working capital purpose | $10,000,000 | ' |
LIBOR | ' | ' |
Line of Credit | ' | ' |
Basis of interest rate | '90 day LIBOR | ' |
Spread on variable interest rate (as a percent) | 3.00% | ' |
Interest rate at end of period (as a percent) | 3.25% | ' |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 12, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Line of credit | Line of credit | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | BRT Realty Trust | Other equity securities | Mortgages payable | Mortgages payable | ||||
Carrying and fair Value | Carrying and fair Value | Carrying and fair Value | Carrying and fair Value | Level 1 | Level 1 | Level 2 | Level 2 | ||||||||||
Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | ||||||||||||||
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of mortgages payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $283,142,000 | $233,170,000 |
Excess of fair value over carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,097,000 | 7,199,000 |
Blended or estimated market interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 4.80% |
Weighted average remaining term of the mortgages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | '9 years 2 months 12 days |
Carrying amount | ' | ' | ' | 12,850,000 | 23,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities | ' | ' | ' | ' | ' | 282,000 | 278,000 | ' | ' | 282,000 | 278,000 | ' | ' | 262,000 | 20,000 | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | 265,000 | ' | ' | ' | 265,000 | ' | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | 774,000 | 1,470,000 | ' | ' | 774,000 | 1,470,000 | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in available-for-sale equity securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,081 | ' | ' | ' |
Aggregate cost of available-for-sale securities | 138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale securities | 144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds of available-for-sale securities | 19,000 | 373,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized gain on available-for-sale securities | 6,000 | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge on available-for-sale securities | ' | ' | $126,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (Interest rate derivatives, Cash flow hedge, USD $) | 0 Months Ended |
Dec. 31, 2013 | |
item | |
Interest rate derivatives | Cash flow hedge | ' |
Fair Value Measurements | ' |
Number of interest rate derivatives held | 12 |
Number of mortgage loans outstanding | 12 |
Notional Amount | $69,173,000 |
Weighted average maturity | '6 years 7 months 6 days |
Fixed annual interest rate lower end of range (as a percent) | 3.55% |
Fixed annual interest rate higher end of range (as a percent) | 6.50% |
Weighted average annual interest rate (as a percent) | 5.05% |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details 3) (Derivatives designated as hedging instruments, Interest rate swap, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives designated as hedging instruments | Interest rate swap | ' | ' |
Fair Value Measurements | ' | ' |
Fair value of derivatives assets | $265,000 | $0 |
Fair value of derivatives liabilities | $774,000 | $1,470,000 |
FAIR_VALUE_MEASUREMENTS_Detail3
FAIR VALUE MEASUREMENTS (Details 4) (USD $) | 12 Months Ended | 36 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | Cash flow hedges | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | |
Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | |||
Unconsolidated joint ventures | Unconsolidated joint ventures | Unconsolidated joint ventures | ||||||
item | ||||||||
Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unconsolidated joint ventures of the entity with interest rate derivatives outstanding | ' | ' | ' | ' | ' | 2 | ' | ' |
Percentage of ownership in unconsolidated joint venture | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | $3,798,000 | ' | ' |
Fixed Interest Rate (as a percent) | ' | ' | ' | ' | ' | 5.81% | ' | ' |
Amount of gain (loss) recognized on derivative in Other comprehensive (loss) | ' | ' | -1,000 | -1,051,000 | -1,098,000 | 21,000 | -79,000 | -225,000 |
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into interest expense/earnings | ' | ' | -962,000 | -504,000 | -351,000 | -55,000 | -56,000 | -43,000 |
Reclassification of gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' |
Gain or loss recognized with respect to cash flow hedges' ineffectiveness | ' | 0 | ' | ' | ' | ' | ' | ' |
Additional amount to be reclassified to interest expense during the next twelve months | ' | ' | 1,458,000 | ' | ' | ' | ' | ' |
Derivative financial instruments related to unconsolidated joint venture | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative agreements for which the Parent Company could be liable in event of default by a subsidiary | 1 | ' | ' | ' | ' | ' | ' | ' |
Credit risk related contingent feature | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative in a liability position, including accrued interest and excluding adjustments for nonperformance risk | ' | ' | 817,000 | ' | ' | ' | ' | ' |
Termination value of derivative agreement | ' | ' | $817,000 | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Number of shares of common stock owned by the related party | 15,221,000 | 14,598,000 | ' |
Number of shares purchased by the related party under the dividend reinvestment plan | 210,000 | 215,000 | 255,000 |
Cost of plans charged to operations | $1,440,000 | $1,223,000 | $1,009,000 |
Annual lease rent | 296,875 | ' | ' |
Gould | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Number of shares of common stock owned by the related party | 1,597,304 | 1,524,009 | ' |
Ownership percentage held by the related party | 10.20% | 10.20% | ' |
Number of shares purchased by the related party under the dividend reinvestment plan | 69,595 | 73,038 | ' |
Number of shares purchased by the related party in the open market | 3,700 | 301 | ' |
Majestic | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Annual fee paid in consideration for providing services | 2,725,000 | 2,725,000 | 2,725,000 |
Property management costs allocated to real estate expenses annually | 600,000 | ' | ' |
Additional payment for the entity's share of all direct office expenses | 175,000 | 175,000 | 175,000 |
Chairman | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Fee paid | 250,000 | ' | ' |
Vice Chairman | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Fee paid | 100,000 | ' | ' |
Subsidiary of Gould | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Annual lease rent | 41,000 | 41,000 | 47,000 |
Executive officers and others | ' | ' | ' |
RELATED PARTY TRANSACTIONS | ' | ' | ' |
Cost of plans charged to operations | $867,000 | $743,000 | $603,000 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Sep. 14, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Based Compensation | ' | ' | ' | ' |
Outstanding options at the end of the period (in shares) | ' | 0 | 0 | 0 |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ' | ' | ' | ' |
Share based compensation charged to operations | ' | 1,440,000 | 1,223,000 | 1,009,000 |
Compensation costs related to nonvested awards that have not yet been recognized | ' | 4,219,000 | ' | ' |
Approximate weighted average vesting period | ' | '2 years 7 months 6 days | ' | ' |
Restricted stock grants | ' | ' | ' | ' |
Stock Based Compensation | ' | ' | ' | ' |
Vesting period | ' | '5 years | ' | ' |
Summary of the activity of the incentive plans | ' | ' | ' | ' |
Restricted share grants | ' | 112,650 | 109,450 | 74,040 |
Average per share grant price (in dollars per share) | ' | 21.59 | 16.77 | 16.19 |
Deferred compensation to be recognized over vesting period | ' | 2,432,000 | 1,835,000 | 1,199,000 |
Non-vested shares: | ' | ' | ' | ' |
Non-vested beginning of period (in shares) | ' | 407,460 | 348,385 | 320,940 |
Grants (in shares) | ' | 112,650 | 109,450 | 74,040 |
Vested during period (in shares) | ' | -50,095 | -49,325 | -46,450 |
Forfeitures (in shares) | ' | ' | -1,050 | -145 |
Non-vested end of period (in shares) | ' | 470,015 | 407,460 | 348,385 |
Other disclosures | ' | ' | ' | ' |
Average per share value of non-vested shares (based on grant price) (in dollars per share) | ' | 14.22 | 12.59 | 12.96 |
Value of shares vested during the period (based on grant price) | ' | 876,000 | 1,208,000 | 960,000 |
Average value of shares forfeited (based on grant price) (in dollars per share) | ' | ' | 13.65 | 11.03 |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ' | ' | ' | ' |
Share based compensation charged to operations | ' | 1,341,000 | 1,050,000 | 930,000 |
Restricted stock units | ' | ' | ' | ' |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ' | ' | ' | ' |
Share based compensation charged to operations | ' | 99,000 | 173,000 | 79,000 |
2012 Incentive Plan | ' | ' | ' | ' |
Stock Based Compensation | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | 600,000 | ' | ' |
Shares issued pursuant to plan | ' | 112,650 | ' | ' |
Number of share instruments vested since plan's inception | ' | 50 | ' | ' |
Prior Incentive Plans | ' | ' | ' | ' |
Non-vested shares: | ' | ' | ' | ' |
Non-vested end of period (in shares) | ' | 557,415 | ' | ' |
Pay-for-performance program | ' | ' | ' | ' |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ' | ' | ' | ' |
Compensation costs related to nonvested awards that have not yet been recognized | ' | 401,000 | ' | ' |
Pay-for-performance program | Restricted stock units | ' | ' | ' | ' |
Stock Based Compensation | ' | ' | ' | ' |
Vesting period | '7 years | ' | ' | ' |
Number of shares to be vested and issued for each unit outstanding on satisfying performance criteria at June 30, 2017 | ' | 1 | ' | ' |
Number of shares to be issued for each unit outstanding on not satisfying performance criteria at June 30, 2017 | ' | 0 | ' | ' |
Summary of the activity of the incentive plans | ' | ' | ' | ' |
Restricted share grants | 200,000 | ' | ' | ' |
Average per share grant price (in dollars per share) | $11.74 | ' | ' | ' |
Deferred compensation to be recognized over vesting period | $779,000 | ' | ' | ' |
Non-vested shares: | ' | ' | ' | ' |
Grants (in shares) | 200,000 | ' | ' | ' |
Vested during period (in shares) | ' | 0 | 0 | 0 |
Forfeitures (in shares) | ' | 0 | 0 | 0 |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Aug. 09, 2012 | Feb. 11, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | ||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Cash distributions declared per share of common stock (in dollars per share) | ' | ' | ' | $1.42 | $1.34 | $1.32 |
Common shares issued under the Distribution Reinvestment Plan | ' | ' | ' | 210,000 | 215,000 | 255,000 |
Maximum aggregate sales price of shares to be sold under an Equity Offering Sales Agreement (in dollars) | $50,000,000 | ' | ' | ' | ' | ' |
Number of shares sold | ' | 2,700,000 | ' | 363,463 | 120,844 | ' |
Proceeds from sale of shares, net of commission and before offering costs | ' | 40,569,000 | ' | 9,227,800 | 2,296,000 | ' |
Payment of commissions on sale of shares | ' | ' | ' | 93,000 | 23,000 | ' |
Payment of offering costs on sale of shares | ' | ' | ' | 63,000 | 165,000 | ' |
Number of mortgages to be repaid | ' | 2 | ' | ' | ' | ' |
Repayment of mortgages payable | ' | 7,700,000 | ' | 4,708,000 | 32,422,000 | 15,302,000 |
Weighted average interest rate (as a percent) | ' | 7.90% | ' | ' | ' | ' |
Decrease in outstanding amount | ' | 26,200,000 | ' | 9,250,000 | 34,550,000 | 44,700,000 |
Payments made to purchase a property | ' | ' | $2,325,000 | $107,529,000 | $44,616,000 | ' |
Maximum | ' | ' | ' | ' | ' | ' |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | 5.00% | ' | ' |
GAIN_ON_SETTLEMENT_OF_DEBT_Det
GAIN ON SETTLEMENT OF DEBT (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Feb. 11, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Jun. 30, 2011 | |
Unconsolidated JV in Plano, Texas | Mortgage | ||||||
GAIN ON SETTLEMENT OF DEBT | ' | ' | ' | ' | ' | ' | ' |
Principal balance of loan paid off | ' | ' | ' | ' | ' | ' | $8,893,000 |
Payment of debt | 7,700,000 | ' | 4,708,000 | 32,422,000 | 15,302,000 | ' | 7,634,000 |
Gain on settlement of debt, net of write off of deferred mortgage costs | ' | ' | ' | ' | 1,240,000 | ' | 1,240,000 |
Write off of remaining balance of deferred mortgage costs | ' | ' | ' | ' | ' | ' | 19,000 |
Impairment charge | ' | 0 | 62,000 | ' | ' | ' | ' |
Gain on sale of equity interest in the joint venture | ' | ' | ' | ' | ' | $1,898,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | |||
COMMITMENTS AND CONTINGENCIES | ' | ' | ' |
Pension expense | $147,000 | $128,000 | $119,000 |
Annual fixed leasehold rent | $296,875 | ' | ' |
Percentage increase in rent to be paid every five years | 25.00% | ' | ' |
Frequency for increase in rent by 25% | '5 years | ' | ' |
Number of 5-year extension options | 5 | ' | ' |
Lease extension period for the first five renewal options | '5 years | ' | ' |
Number of seven month extension options | 1 | ' | ' |
Lease extension period for the last renewal option | '7 months | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of disqualification of REIT status | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Reconciliation between Financial Statement Net Income and Federal Taxable Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $3,478 | $3,211 | $7,736 | $3,450 | $4,933 | $18,414 | $5,750 | $3,223 | $17,875 | $32,320 | $13,724 |
Straight line rent adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -919 | -1,419 |
Rent received in advance, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97 | -78 |
Financial statement gain on sale - less than (in excess of) tax gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | -445 | 61 |
Financial statement adjustment for above/below market leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 31 |
Non-deductible portion of restricted stock expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341 | 300 |
Federal excise tax, non-deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | 290 | ' |
Financial statement depreciation in excess of tax depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -208 | 1,042 |
Property acquisition costs - capitalized for tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 836 | 268 |
Other adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -201 | -516 |
Federal taxable income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,117 | 13,413 |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,252 | 14,758 |
Dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256 | 153 |
Dividends before adjustment for previous and current year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,508 | 14,911 |
Less: Spillover dividends designated to previous year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,448 |
Plus: Dividends designated from following year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,659 | ' |
Dividends paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,167 | 13,463 |
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of discount on common stock purchased through the dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Forecast | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation between Financial Statement Net Income and Federal Taxable Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17,875 | ' | ' |
Straight line rent adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -1,003 | ' | ' |
Rent received in advance, net | ' | ' | ' | ' | ' | ' | ' | ' | 691 | ' | ' |
Financial statement gain on sale - less than (in excess of) tax gain | ' | ' | ' | ' | ' | ' | ' | ' | 1,391 | ' | ' |
Financial statement adjustment for above/below market leases | ' | ' | ' | ' | ' | ' | ' | ' | -42 | ' | ' |
Non-deductible portion of restricted stock expense | ' | ' | ' | ' | ' | ' | ' | ' | 357 | ' | ' |
Federal excise tax, non-deductible | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' |
Financial statement depreciation in excess of tax depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,644 | ' | ' |
Property acquisition costs - capitalized for tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 774 | ' | ' |
Other adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -59 | ' | ' |
Federal taxable income | ' | ' | ' | ' | ' | ' | ' | ' | 21,673 | ' | ' |
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | 21,999 | ' | ' |
Dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | 230 | ' | ' |
Dividends before adjustment for previous and current year | ' | ' | ' | ' | ' | ' | ' | ' | 22,229 | ' | ' |
Less: Spillover dividends designated to previous year | ' | ' | ' | ' | ' | ' | ' | ' | -7,659 | ' | ' |
Plus: Dividends designated from following year | ' | ' | ' | ' | ' | ' | ' | ' | 7,103 | ' | ' |
Dividends paid deduction | ' | ' | ' | ' | ' | ' | ' | ' | $21,673 | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 15, 2014 | Mar. 13, 2014 | |
Restricted stock grants | Restricted stock grants | Restricted stock grants | Subsequent event | Subsequent event | ||||
Restricted stock grants | Forecast | |||||||
Subsequent event | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share grants | ' | ' | ' | 112,650 | 109,450 | 74,040 | 118,850 | ' |
Aggregate value of restricted shares granted | ' | ' | ' | ' | ' | ' | $2,478,000 | ' |
Quarterly cash dividend declared (in dollars per share) | $1.42 | $1.34 | $1.32 | ' | ' | ' | ' | $0.37 |
Quarterly cash dividend declared | $21,999,000 | $19,924,000 | $19,088,000 | ' | ' | ' | ' | $5,872,000 |
QUARTERLY_FINANCIAL_DATA_Unaud2
QUARTERLY FINANCIAL DATA (Unaudited): (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
QUARTERLY FINANCIAL DATA (Unaudited): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenues as previously reported | $14,166 | $13,214 | $12,227 | $12,102 | $11,557 | $11,333 | $11,102 | $10,758 | $51,709 | $44,750 | ' |
Revenues from discontinued operations | ' | -244 | -246 | -240 | -240 | -240 | -240 | -237 | -730 | -957 | ' |
Revenues | 14,166 | 12,970 | 11,981 | 11,862 | 11,317 | 11,093 | 10,862 | 10,521 | 50,979 | 43,793 | ' |
Income from continuing operations | 3,405 | 3,084 | 7,607 | 3,313 | 2,491 | 2,867 | 3,137 | 2,833 | 17,409 | 11,328 | 11,088 |
Income from discontinued operations | 90 | 144 | 145 | 136 | 2,417 | 15,553 | 2,617 | 393 | 515 | 20,980 | 2,632 |
Net income | 3,495 | 3,228 | 7,752 | 3,449 | 4,908 | 18,420 | 5,754 | 3,226 | 17,924 | 32,308 | 13,720 |
Net income attributable to One Liberty Properties, Inc. | $3,478 | $3,211 | $7,736 | $3,450 | $4,933 | $18,414 | $5,750 | $3,223 | $17,875 | $32,320 | $13,724 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 15,178 | 15,093 | 14,844 | 14,672 | 14,596 | 14,443 | 14,378 | 14,289 | 14,948 | 14,427 | 13,801 |
Diluted (in shares) | 15,278 | 15,193 | 14,944 | 14,772 | 14,696 | 14,543 | 14,478 | 14,389 | 15,048 | 14,527 | 13,851 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.21 | $0.19 | $0.50 | $0.21 | $0.16 | $0.19 | $0.21 | $0.19 | $1.12 | $0.77 | $0.77 |
Income from discontinued operations (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | $0.17 | $1.05 | $0.18 | $0.03 | $0.03 | $1.41 | $0.19 |
Total per common share attributable to common stockholders - basic (in dollars per share) | $0.22 | $0.20 | $0.51 | $0.22 | $0.33 | $1.24 | $0.39 | $0.22 | $1.15 | $2.18 | $0.96 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.21 | $0.19 | $0.49 | $0.21 | $0.16 | $0.19 | $0.21 | $0.19 | $1.11 | $0.76 | $0.77 |
Income from discontinued operations (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | $0.17 | $1.04 | $0.18 | $0.02 | $0.03 | $1.40 | $0.19 |
Total per common share attributable to common stockholders - diluted (in dollars per share) | $0.22 | $0.20 | $0.50 | $0.22 | $0.33 | $1.23 | $0.39 | $0.21 | $1.14 | $2.16 | $0.96 |
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
property | ||||
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | $278,045,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 154,954,000 | ' | ' | ' |
Buildings and Improvements | 401,400,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 18,130,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 154,942,000 | ' | ' | ' |
Buildings and Improvements | 419,482,000 | ' | ' | ' |
Total | 574,424,000 | 473,341,000 | 430,337,000 | 400,795,000 |
Accumulated Depreciation | 73,060,000 | 62,816,000 | 54,214,000 | 46,410,000 |
Other disclosure | ' | ' | ' | ' |
Number of properties held-for-sale | 2 | ' | ' | ' |
Impairment charge of properties held-for-sale | 62,000 | ' | ' | ' |
Minimum | ' | ' | ' | ' |
Other disclosure | ' | ' | ' | ' |
Estimated useful lives of buildings and improvements | '3 years | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Other disclosure | ' | ' | ' | ' |
Estimated useful lives of buildings and improvements | '40 years | ' | ' | ' |
Health Clubs | ' | ' | ' | ' |
Other disclosure | ' | ' | ' | ' |
Number of properties held-for-sale | 2 | ' | ' | ' |
Impairment charge of properties held-for-sale | 61,700 | ' | ' | ' |
Industrial | ' | ' | ' | ' |
Other disclosure | ' | ' | ' | ' |
Reduction to cost of land and buildings | 416,000 | ' | ' | ' |
Retail | ' | ' | ' | ' |
Other disclosure | ' | ' | ' | ' |
Number of properties net leased to same tenant pursuant to separate leases | 9 | ' | ' | ' |
Number of properties containing cross default provisions | 5 | ' | ' | ' |
Number of states in which properties containing cross default provisions are located | 8 | ' | ' | ' |
Number of properties covered by one master lease and one loan secured by cross - collateralized mortgages | 11 | ' | ' | ' |
Number of states in which properties covered by one master lease and one loan secured by cross - collateralized mortgages are located | 6 | ' | ' | ' |
Real Estate 1 in Hauppauge, NY | Flex | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 8,668,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,952,000 | ' | ' | ' |
Buildings and Improvements | 10,954,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,952,000 | ' | ' | ' |
Buildings and Improvements | 10,954,000 | ' | ' | ' |
Total | 12,906,000 | ' | ' | ' |
Accumulated Depreciation | 3,571,000 | ' | ' | ' |
Real Estate in Ronkonkoma, NY | Flex | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,797,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,042,000 | ' | ' | ' |
Buildings and Improvements | 4,171,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 1,117,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,042,000 | ' | ' | ' |
Buildings and Improvements | 5,288,000 | ' | ' | ' |
Total | 6,330,000 | ' | ' | ' |
Accumulated Depreciation | 1,541,000 | ' | ' | ' |
Real Estate 1 in Fort Mill, SC | Flex | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 9,212,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,840,000 | ' | ' | ' |
Buildings and Improvements | 12,687,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,840,000 | ' | ' | ' |
Buildings and Improvements | 12,687,000 | ' | ' | ' |
Total | 14,527,000 | ' | ' | ' |
Accumulated Depreciation | 161,000 | ' | ' | ' |
Real Estate in Tucker, GA | Health Clubs | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 5,083,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 807,000 | ' | ' | ' |
Buildings and Improvements | 3,027,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 3,126,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 807,000 | ' | ' | ' |
Buildings and Improvements | 6,153,000 | ' | ' | ' |
Total | 6,960,000 | ' | ' | ' |
Accumulated Depreciation | 1,603,000 | ' | ' | ' |
Real Estate 1 in Grand Rapids, MI | Health Clubs | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,821,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 912,000 | ' | ' | ' |
Buildings and Improvements | 3,649,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 906,000 | ' | ' | ' |
Buildings and Improvements | 3,625,000 | ' | ' | ' |
Total | 4,531,000 | ' | ' | ' |
Accumulated Depreciation | 1,209,000 | ' | ' | ' |
Real Estate 2 in Grand Rapids, MI | Health Clubs | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 953,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 513,000 | ' | ' | ' |
Buildings and Improvements | 2,053,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 507,000 | ' | ' | ' |
Buildings and Improvements | 2,029,000 | ' | ' | ' |
Total | 2,536,000 | ' | ' | ' |
Accumulated Depreciation | 680,000 | ' | ' | ' |
Real Estate in Secaucus, NJ | Health Clubs | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 9,809,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 5,449,000 | ' | ' | ' |
Buildings and Improvements | 9,873,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 5,449,000 | ' | ' | ' |
Buildings and Improvements | 9,873,000 | ' | ' | ' |
Total | 15,322,000 | ' | ' | ' |
Accumulated Depreciation | 258,000 | ' | ' | ' |
Real Estate in Hamilton, OH | Health Clubs | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,804,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,483,000 | ' | ' | ' |
Buildings and Improvements | 5,953,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,483,000 | ' | ' | ' |
Buildings and Improvements | 5,953,000 | ' | ' | ' |
Total | 7,436,000 | ' | ' | ' |
Accumulated Depreciation | 408,000 | ' | ' | ' |
Real Estate in West Palm Beach, FL | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 181,000 | ' | ' | ' |
Buildings and Improvements | 724,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 181,000 | ' | ' | ' |
Buildings and Improvements | 724,000 | ' | ' | ' |
Total | 905,000 | ' | ' | ' |
Accumulated Depreciation | 275,000 | ' | ' | ' |
Real Estate in Pinellas Park, FL | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,231,000 | ' | ' | ' |
Buildings and Improvements | 1,669,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,231,000 | ' | ' | ' |
Buildings and Improvements | 1,669,000 | ' | ' | ' |
Total | 2,900,000 | ' | ' | ' |
Accumulated Depreciation | 73,000 | ' | ' | ' |
Real Estate in Indianapolis, IN | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,224,000 | ' | ' | ' |
Buildings and Improvements | 6,935,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,224,000 | ' | ' | ' |
Buildings and Improvements | 6,935,000 | ' | ' | ' |
Total | 8,159,000 | ' | ' | ' |
Accumulated Depreciation | 68,000 | ' | ' | ' |
Real Estate in Baltimore, MD | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 21,480,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 6,474,000 | ' | ' | ' |
Buildings and Improvements | 25,282,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 6,474,000 | ' | ' | ' |
Buildings and Improvements | 25,282,000 | ' | ' | ' |
Total | 31,756,000 | ' | ' | ' |
Accumulated Depreciation | 4,451,000 | ' | ' | ' |
Real Estate in Saco, ME | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,280,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,027,000 | ' | ' | ' |
Buildings and Improvements | 3,623,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,027,000 | ' | ' | ' |
Buildings and Improvements | 3,623,000 | ' | ' | ' |
Total | 4,650,000 | ' | ' | ' |
Accumulated Depreciation | 698,000 | ' | ' | ' |
Real Estate in Durham, NC | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,106,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,043,000 | ' | ' | ' |
Buildings and Improvements | 2,404,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,043,000 | ' | ' | ' |
Buildings and Improvements | 2,404,000 | ' | ' | ' |
Total | 3,447,000 | ' | ' | ' |
Accumulated Depreciation | 177,000 | ' | ' | ' |
Real Estate in Melville, NY | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 774,000 | ' | ' | ' |
Buildings and Improvements | 3,029,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 799,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 774,000 | ' | ' | ' |
Buildings and Improvements | 3,828,000 | ' | ' | ' |
Total | 4,602,000 | ' | ' | ' |
Accumulated Depreciation | 893,000 | ' | ' | ' |
Real Estate in New Hyde Park, NY | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 182,000 | ' | ' | ' |
Buildings and Improvements | 728,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 33,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 182,000 | ' | ' | ' |
Buildings and Improvements | 761,000 | ' | ' | ' |
Total | 943,000 | ' | ' | ' |
Accumulated Depreciation | 273,000 | ' | ' | ' |
Real Estate 1 in Columbus, OH | Industrial | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 435,000 | ' | ' | ' |
Buildings and Improvements | 1,703,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 435,000 | ' | ' | ' |
Buildings and Improvements | 1,703,000 | ' | ' | ' |
Total | 2,138,000 | ' | ' | ' |
Accumulated Depreciation | 564,000 | ' | ' | ' |
Real Estate in Miamisburg, OH | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 848,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 165,000 | ' | ' | ' |
Buildings and Improvements | 1,348,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 9,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 165,000 | ' | ' | ' |
Buildings and Improvements | 1,357,000 | ' | ' | ' |
Total | 1,522,000 | ' | ' | ' |
Accumulated Depreciation | 41,000 | ' | ' | ' |
Real Estate in Philadelphia, PA | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 5,626,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,981,000 | ' | ' | ' |
Buildings and Improvements | 7,668,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,981,000 | ' | ' | ' |
Buildings and Improvements | 7,668,000 | ' | ' | ' |
Total | 9,649,000 | ' | ' | ' |
Accumulated Depreciation | 1,701,000 | ' | ' | ' |
Real Estate 2 in Fort Mill, SC | Industrial | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 27,177,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,804,000 | ' | ' | ' |
Buildings and Improvements | 33,650,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,804,000 | ' | ' | ' |
Buildings and Improvements | 33,650,000 | ' | ' | ' |
Total | 35,454,000 | ' | ' | ' |
Accumulated Depreciation | 348,000 | ' | ' | ' |
Real Estate in Parsippany, NJ | Office | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 13,836,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 6,055,000 | ' | ' | ' |
Buildings and Improvements | 23,300,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 1,826,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 6,055,000 | ' | ' | ' |
Buildings and Improvements | 25,126,000 | ' | ' | ' |
Total | 31,181,000 | ' | ' | ' |
Accumulated Depreciation | 5,130,000 | ' | ' | ' |
Real Estate in Brooklyn, NY | Office | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 5,473,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,381,000 | ' | ' | ' |
Buildings and Improvements | 5,447,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 2,867,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,381,000 | ' | ' | ' |
Buildings and Improvements | 8,314,000 | ' | ' | ' |
Total | 9,695,000 | ' | ' | ' |
Accumulated Depreciation | 2,782,000 | ' | ' | ' |
Real Estate in Denver, CO | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,963,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 780,000 | ' | ' | ' |
Buildings and Improvements | 3,248,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 413,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 780,000 | ' | ' | ' |
Buildings and Improvements | 3,661,000 | ' | ' | ' |
Total | 4,441,000 | ' | ' | ' |
Accumulated Depreciation | 1,506,000 | ' | ' | ' |
Real Estate 1 in West Hartford, CT | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,881,000 | ' | ' | ' |
Buildings and Improvements | 94,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 47,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,881,000 | ' | ' | ' |
Buildings and Improvements | 141,000 | ' | ' | ' |
Total | 3,022,000 | ' | ' | ' |
Accumulated Depreciation | 32,000 | ' | ' | ' |
Real Estate 2 in West Hartford, CT | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 12,598,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 9,296,000 | ' | ' | ' |
Buildings and Improvements | 5,071,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 279,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 9,296,000 | ' | ' | ' |
Buildings and Improvements | 5,350,000 | ' | ' | ' |
Total | 14,646,000 | ' | ' | ' |
Accumulated Depreciation | 469,000 | ' | ' | ' |
Real Estate in Newark, DE | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,999,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 935,000 | ' | ' | ' |
Buildings and Improvements | 3,643,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 10,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 935,000 | ' | ' | ' |
Buildings and Improvements | 3,653,000 | ' | ' | ' |
Total | 4,588,000 | ' | ' | ' |
Accumulated Depreciation | 945,000 | ' | ' | ' |
Real Estate in Ft. Myers, FL | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,075,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,013,000 | ' | ' | ' |
Buildings and Improvements | 4,054,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,013,000 | ' | ' | ' |
Buildings and Improvements | 4,054,000 | ' | ' | ' |
Total | 5,067,000 | ' | ' | ' |
Accumulated Depreciation | 1,736,000 | ' | ' | ' |
Real Estate in Naples, FL | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 3,070,000 | ' | ' | ' |
Buildings and Improvements | 2,846,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 3,070,000 | ' | ' | ' |
Buildings and Improvements | 2,846,000 | ' | ' | ' |
Total | 5,916,000 | ' | ' | ' |
Accumulated Depreciation | 376,000 | ' | ' | ' |
Real Estate 1 in Athens, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,757,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,130,000 | ' | ' | ' |
Buildings and Improvements | 4,340,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,130,000 | ' | ' | ' |
Buildings and Improvements | 4,340,000 | ' | ' | ' |
Total | 5,470,000 | ' | ' | ' |
Accumulated Depreciation | 1,044,000 | ' | ' | ' |
Real Estate 2 in Atlanta, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,531,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 803,000 | ' | ' | ' |
Buildings and Improvements | 3,211,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 803,000 | ' | ' | ' |
Buildings and Improvements | 3,211,000 | ' | ' | ' |
Total | 4,014,000 | ' | ' | ' |
Accumulated Depreciation | 1,395,000 | ' | ' | ' |
Real Estate in Carrollton, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,737,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 796,000 | ' | ' | ' |
Buildings and Improvements | 1,458,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 796,000 | ' | ' | ' |
Buildings and Improvements | 1,458,000 | ' | ' | ' |
Total | 2,254,000 | ' | ' | ' |
Accumulated Depreciation | 77,000 | ' | ' | ' |
Real Estate in Cartersville, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,642,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 786,000 | ' | ' | ' |
Buildings and Improvements | 1,346,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 786,000 | ' | ' | ' |
Buildings and Improvements | 1,346,000 | ' | ' | ' |
Total | 2,132,000 | ' | ' | ' |
Accumulated Depreciation | 76,000 | ' | ' | ' |
Real Estate in Duluth, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,817,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 778,000 | ' | ' | ' |
Buildings and Improvements | 3,436,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 778,000 | ' | ' | ' |
Buildings and Improvements | 3,436,000 | ' | ' | ' |
Total | 4,214,000 | ' | ' | ' |
Accumulated Depreciation | 664,000 | ' | ' | ' |
Real Estate in Fayetteville, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,278,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 976,000 | ' | ' | ' |
Buildings and Improvements | 4,308,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 976,000 | ' | ' | ' |
Buildings and Improvements | 4,308,000 | ' | ' | ' |
Total | 5,284,000 | ' | ' | ' |
Accumulated Depreciation | 830,000 | ' | ' | ' |
Real Estate 1 in Kennesaw, GA | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,501,000 | ' | ' | ' |
Buildings and Improvements | 4,349,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,501,000 | ' | ' | ' |
Buildings and Improvements | 4,349,000 | ' | ' | ' |
Total | 5,850,000 | ' | ' | ' |
Accumulated Depreciation | 575,000 | ' | ' | ' |
Real Estate 2 in Kennesaw, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,346,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 702,000 | ' | ' | ' |
Buildings and Improvements | 916,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 702,000 | ' | ' | ' |
Buildings and Improvements | 916,000 | ' | ' | ' |
Total | 1,618,000 | ' | ' | ' |
Accumulated Depreciation | 51,000 | ' | ' | ' |
Real Estate in Lawrenceville, GA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,292,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 866,000 | ' | ' | ' |
Buildings and Improvements | 899,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 866,000 | ' | ' | ' |
Buildings and Improvements | 899,000 | ' | ' | ' |
Total | 1,765,000 | ' | ' | ' |
Accumulated Depreciation | 62,000 | ' | ' | ' |
Real Estate in Bolingbrook, IL | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 834,000 | ' | ' | ' |
Buildings and Improvements | 1,887,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 834,000 | ' | ' | ' |
Buildings and Improvements | 1,887,000 | ' | ' | ' |
Total | 2,721,000 | ' | ' | ' |
Accumulated Depreciation | 133,000 | ' | ' | ' |
Real Estate in Champaign, IL | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,857,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 791,000 | ' | ' | ' |
Buildings and Improvements | 3,165,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 274,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 791,000 | ' | ' | ' |
Buildings and Improvements | 3,439,000 | ' | ' | ' |
Total | 4,230,000 | ' | ' | ' |
Accumulated Depreciation | 1,203,000 | ' | ' | ' |
Real Estate in Chicago, IL | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 3,877,000 | ' | ' | ' |
Buildings and Improvements | 2,256,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 3,877,000 | ' | ' | ' |
Buildings and Improvements | 2,256,000 | ' | ' | ' |
Total | 6,133,000 | ' | ' | ' |
Accumulated Depreciation | 298,000 | ' | ' | ' |
Real Estate in Crystal Lake, IL | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,978,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 615,000 | ' | ' | ' |
Buildings and Improvements | 1,899,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 615,000 | ' | ' | ' |
Buildings and Improvements | 1,899,000 | ' | ' | ' |
Total | 2,514,000 | ' | ' | ' |
Accumulated Depreciation | 144,000 | ' | ' | ' |
Real Estate in Gurnee, IL | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,447,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 834,000 | ' | ' | ' |
Buildings and Improvements | 3,635,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 834,000 | ' | ' | ' |
Buildings and Improvements | 3,635,000 | ' | ' | ' |
Total | 4,469,000 | ' | ' | ' |
Accumulated Depreciation | 663,000 | ' | ' | ' |
Real Estate in Niles, IL | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,315,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 843,000 | ' | ' | ' |
Buildings and Improvements | 3,485,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 843,000 | ' | ' | ' |
Buildings and Improvements | 3,485,000 | ' | ' | ' |
Total | 4,328,000 | ' | ' | ' |
Accumulated Depreciation | 231,000 | ' | ' | ' |
Real Estate in Lawrence, KS | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 134,000 | ' | ' | ' |
Buildings and Improvements | 938,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 134,000 | ' | ' | ' |
Buildings and Improvements | 938,000 | ' | ' | ' |
Total | 1,072,000 | ' | ' | ' |
Accumulated Depreciation | 44,000 | ' | ' | ' |
Real Estate in Wichita, KS | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,774,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,189,000 | ' | ' | ' |
Buildings and Improvements | 5,248,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,189,000 | ' | ' | ' |
Buildings and Improvements | 5,248,000 | ' | ' | ' |
Total | 6,437,000 | ' | ' | ' |
Accumulated Depreciation | 1,011,000 | ' | ' | ' |
Real Estate in Lexington, KY | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,867,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 800,000 | ' | ' | ' |
Buildings and Improvements | 3,532,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 800,000 | ' | ' | ' |
Buildings and Improvements | 3,532,000 | ' | ' | ' |
Total | 4,332,000 | ' | ' | ' |
Accumulated Depreciation | 681,000 | ' | ' | ' |
Real Estate in Bastrop, LA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,013,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 378,000 | ' | ' | ' |
Buildings and Improvements | 1,465,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 378,000 | ' | ' | ' |
Buildings and Improvements | 1,465,000 | ' | ' | ' |
Total | 1,843,000 | ' | ' | ' |
Accumulated Depreciation | 261,000 | ' | ' | ' |
Real Estate in Kentwood, LA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 985,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 368,000 | ' | ' | ' |
Buildings and Improvements | 1,425,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 368,000 | ' | ' | ' |
Buildings and Improvements | 1,425,000 | ' | ' | ' |
Total | 1,793,000 | ' | ' | ' |
Accumulated Depreciation | 254,000 | ' | ' | ' |
Real Estate in Lake Charles, LA | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,167,000 | ' | ' | ' |
Buildings and Improvements | 4,669,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 378,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,167,000 | ' | ' | ' |
Buildings and Improvements | 5,047,000 | ' | ' | ' |
Total | 6,214,000 | ' | ' | ' |
Accumulated Depreciation | 1,348,000 | ' | ' | ' |
Real Estate 1 in Monroe, LA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,013,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 378,000 | ' | ' | ' |
Buildings and Improvements | 1,465,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 378,000 | ' | ' | ' |
Buildings and Improvements | 1,465,000 | ' | ' | ' |
Total | 1,843,000 | ' | ' | ' |
Accumulated Depreciation | 262,000 | ' | ' | ' |
Real Estate 2 in Monroe, LA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 967,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 361,000 | ' | ' | ' |
Buildings and Improvements | 1,399,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 361,000 | ' | ' | ' |
Buildings and Improvements | 1,399,000 | ' | ' | ' |
Total | 1,760,000 | ' | ' | ' |
Accumulated Depreciation | 250,000 | ' | ' | ' |
Real Estate in Everett, MA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,291,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,935,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,935,000 | ' | ' | ' |
Buildings and Improvements | 0 | ' | ' | ' |
Total | 1,935,000 | ' | ' | ' |
Real Estate in Hyannis, MA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,036,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 802,000 | ' | ' | ' |
Buildings and Improvements | 2,324,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 802,000 | ' | ' | ' |
Buildings and Improvements | 2,324,000 | ' | ' | ' |
Total | 3,126,000 | ' | ' | ' |
Accumulated Depreciation | 346,000 | ' | ' | ' |
Real Estate in Marston Mills, MA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 434,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 461,000 | ' | ' | ' |
Buildings and Improvements | 2,313,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 461,000 | ' | ' | ' |
Buildings and Improvements | 2,313,000 | ' | ' | ' |
Total | 2,774,000 | ' | ' | ' |
Accumulated Depreciation | 340,000 | ' | ' | ' |
Real Estate in Somerville, MA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,945,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 510,000 | ' | ' | ' |
Buildings and Improvements | 1,993,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 23,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 510,000 | ' | ' | ' |
Buildings and Improvements | 2,016,000 | ' | ' | ' |
Total | 2,526,000 | ' | ' | ' |
Accumulated Depreciation | 547,000 | ' | ' | ' |
Real Estate in Ann Arbor, MI | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,490,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,098,000 | ' | ' | ' |
Buildings and Improvements | 1,460,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,098,000 | ' | ' | ' |
Buildings and Improvements | 1,460,000 | ' | ' | ' |
Total | 2,558,000 | ' | ' | ' |
Accumulated Depreciation | 14,000 | ' | ' | ' |
Real Estate in Kansas City, MO | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 4,231,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,958,000 | ' | ' | ' |
Buildings and Improvements | 5,691,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,958,000 | ' | ' | ' |
Buildings and Improvements | 5,691,000 | ' | ' | ' |
Total | 8,649,000 | ' | ' | ' |
Accumulated Depreciation | 504,000 | ' | ' | ' |
Real Estate in Cape Girardeau, MO | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 545,000 | ' | ' | ' |
Buildings and Improvements | 1,547,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 545,000 | ' | ' | ' |
Buildings and Improvements | 1,547,000 | ' | ' | ' |
Total | 2,092,000 | ' | ' | ' |
Accumulated Depreciation | 53,000 | ' | ' | ' |
Real Estate in D'lberville, MS | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 985,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 368,000 | ' | ' | ' |
Buildings and Improvements | 1,425,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 368,000 | ' | ' | ' |
Buildings and Improvements | 1,425,000 | ' | ' | ' |
Total | 1,793,000 | ' | ' | ' |
Accumulated Depreciation | 254,000 | ' | ' | ' |
Real Estate in Flowood, MS | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,049,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 392,000 | ' | ' | ' |
Buildings and Improvements | 1,517,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 392,000 | ' | ' | ' |
Buildings and Improvements | 1,517,000 | ' | ' | ' |
Total | 1,909,000 | ' | ' | ' |
Accumulated Depreciation | 269,000 | ' | ' | ' |
Real Estate 1 in Vicksburg, MS | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 958,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 358,000 | ' | ' | ' |
Buildings and Improvements | 1,385,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 358,000 | ' | ' | ' |
Buildings and Improvements | 1,385,000 | ' | ' | ' |
Total | 1,743,000 | ' | ' | ' |
Accumulated Depreciation | 245,000 | ' | ' | ' |
Real Estate 2 in Vicksburg, MS | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,168,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 436,000 | ' | ' | ' |
Buildings and Improvements | 1,689,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 436,000 | ' | ' | ' |
Buildings and Improvements | 1,689,000 | ' | ' | ' |
Total | 2,125,000 | ' | ' | ' |
Accumulated Depreciation | 301,000 | ' | ' | ' |
Real Estate in Cary, NC | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,129,000 | ' | ' | ' |
Buildings and Improvements | 3,736,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,129,000 | ' | ' | ' |
Buildings and Improvements | 3,736,000 | ' | ' | ' |
Total | 4,865,000 | ' | ' | ' |
Accumulated Depreciation | 494,000 | ' | ' | ' |
Real Estate in Clemmons, NC | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,500,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,496,000 | ' | ' | ' |
Buildings and Improvements | 3,205,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,496,000 | ' | ' | ' |
Buildings and Improvements | 3,205,000 | ' | ' | ' |
Total | 5,701,000 | ' | ' | ' |
Accumulated Depreciation | 90,000 | ' | ' | ' |
Real Estate in Concord, NC | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 999,000 | ' | ' | ' |
Buildings and Improvements | 1,076,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 999,000 | ' | ' | ' |
Buildings and Improvements | 1,076,000 | ' | ' | ' |
Total | 2,075,000 | ' | ' | ' |
Accumulated Depreciation | 12,000 | ' | ' | ' |
Real Estate 1 in Greensboro, NC | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,768,000 | ' | ' | ' |
Buildings and Improvements | 1,237,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,768,000 | ' | ' | ' |
Buildings and Improvements | 1,237,000 | ' | ' | ' |
Total | 3,005,000 | ' | ' | ' |
Accumulated Depreciation | 2,000 | ' | ' | ' |
Real Estate in Cherry Hill, NJ | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 7,542,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 3,584,000 | ' | ' | ' |
Buildings and Improvements | 2,794,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 4,850,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 3,584,000 | ' | ' | ' |
Buildings and Improvements | 7,644,000 | ' | ' | ' |
Total | 11,228,000 | ' | ' | ' |
Accumulated Depreciation | 634,000 | ' | ' | ' |
Real Estate in Deptford, NJ | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,970,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 572,000 | ' | ' | ' |
Buildings and Improvements | 1,779,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 705,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 572,000 | ' | ' | ' |
Buildings and Improvements | 2,484,000 | ' | ' | ' |
Total | 3,056,000 | ' | ' | ' |
Accumulated Depreciation | 150,000 | ' | ' | ' |
Real Estate in Batavia, NY | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 515,000 | ' | ' | ' |
Buildings and Improvements | 2,061,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 515,000 | ' | ' | ' |
Buildings and Improvements | 2,061,000 | ' | ' | ' |
Total | 2,576,000 | ' | ' | ' |
Accumulated Depreciation | 766,000 | ' | ' | ' |
Real Estate 2 in Hauppauge, NY | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,965,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 725,000 | ' | ' | ' |
Buildings and Improvements | 2,963,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 725,000 | ' | ' | ' |
Buildings and Improvements | 2,963,000 | ' | ' | ' |
Total | 3,688,000 | ' | ' | ' |
Accumulated Depreciation | 602,000 | ' | ' | ' |
Real Estate in Island Park, NY | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,112,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,235,000 | ' | ' | ' |
Buildings and Improvements | 1,355,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,235,000 | ' | ' | ' |
Buildings and Improvements | 1,355,000 | ' | ' | ' |
Total | 2,590,000 | ' | ' | ' |
Accumulated Depreciation | 124,000 | ' | ' | ' |
Real Estate in Selden, NY | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,264,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 572,000 | ' | ' | ' |
Buildings and Improvements | 2,287,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 150,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 572,000 | ' | ' | ' |
Buildings and Improvements | 2,437,000 | ' | ' | ' |
Total | 3,009,000 | ' | ' | ' |
Accumulated Depreciation | 888,000 | ' | ' | ' |
Real Estate 2 in Columbus, OH | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,445,000 | ' | ' | ' |
Buildings and Improvements | 5,431,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 350,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,445,000 | ' | ' | ' |
Buildings and Improvements | 5,781,000 | ' | ' | ' |
Total | 7,226,000 | ' | ' | ' |
Accumulated Depreciation | 2,330,000 | ' | ' | ' |
Real Estate in Eugene, OR | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,952,000 | ' | ' | ' |
Buildings and Improvements | 2,096,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,952,000 | ' | ' | ' |
Buildings and Improvements | 2,096,000 | ' | ' | ' |
Total | 4,048,000 | ' | ' | ' |
Accumulated Depreciation | 277,000 | ' | ' | ' |
Real Estate in Gettysburg, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 914,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 754,000 | ' | ' | ' |
Buildings and Improvements | 704,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 754,000 | ' | ' | ' |
Buildings and Improvements | 704,000 | ' | ' | ' |
Total | 1,458,000 | ' | ' | ' |
Accumulated Depreciation | 59,000 | ' | ' | ' |
Real Estate in Hanover, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 892,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 736,000 | ' | ' | ' |
Buildings and Improvements | 686,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 736,000 | ' | ' | ' |
Buildings and Improvements | 686,000 | ' | ' | ' |
Total | 1,422,000 | ' | ' | ' |
Accumulated Depreciation | 58,000 | ' | ' | ' |
Real Estate in Monroeville, PA | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 450,000 | ' | ' | ' |
Buildings and Improvements | 863,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 450,000 | ' | ' | ' |
Buildings and Improvements | 863,000 | ' | ' | ' |
Total | 1,313,000 | ' | ' | ' |
Accumulated Depreciation | 78,000 | ' | ' | ' |
Real Estate in Palmyra, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 816,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 650,000 | ' | ' | ' |
Buildings and Improvements | 650,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 650,000 | ' | ' | ' |
Buildings and Improvements | 650,000 | ' | ' | ' |
Total | 1,300,000 | ' | ' | ' |
Accumulated Depreciation | 56,000 | ' | ' | ' |
Real Estate 1 in Reading, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 805,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 655,000 | ' | ' | ' |
Buildings and Improvements | 625,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 655,000 | ' | ' | ' |
Buildings and Improvements | 625,000 | ' | ' | ' |
Total | 1,280,000 | ' | ' | ' |
Accumulated Depreciation | 54,000 | ' | ' | ' |
Real Estate 2 in Reading, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 793,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 618,000 | ' | ' | ' |
Buildings and Improvements | 643,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 618,000 | ' | ' | ' |
Buildings and Improvements | 643,000 | ' | ' | ' |
Total | 1,261,000 | ' | ' | ' |
Accumulated Depreciation | 57,000 | ' | ' | ' |
Real Estate in Royersford, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 16,261,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 19,538,000 | ' | ' | ' |
Buildings and Improvements | 3,150,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 404,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 19,538,000 | ' | ' | ' |
Buildings and Improvements | 3,554,000 | ' | ' | ' |
Total | 23,092,000 | ' | ' | ' |
Accumulated Depreciation | 314,000 | ' | ' | ' |
Real Estate in Trexlertown, PA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 777,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 800,000 | ' | ' | ' |
Buildings and Improvements | 439,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 800,000 | ' | ' | ' |
Buildings and Improvements | 439,000 | ' | ' | ' |
Total | 1,239,000 | ' | ' | ' |
Accumulated Depreciation | 37,000 | ' | ' | ' |
Real Estate in Bluffton, SC | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,374,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 589,000 | ' | ' | ' |
Buildings and Improvements | 2,600,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 589,000 | ' | ' | ' |
Buildings and Improvements | 2,600,000 | ' | ' | ' |
Total | 3,189,000 | ' | ' | ' |
Accumulated Depreciation | 500,000 | ' | ' | ' |
Real Estate in Myrtle Beach, SC | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,102,000 | ' | ' | ' |
Buildings and Improvements | 1,161,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,102,000 | ' | ' | ' |
Buildings and Improvements | 1,161,000 | ' | ' | ' |
Total | 2,263,000 | ' | ' | ' |
Accumulated Depreciation | 11,000 | ' | ' | ' |
Real Estate in Knoxville, TN | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 4,194,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,290,000 | ' | ' | ' |
Buildings and Improvements | 8,855,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,290,000 | ' | ' | ' |
Buildings and Improvements | 8,855,000 | ' | ' | ' |
Total | 11,145,000 | ' | ' | ' |
Accumulated Depreciation | 2,168,000 | ' | ' | ' |
Real Estate in Amarillo, TX | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,014,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 863,000 | ' | ' | ' |
Buildings and Improvements | 3,810,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 863,000 | ' | ' | ' |
Buildings and Improvements | 3,810,000 | ' | ' | ' |
Total | 4,673,000 | ' | ' | ' |
Accumulated Depreciation | 734,000 | ' | ' | ' |
Real Estate in Austin, TX | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 3,707,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,587,000 | ' | ' | ' |
Buildings and Improvements | 7,010,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,587,000 | ' | ' | ' |
Buildings and Improvements | 7,010,000 | ' | ' | ' |
Total | 8,597,000 | ' | ' | ' |
Accumulated Depreciation | 1,353,000 | ' | ' | ' |
Real Estate 1 in El Paso, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,821,000 | ' | ' | ' |
Buildings and Improvements | 11,123,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 321,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,821,000 | ' | ' | ' |
Buildings and Improvements | 11,444,000 | ' | ' | ' |
Total | 14,265,000 | ' | ' | ' |
Accumulated Depreciation | 3,950,000 | ' | ' | ' |
Real Estate 2 in El Paso, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,035,000 | ' | ' | ' |
Buildings and Improvements | 2,700,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,035,000 | ' | ' | ' |
Buildings and Improvements | 2,700,000 | ' | ' | ' |
Total | 3,735,000 | ' | ' | ' |
Accumulated Depreciation | 357,000 | ' | ' | ' |
Real Estate 1 in Houston, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 396,000 | ' | ' | ' |
Buildings and Improvements | 1,583,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 396,000 | ' | ' | ' |
Buildings and Improvements | 1,583,000 | ' | ' | ' |
Total | 1,979,000 | ' | ' | ' |
Accumulated Depreciation | 622,000 | ' | ' | ' |
Real Estate 2 in Houston, TX | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,750,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,962,000 | ' | ' | ' |
Buildings and Improvements | 1,540,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 30,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,962,000 | ' | ' | ' |
Buildings and Improvements | 1,570,000 | ' | ' | ' |
Total | 3,532,000 | ' | ' | ' |
Accumulated Depreciation | 138,000 | ' | ' | ' |
Real Estate 3 in Houston, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 2,002,000 | ' | ' | ' |
Buildings and Improvements | 1,800,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 2,002,000 | ' | ' | ' |
Buildings and Improvements | 1,800,000 | ' | ' | ' |
Total | 3,802,000 | ' | ' | ' |
Accumulated Depreciation | 159,000 | ' | ' | ' |
Real Estate in Killeen, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,263,000 | ' | ' | ' |
Buildings and Improvements | 803,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,263,000 | ' | ' | ' |
Buildings and Improvements | 803,000 | ' | ' | ' |
Total | 2,066,000 | ' | ' | ' |
Accumulated Depreciation | 16,000 | ' | ' | ' |
Real Estate in Rosenberg, TX | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 216,000 | ' | ' | ' |
Buildings and Improvements | 863,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 67,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 216,000 | ' | ' | ' |
Buildings and Improvements | 930,000 | ' | ' | ' |
Total | 1,146,000 | ' | ' | ' |
Accumulated Depreciation | 396,000 | ' | ' | ' |
Real Estate in Tyler, TX | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,408,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,031,000 | ' | ' | ' |
Buildings and Improvements | 4,554,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,031,000 | ' | ' | ' |
Buildings and Improvements | 4,554,000 | ' | ' | ' |
Total | 5,585,000 | ' | ' | ' |
Accumulated Depreciation | 879,000 | ' | ' | ' |
Real Estate 4 in Houston, TX | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 4,975,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 3,122,000 | ' | ' | ' |
Buildings and Improvements | 3,768,000 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' |
Improvements | 52,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 3,122,000 | ' | ' | ' |
Buildings and Improvements | 3,820,000 | ' | ' | ' |
Total | 6,942,000 | ' | ' | ' |
Accumulated Depreciation | 169,000 | ' | ' | ' |
Real Estate in Newport News, VA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,753,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 751,000 | ' | ' | ' |
Buildings and Improvements | 3,316,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 751,000 | ' | ' | ' |
Buildings and Improvements | 3,316,000 | ' | ' | ' |
Total | 4,067,000 | ' | ' | ' |
Accumulated Depreciation | 639,000 | ' | ' | ' |
Real Estate 1 in Richmond, VA | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,678,000 | ' | ' | ' |
Buildings and Improvements | 1,341,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,678,000 | ' | ' | ' |
Buildings and Improvements | 1,341,000 | ' | ' | ' |
Total | 3,019,000 | ' | ' | ' |
Accumulated Depreciation | 2,000 | ' | ' | ' |
Real Estate 2 in Richmond, VA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 2,025,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 867,000 | ' | ' | ' |
Buildings and Improvements | 3,829,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 867,000 | ' | ' | ' |
Buildings and Improvements | 3,829,000 | ' | ' | ' |
Total | 4,696,000 | ' | ' | ' |
Accumulated Depreciation | 738,000 | ' | ' | ' |
Real Estate in Virginia Beach, VA | Retail | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 1,993,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 854,000 | ' | ' | ' |
Buildings and Improvements | 3,770,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 854,000 | ' | ' | ' |
Buildings and Improvements | 3,770,000 | ' | ' | ' |
Total | 4,624,000 | ' | ' | ' |
Accumulated Depreciation | 726,000 | ' | ' | ' |
Real Estate in Seattle, WA | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 201,000 | ' | ' | ' |
Buildings and Improvements | 189,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 201,000 | ' | ' | ' |
Buildings and Improvements | 189,000 | ' | ' | ' |
Total | 390,000 | ' | ' | ' |
Accumulated Depreciation | 124,000 | ' | ' | ' |
Real Estate in Onalaska, WI | Retail | ' | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 753,000 | ' | ' | ' |
Buildings and Improvements | 3,099,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 753,000 | ' | ' | ' |
Buildings and Improvements | 3,099,000 | ' | ' | ' |
Total | 3,852,000 | ' | ' | ' |
Accumulated Depreciation | 707,000 | ' | ' | ' |
Real Estate 2 in Greensboro, NC | Other | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 5,231,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Buildings and Improvements | 8,328,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 0 | ' | ' | ' |
Buildings and Improvements | 8,328,000 | ' | ' | ' |
Total | 8,328,000 | ' | ' | ' |
Accumulated Depreciation | 5,033,000 | ' | ' | ' |
Real Estate in Round Rock, TX | Other | ' | ' | ' | ' |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | ' | ' | ' | ' |
Encumbrances | 15,199,000 | ' | ' | ' |
Initial Cost To Company | ' | ' | ' | ' |
Land | 1,678,000 | ' | ' | ' |
Buildings and Improvements | 16,670,000 | ' | ' | ' |
Gross Amount at Which Carried | ' | ' | ' | ' |
Land | 1,678,000 | ' | ' | ' |
Buildings and Improvements | 16,670,000 | ' | ' | ' |
Total | 18,348,000 | ' | ' | ' |
Accumulated Depreciation | $158,000 | ' | ' | ' |
Schedule_III_Consolidated_Real2
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
property | |||
Investment in real estate: | ' | ' | ' |
Balance, beginning of year | $473,341 | $430,337 | $400,795 |
Addition: Land, buildings and improvements | 101,145 | 43,004 | 29,542 |
Deduction: Cost of properties sold and property contributed to joint venture | -62 | ' | ' |
Balance, end of year | 574,424 | 473,341 | 430,337 |
Accumulated depreciation: | ' | ' | ' |
Balance, beginning of year | 62,816 | 54,214 | 46,410 |
Addition: Depreciation | 10,244 | 8,602 | 8,537 |
Deduction: Accumulated depreciation related to properties sold and property contributed to joint venture | ' | ' | -733 |
Balance, end of year | 73,060 | 62,816 | 54,214 |
Other disclosure | ' | ' | ' |
Number of properties held-for-sale | 2 | ' | ' |
Amount by which aggregate cost of the properties is higher for federal income tax purposes | $26,297 | ' | ' |