Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ONE LIBERTY PROPERTIES INC | ' |
Entity Central Index Key | '0000712770 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 15,978,064 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments, at cost | ' | ' |
Land | $155,499 | $153,529 |
Buildings and improvements | 416,995 | 413,829 |
Total real estate investments, at cost | 572,494 | 567,358 |
Less accumulated depreciation | 74,165 | 71,171 |
Real estate investments, net | 498,329 | 496,187 |
Properties held-for-sale | ' | 5,177 |
Investment in unconsolidated joint ventures | 4,916 | 4,906 |
Cash and cash equivalents | 16,168 | 16,631 |
Unbilled rent receivable | 14,079 | 13,743 |
Unamortized intangible lease assets | 25,771 | 26,035 |
Escrow, deposits and other assets and receivables | 4,509 | 5,690 |
Investment in BRT Realty Trust at market (related party) | 264 | 262 |
Unamortized deferred financing costs | 3,344 | 3,267 |
Total assets | 567,380 | 571,898 |
Liabilities: | ' | ' |
Mortgages payable | 284,903 | 278,045 |
Line of credit | 12,850 | 23,250 |
Dividends payable | 5,872 | 5,806 |
Accrued expenses and other liabilities | 7,512 | 7,790 |
Unamortized intangible lease liabilities | 7,106 | 6,917 |
Total liabilities | 318,243 | 321,808 |
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; 15,422 and 15,221 shares issued and outstanding | 15,422 | 15,221 |
Paid-in capital | 212,533 | 210,324 |
Accumulated other comprehensive loss | -1,196 | -490 |
Accumulated undistributed net income | 21,278 | 23,877 |
Total One Liberty Properties, Inc. Stockholders' equity | 248,037 | 248,932 |
Non-controlling interests in joint ventures | 1,100 | 1,158 |
Total equity | 249,137 | 250,090 |
Total liabilities and equity | $567,380 | $571,898 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 15,422 | 15,221 |
Common stock, shares outstanding | 15,422 | 15,221 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Rental income, net | $14,402 | $11,862 |
Operating expenses: | ' | ' |
Depreciation and amortization | 3,577 | 2,634 |
General and administrative (including $609 and $572, respectively, to related party) | 2,211 | 1,960 |
Federal excise and state taxes | 62 | 42 |
Real estate expenses (including $213 and $150, respectively, to related party) | 1,098 | 772 |
Leasehold rent | 77 | 77 |
Real estate acquisition costs | 40 | 151 |
Total operating expenses | 7,065 | 5,636 |
Operating income | 7,337 | 6,226 |
Other income and expenses: | ' | ' |
Equity in earnings of unconsolidated joint ventures | 133 | 334 |
Other income | 8 | 69 |
Interest: | ' | ' |
Expense | -3,953 | -3,103 |
Amortization of deferred financing costs | -238 | -213 |
Income from continuing operations | 3,287 | 3,313 |
Income from discontinued operations | 13 | 136 |
Net income | 3,300 | 3,449 |
Less net (income) loss attributable to non-controlling interests | -27 | 1 |
Net income attributable to One Liberty Properties, Inc. | $3,273 | $3,450 |
Weighted average number of common shares outstanding: | ' | ' |
Basic (in shares) | 15,356 | 14,672 |
Diluted (in shares) | 15,456 | 14,772 |
Per common share attributable to common stockholders - basic: | ' | ' |
Income from continuing operations (in dollars per share) | $0.20 | $0.21 |
Income from discontinued operations (in dollars per share) | ' | $0.01 |
Total per common share attributable to common stockholders - basic (in dollars per share) | $0.20 | $0.22 |
Per common share attributable to common stockholders - diluted: | ' | ' |
Income from continuing operations (in dollars per share) | $0.20 | $0.21 |
Income from discontinued operations (in dollars per share) | ' | $0.01 |
Total per common share attributable to common stockholders - diluted (in dollars per share) | $0.20 | $0.22 |
Cash distributions declared per share of common stock (in dollars per share) | $0.37 | $0.35 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' |
General and administrative, related parties | $609 | $572 |
Real estate expenses, related party | $213 | $150 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' |
Net income | $3,300 | $3,449 |
Other comprehensive (loss) gain | ' | ' |
Net unrealized gain on available-for-sale securities | 5 | 46 |
Net unrealized (loss) gain on derivative instruments | -718 | 178 |
One Liberty Property's share of joint venture net unrealized (loss) gain on derivative instruments | -3 | 10 |
Other comprehensive (loss) gain | -716 | 234 |
Comprehensive income | 2,584 | 3,683 |
Less: comprehensive (income) loss attributable to non-controlling interests | -27 | 1 |
Plus: unrealized loss on derivative instruments attributable to non-controlling interests | -10 | ' |
Comprehensive income attributable to One Liberty Properties, Inc. | $2,547 | $3,684 |
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 |
Balances at Dec. 31, 2012 | $238,059,000 | $14,598,000 | $196,107,000 | ($1,578,000) | $28,001,000 | $931,000 |
Distributions - common stock | ' | ' | ' | ' | ' | ' |
Cash - $.37 and $1.42 per share for the three months ended March 31, 2014 and for the year ended December 31, 2013, respectively | -21,999,000 | ' | ' | ' | -21,999,000 | ' |
Shares issued through equity offering program - net | 9,165,000 | 363,000 | 8,802,000 | ' | ' | ' |
Restricted stock vesting | ' | 50,000 | -50,000 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 4,235,000 | 210,000 | 4,025,000 | ' | ' | ' |
Contributions from non-controlling interests | 480,000 | ' | ' | ' | ' | 480,000 |
Distributions to non-controlling interests | -298,000 | ' | ' | ' | ' | -298,000 |
Compensation expense - restricted stock | 1,440,000 | ' | 1,440,000 | ' | ' | ' |
Net income | 17,924,000 | ' | ' | ' | 17,875,000 | 49,000 |
Other comprehensive income | 1,084,000 | ' | ' | 1,088,000 | ' | -4,000 |
Balances at Dec. 31, 2013 | 250,090,000 | 15,221,000 | 210,324,000 | -490,000 | 23,877,000 | 1,158,000 |
Distributions - common stock | ' | ' | ' | ' | ' | ' |
Cash - $.37 and $1.42 per share for the three months ended March 31, 2014 and for the year ended December 31, 2013, respectively | -5,872,000 | ' | ' | ' | -5,872,000 | ' |
Shares issued through equity offering program - net | 644,000 | 33,000 | 611,000 | ' | ' | ' |
Restricted stock vesting | ' | 101,000 | -101,000 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 1,294,000 | 67,000 | 1,227,000 | ' | ' | ' |
Distributions to non-controlling interests | -75,000 | ' | ' | ' | ' | -75,000 |
Compensation expense - restricted stock | 472,000 | ' | 472,000 | ' | ' | ' |
Net income | 3,300,000 | ' | ' | ' | 3,273,000 | 27,000 |
Other comprehensive income | -716,000 | ' | ' | -706,000 | ' | -10,000 |
Balances at Mar. 31, 2014 | $249,137,000 | $15,422,000 | $212,533,000 | ($1,196,000) | $21,278,000 | $1,100,000 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ' | ' | ' |
Distributions - common stock, Cash per share (in dollars per share) | $0.37 | $0.35 | $1.42 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $3,300 | $3,449 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on sale of available-for-sale securities | ' | -6 |
Increase in rental income from straight-lining of rent | -336 | -221 |
Increase in rental income from amortization of intangibles relating to leases | -56 | -22 |
Amortization of restricted stock expense | 472 | 397 |
Equity in earnings of unconsolidated joint ventures | -133 | -334 |
Distributions of earnings from unconsolidated joint ventures | 113 | 454 |
Depreciation and amortization | 3,577 | 2,670 |
Amortization and write off of financing costs | 240 | 213 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in escrow, deposits, other assets and receivables | 1,099 | -372 |
(Decrease) increase in accrued expenses and other liabilities | -1,028 | 316 |
Net cash provided by operating activities | 7,248 | 6,544 |
Cash flows from investing activities: | ' | ' |
Purchase of real estate | -5,109 | -4,640 |
Improvements to real estate | -38 | -332 |
Distributions of return of capital from unconsolidated joint ventures | 7 | 5 |
Net proceeds from sale of real estate | 5,177 | ' |
Payment of leasing commissions | -3 | -16 |
Net proceeds from sale of available-for-sale securities | ' | 19 |
Net cash provided by (used in) investing activities | 34 | -4,964 |
Cash flows from financing activities: | ' | ' |
Scheduled amortization payments of mortgages payable | -1,874 | -1,569 |
Repayment of mortgages payable | -19,003 | ' |
Proceeds from mortgage financings | 27,735 | 2,000 |
Proceeds from sale of common stock, net | 644 | ' |
Proceeds from bank line of credit | 3,500 | 3,500 |
Repayment on bank line of credit | -13,900 | ' |
Issuance of shares through dividend reinvestment plan | 1,294 | 1,149 |
Payment of financing costs | -260 | -71 |
Capital contributions from non-controlling interests | ' | 471 |
Distribution to non-controlling interests | -75 | ' |
Cash distributions to common stockholders | -5,806 | -5,252 |
Net cash (used in) provided by financing activities | -7,745 | 228 |
Net (decrease) increase in cash and cash equivalents | -463 | 1,808 |
Cash and cash equivalents at beginning of period | 16,631 | 14,577 |
Cash and cash equivalents at end of period | 16,168 | 16,385 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for interest expense | 4,027 | 3,063 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Purchase accounting allocation - intangible lease assets | 408 | 582 |
Purchase accounting allocation - intangible lease liabilities | $371 | $857 |
Organization_and_Background
Organization and Background | 3 Months Ended |
Mar. 31, 2014 | |
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 (including furniture stores, restaurants, office supply stores and supermarkets), industrial, flex, office, health and fitness and other properties, a substantial portion of which are subject to long-term net leases. As of March 31, 2014, 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. | |
Basis_of_Preparation
Basis of Preparation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Preparation | ' |
Basis of Preparation | ' |
Note 2 - Basis of Preparation | |
Principles of Consolidation/Basis of Preparation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of the financial statements in conformity with 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. | |
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 consolidated 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, among other things, (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% to 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 standard carve-outs. | |
Reclassification | |
Certain amounts reported in the consolidated financial statements for the three months ended March 31, 2013 relating to the operations of two properties that were sold in February 2014 have been reclassified to discontinued operations in the accompanying consolidated financial statements to conform to the current period’s presentation. | |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share | ' | |||||||
Earnings Per Common Share | ' | |||||||
Note 3 - Earnings Per Common Share | ||||||||
Basic earnings per share was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock during the applicable period, 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 12 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 the three months ended March 31, 2014 and 2013, the diluted weighted average number of common shares includes 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 as of 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 the three months ended March 31, 2014 and 2013, as they did not meet the return on capital performance metric during such periods. | ||||||||
There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock during the three months ended March 31, 2014 and 2013. | ||||||||
The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic and diluted earnings per share: | ||||||||
Income from continuing operations | $ | 3,287 | $ | 3,313 | ||||
Less net (income) loss attributable to non-controlling interests | (27 | ) | 1 | |||||
Less earnings allocated to unvested shares | (178 | ) | (165 | ) | ||||
Income from continuing operations available for common stockholders | 3,082 | 3,149 | ||||||
Discontinued operations | 13 | 136 | ||||||
Net income available for common stockholders, basic and diluted | $ | 3,095 | $ | 3,285 | ||||
Denominator for basic earnings per share: | ||||||||
- weighted average common shares | 15,356 | 14,672 | ||||||
- weighted average unvested restricted stock shares | — | — | ||||||
15,356 | 14,672 | |||||||
Effect of diluted securities: | ||||||||
- restricted stock units awarded under Pay-for-Performance program | 100 | 100 | ||||||
Denominator for diluted earnings per share | ||||||||
- weighted average shares | 15,456 | 14,772 | ||||||
Earnings per common share, basic | $ | 0.2 | $ | 0.22 | ||||
Earnings per common share, diluted | $ | 0.2 | $ | 0.22 | ||||
Amounts attributable to One Liberty Properties, Inc. common stockholders, | ||||||||
net of non-controlling interests: | ||||||||
Income from continuing operations | $ | 3,260 | $ | 3,314 | ||||
Income from discontinued operations | 13 | 136 | ||||||
Net income attributable to One Liberty Properties, Inc. | $ | 3,273 | $ | 3,450 |
Real_Estate_Acquisitions
Real Estate Acquisitions | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Real Estate Acquisitions | ' | |||||||||||||||||||
Real Estate Acquisitions | ' | |||||||||||||||||||
Note 4 - Real Estate Acquisitions | ||||||||||||||||||||
The following chart details the Company’s real estate acquisitions during the three months ended March 31, 2014 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Terms of | Third Party | ||||||||||||||||
Purchase | Payment | Real Estate | ||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs (a) | ||||||||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | January 21, 2014 | $ | 2,971 | All cash | $ | 7 | ||||||||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | January 23, 2014 | 2,138 | All cash | 9 | ||||||||||||||||
Other (b) | — | 24 | ||||||||||||||||||
Totals | $ | 5,109 | $ | 40 | ||||||||||||||||
(a) Included as an expense in the accompanying consolidated statement of income. | ||||||||||||||||||||
(b) Costs incurred for potential acquisitions and properties purchased in 2013. | ||||||||||||||||||||
The following chart provides the allocation of the purchase price for the Company’s real estate acquisitions during the three months ended March 31, 2014 (amounts in thousands): | ||||||||||||||||||||
Building | Intangible Lease | |||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | $ | 1,044 | $ | 1,465 | $ | 89 | $ | 373 | $ | — | $ | 2,971 | ||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | 852 | 1,319 | 147 | 94 | (274 | ) | 2,138 | |||||||||||||
Subtotals | 1,896 | 2,784 | 236 | 467 | (274 | ) | 5,109 | |||||||||||||
Other (a) | 74 | 70 | 18 | (59 | ) | (97 | ) | 6 | ||||||||||||
Totals | $ | 1,970 | $ | 2,854 | $ | 254 | $ | 408 | $ | (371 | ) | $ | 5,115 | |||||||
(a) Adjustments relating to properties purchased in 2013. | ||||||||||||||||||||
Each property purchased by the Company in 2014 is net leased by a single tenant pursuant to a lease that expires in 2017 or 2018. | ||||||||||||||||||||
As a result of these acquisitions, the Company recorded intangible lease assets of $467,000 and intangible lease liabilities of $274,000, representing the value of the origination costs and acquired leases. As of March 31, 2014, the weighted average amortization period for these acquisitions is 3.7 years for the intangible lease assets and 4.3 years for the intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 13) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for these properties; therefore, these allocations are preliminary and subject to change. | ||||||||||||||||||||
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2014 | |
Investment in Unconsolidated Joint Ventures | ' |
Investment in Unconsolidated Joint Ventures | ' |
Note 5 - Investment in Unconsolidated Joint Ventures | |
At March 31, 2014 and December 31, 2013, the Company had investments in five unconsolidated joint ventures, each of which owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures totaled $4,916,000 and $4,906,000, respectively. The Company recorded equity in earnings of $133,000 and $334,000 for the three months ended March 31, 2014 and 2013, respectively. | |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 3 Months Ended |
Mar. 31, 2014 | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | ' |
Note 6 - 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 March 31, 2014 and December 31, 2013, there was no balance in allowance for doubtful accounts. | |
The Company records bad debt expense as a reduction of rental income. For the three months ended March 31, 2014 and 2013, the Company did not incur any bad debt expense. | |
Discontinued_Operations_and_Sa
Discontinued Operations and Sale of Properties | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Sale of Properties | ' | |||||||
Discontinued Operations and Sale of Properties | ' | |||||||
Note 7 - Discontinued Operations and Sale of Properties | ||||||||
On February 3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs. At December 31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties. The following table summarizes the components of income from discontinued operations applicable to these properties (amounts in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 141 | $ | 240 | ||||
Depreciation and amortization | — | 36 | ||||||
Real estate expenses | 17 | 1 | ||||||
Interest expense | 111 | 67 | ||||||
Total expenses | 128 | 104 | ||||||
Income from discontinued operations | $ | 13 | $ | 136 |
Line_of_Credit
Line of Credit | 3 Months Ended |
Mar. 31, 2014 | |
Line of Credit | ' |
Line of Credit | ' |
Note 8 - 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 that the Company pay interest at the greater of (i) 90 day LIBOR plus 3% (3.23% at March 31, 2014) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum. At March 31, 2014 and May 5, 2014, the outstanding balance under the facility was $12,850,000. The Company was in compliance with all covenants at March 31, 2014. | |
Compensation_and_Services_Agre
Compensation and Services Agreement | 3 Months Ended |
Mar. 31, 2014 | |
Compensation and Services Agreement | ' |
Compensation and Services Agreement | ' |
Note 9 - Compensation and Services Agreement | |
The Company agreed to pay fees of $3,300,000 and $3,465,000 in 2014 and 2015, respectively (including overhead expenses of $186,375 and $195,694 and property management fees, included in real estate expenses on the income statement, of $850,000 and $892,500 in 2014 and 2015, respectively) pursuant to the compensation and services agreement, as amended, with Majestic Property Management Corp. Majestic Property Management Corp is wholly-owned by the Vice Chairman of the Company’s Board of Directors. The 2014 fee represents an increase of $400,000 over the 2013 fee and the 2015 fee represents a $165,000 increase over the 2014 fee. The results of a report prepared by an independent compensation consultant were used to evaluate and support these increases. | |
Common_Stock_Cash_Dividend
Common Stock Cash Dividend | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock Cash Dividend | ' |
Common Stock Cash Dividend | ' |
Note 10 - Common Stock Cash Dividend | |
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 was paid on April 3, 2014 to stockholders of record on March 25, 2014. | |
Shares_Issued_through_Equity_O
Shares Issued through Equity Offering Program | 3 Months Ended |
Mar. 31, 2014 | |
Shares Issued through Equity Offering Program | ' |
Shares Issued through Equity Offering Program | ' |
Note 11 - Shares Issued through Equity Offering Program | |
On March 20, 2014, the Company entered into an amended and restated 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 approximately $38,360,000, through an “at the market” equity offering program. During the three months ended March 31, 2014, the Company sold 32,844 shares for proceeds of $720,000, net of commissions of $7,000, and incurred offering costs, primarily professional fees, of $76,000. Subsequent to March 31, 2014 and through April 4, 2014, the Company sold 26,262 shares for proceeds of $573,300, net of commissions of $6,000. | |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stock Based Compensation | ' | |||||||
Stock Based Compensation | ' | |||||||
Note 12 - 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 229,000 have been issued as of March 31, 2014. An aggregate of 452,000 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”). 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 accounting 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. No Units were forfeited or vested in the three months ended March 31, 2014. | ||||||||
As of March 31, 2014 and December 31, 2013, 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): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Restricted share grants | 118,850 | 112,650 | ||||||
Per share grant price | $ | 20.54 | $ | 21.59 | ||||
Deferred compensation to be recognized over vesting period | $ | 2,441,000 | $ | 2,432,000 | ||||
Non-vested shares: | ||||||||
Non-vested beginning of period | 470,015 | 407,460 | ||||||
Grants | 118,850 | 112,650 | ||||||
Vested during period | (101,300 | ) | (50,095 | ) | ||||
Forfeitures | (6,520 | ) | — | |||||
Non-vested end of period | 481,045 | 470,015 | ||||||
Average per share value of non-vested shares (based on grant price) | $ | 14.55 | $ | 14.22 | ||||
Value of shares vested during the period (based on grant price) | $ | 621,000 | $ | 876,000 | ||||
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ||||||||
Outstanding restricted stock grants | $ | 443,000 | $ | 367,000 | ||||
Outstanding restricted stock units | 29,000 | 30,000 | ||||||
Total charge to operations | $ | 472,000 | $ | 397,000 | ||||
As of March 31, 2014, there were approximately $6,188,000 of total compensation costs related to nonvested awards that have not yet been recognized, including $372,000 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 3.1 years. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
Note 13 - 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. | |||||||||||||
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 March 31, 2014, the $289,624,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $4,721,000 assuming a blended market interest rate of 4.8% based on the 9.4 year weighted average remaining term of the mortgages. 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 March 31, 2014 and December 31, 2013, the $12,850,000 and $23,250,000, respectively, carrying amount of the Company’s line of credit approximates its fair value. | |||||||||||||
The fair value 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. | |||||||||||||
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. | |||||||||||||
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): | |||||||||||||
Carrying and | Fair Value Measurements | ||||||||||||
Using Fair Value Hierarchy | |||||||||||||
on a Recurring Basis | |||||||||||||
As of | Fair Value | Level 1 | Level 2 | ||||||||||
Financial assets: | |||||||||||||
Available-for-sale securities: | |||||||||||||
Equity securities | March 31, 2014 | $ | 287 | $ | 287 | $ | — | ||||||
December 31, 2013 | 282 | 282 | — | ||||||||||
Derivative financial instruments: | |||||||||||||
Interest rate swaps | March 31, 2014 | 214 | — | 214 | |||||||||
December 31, 2013 | 265 | — | 265 | ||||||||||
Financial liabilities: | |||||||||||||
Derivative financial instruments: | |||||||||||||
Interest rate swaps | March 31, 2014 | 1,441 | — | 1,441 | |||||||||
December 31, 2013 | 774 | — | 774 | ||||||||||
The Company does not own any financial instruments that are classified as Level 3. | |||||||||||||
Available-for-sale securities | |||||||||||||
At March 31, 2014, the Company’s available-for-sale securities were as follows: | |||||||||||||
(i) a $264,000 investment in 37,081 shares of BRT Realty Trust and (ii) a $23,000 investment in other equity securities (included in other assets on the balance sheet). The aggregate cost of these securities was $138,000 and the unrealized gain thereon was $149,000. Such unrealized gains were included in accumulated other comprehensive loss on the balance sheet. Fair values are approximated based on current market quotes from financial sources that track such securities. | |||||||||||||
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 March 31, 2014, 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 March 31, 2014, the Company had entered into 14 interest rate derivatives, all of which were interest rate swaps, related to 14 outstanding mortgage loans with an aggregate $76,732,000 notional amount and mature between 2014 and 2024 (weighted average maturity of 6.75 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 4.98%). 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 $214,000 and $1,441,000, respectively, at March 31, 2014 and $265,000 and $774,000, respectively, at December 31, 2013. | |||||||||||||
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 March 31, 2014 with a notional amount of $3,776,000. This 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): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Consolidated | |||||||||||||
Amount of (loss) income recognized on derivatives in Other comprehensive (loss) | $ | (1,106 | ) | $ | 26 | ||||||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Interest expense | (388 | ) | (152 | ) | |||||||||
Joint Ventures (Company’s share) | |||||||||||||
Amount of (loss) gain recognized on derivative in Other comprehensive (loss) | (7 | ) | (4 | ) | |||||||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Equity in earnings of unconsolidated joint ventures | (14 | ) | (14 | ) | |||||||||
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 months ended March 31, 2014 and 2013. During the twelve months ending March 31, 2015, the Company estimates an additional $1,639,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. | |||||||||||||
The derivative agreements in effect at March 31, 2014 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 March 31, 2014, the fair value of the derivatives in a liability position, including accrued interest, and excluding any adjustments for nonperformance risk, was approximately $1,571,000. 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 $1,571,000. Such amount is included in accrued expenses and other liabilities at March 31, 2014. | |||||||||||||
New_Accounting_Pronouncement
New Accounting Pronouncement | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncement | ' |
New Accounting Pronouncement | ' |
Note 14 - New Accounting Pronouncement | |
In April 2014, the Financial Accounting Standards Board issued updated guidance that changes the criteria for determining which future disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance is effective prospectively as of the first quarter of 2015, with early adoption permitted for new disposals or new classifications as held-for-sale. The Company early adopted this new guidance in the first quarter of 2014 and it did not have any effect on the Company’s Consolidated Financial Statements. It is expected that most of the Company’s future dispositions will not meet the new criteria for being treated as a discontinued operation. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 15 - Subsequent Events | |
Subsequent events have been evaluated and there are no events relative to the Company’s consolidated financial statements that require additional disclosure. | |
Basis_of_Preparation_Policies
Basis of Preparation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Preparation | ' |
Principles of Consolidation/Basis of Preparation | ' |
Principles of Consolidation/Basis of Preparation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of the financial statements in conformity with 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. | |
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 consolidated 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, among other things, (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% to 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 standard carve-outs. | |
Reclassification | ' |
Reclassification | |
Certain amounts reported in the consolidated financial statements for the three months ended March 31, 2013 relating to the operations of two properties that were sold in February 2014 have been reclassified to discontinued operations in the accompanying consolidated financial statements to conform to the current period’s presentation. | |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Common Share | ' | |||||||
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): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic and diluted earnings per share: | ||||||||
Income from continuing operations | $ | 3,287 | $ | 3,313 | ||||
Less net (income) loss attributable to non-controlling interests | (27 | ) | 1 | |||||
Less earnings allocated to unvested shares | (178 | ) | (165 | ) | ||||
Income from continuing operations available for common stockholders | 3,082 | 3,149 | ||||||
Discontinued operations | 13 | 136 | ||||||
Net income available for common stockholders, basic and diluted | $ | 3,095 | $ | 3,285 | ||||
Denominator for basic earnings per share: | ||||||||
- weighted average common shares | 15,356 | 14,672 | ||||||
- weighted average unvested restricted stock shares | — | — | ||||||
15,356 | 14,672 | |||||||
Effect of diluted securities: | ||||||||
- restricted stock units awarded under Pay-for-Performance program | 100 | 100 | ||||||
Denominator for diluted earnings per share | ||||||||
- weighted average shares | 15,456 | 14,772 | ||||||
Earnings per common share, basic | $ | 0.2 | $ | 0.22 | ||||
Earnings per common share, diluted | $ | 0.2 | $ | 0.22 | ||||
Amounts attributable to One Liberty Properties, Inc. common stockholders, | ||||||||
net of non-controlling interests: | ||||||||
Income from continuing operations | $ | 3,260 | $ | 3,314 | ||||
Income from discontinued operations | 13 | 136 | ||||||
Net income attributable to One Liberty Properties, Inc. | $ | 3,273 | $ | 3,450 |
Real_Estate_Acquisitions_Table
Real Estate Acquisitions (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Real Estate Acquisitions | ' | |||||||||||||||||||
Schedule of the Company's real estate acquisitions | ' | |||||||||||||||||||
The following chart details the Company’s real estate acquisitions during the three months ended March 31, 2014 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Terms of | Third Party | ||||||||||||||||
Purchase | Payment | Real Estate | ||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs (a) | ||||||||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | January 21, 2014 | $ | 2,971 | All cash | $ | 7 | ||||||||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | January 23, 2014 | 2,138 | All cash | 9 | ||||||||||||||||
Other (b) | — | 24 | ||||||||||||||||||
Totals | $ | 5,109 | $ | 40 | ||||||||||||||||
(a) Included as an expense in the accompanying consolidated statement of income. | ||||||||||||||||||||
(b) Costs incurred for potential acquisitions and properties purchased in 2013. | ||||||||||||||||||||
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 the three months ended March 31, 2014 (amounts in thousands): | ||||||||||||||||||||
Building | Intangible Lease | |||||||||||||||||||
Description of Property | Land | Building | Improvements | Asset | Liability | Total | ||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | $ | 1,044 | $ | 1,465 | $ | 89 | $ | 373 | $ | — | $ | 2,971 | ||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | 852 | 1,319 | 147 | 94 | (274 | ) | 2,138 | |||||||||||||
Subtotals | 1,896 | 2,784 | 236 | 467 | (274 | ) | 5,109 | |||||||||||||
Other (a) | 74 | 70 | 18 | (59 | ) | (97 | ) | 6 | ||||||||||||
Totals | $ | 1,970 | $ | 2,854 | $ | 254 | $ | 408 | $ | (371 | ) | $ | 5,115 | |||||||
(a) Adjustments relating to properties purchased in 2013. | ||||||||||||||||||||
Discontinued_Operations_and_Sa1
Discontinued Operations and Sale of Properties (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Sale of Properties | ' | |||||||
Summary of income from discontinued operations | ' | |||||||
The following table summarizes the components of income from discontinued operations applicable to these properties (amounts in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 141 | $ | 240 | ||||
Depreciation and amortization | — | 36 | ||||||
Real estate expenses | 17 | 1 | ||||||
Interest expense | 111 | 67 | ||||||
Total expenses | 128 | 104 | ||||||
Income from discontinued operations | $ | 13 | $ | 136 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stock Based Compensation | ' | |||||||
Summary of the activity of the equity incentive plans excluding the 200,000 units | ' | |||||||
The following is a summary of the activity of the equity incentive plans (excluding, except as otherwise noted, the 200,000 Units): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Restricted share grants | 118,850 | 112,650 | ||||||
Per share grant price | $ | 20.54 | $ | 21.59 | ||||
Deferred compensation to be recognized over vesting period | $ | 2,441,000 | $ | 2,432,000 | ||||
Non-vested shares: | ||||||||
Non-vested beginning of period | 470,015 | 407,460 | ||||||
Grants | 118,850 | 112,650 | ||||||
Vested during period | (101,300 | ) | (50,095 | ) | ||||
Forfeitures | (6,520 | ) | — | |||||
Non-vested end of period | 481,045 | 470,015 | ||||||
Average per share value of non-vested shares (based on grant price) | $ | 14.55 | $ | 14.22 | ||||
Value of shares vested during the period (based on grant price) | $ | 621,000 | $ | 876,000 | ||||
Schedule of the total charge to operations for all incentive plans, including the 200,000 units | ' | |||||||
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ||||||||
Outstanding restricted stock grants | $ | 443,000 | $ | 367,000 | ||||
Outstanding restricted stock units | 29,000 | 30,000 | ||||||
Total charge to operations | $ | 472,000 | $ | 397,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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): | |||||||||||||
Carrying and | Fair Value Measurements | ||||||||||||
Using Fair Value Hierarchy | |||||||||||||
on a Recurring Basis | |||||||||||||
As of | Fair Value | Level 1 | Level 2 | ||||||||||
Financial assets: | |||||||||||||
Available-for-sale securities: | |||||||||||||
Equity securities | March 31, 2014 | $ | 287 | $ | 287 | $ | — | ||||||
December 31, 2013 | 282 | 282 | — | ||||||||||
Derivative financial instruments: | |||||||||||||
Interest rate swaps | March 31, 2014 | 214 | — | 214 | |||||||||
December 31, 2013 | 265 | — | 265 | ||||||||||
Financial liabilities: | |||||||||||||
Derivative financial instruments: | |||||||||||||
Interest rate swaps | March 31, 2014 | 1,441 | — | 1,441 | |||||||||
December 31, 2013 | 774 | — | 774 | ||||||||||
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): | |||||||||||||
Three Months Ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Consolidated | |||||||||||||
Amount of (loss) income recognized on derivatives in Other comprehensive (loss) | $ | (1,106 | ) | $ | 26 | ||||||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Interest expense | (388 | ) | (152 | ) | |||||||||
Joint Ventures (Company’s share) | |||||||||||||
Amount of (loss) gain recognized on derivative in Other comprehensive (loss) | (7 | ) | (4 | ) | |||||||||
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Equity in earnings of unconsolidated joint ventures | (14 | ) | (14 | ) | |||||||||
Organization_and_Background_De
Organization and Background (Details) | Mar. 31, 2014 |
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 |
Basis_of_Preparation_Details
Basis of Preparation (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
item | item | item | |
Investment in Joint Ventures | ' | ' | ' |
Number of unconsolidated joint ventures | ' | 5 | 5 |
Reclassification | ' | ' | ' |
Number of properties sold and reclassified to discontinued operations | 2 | ' | ' |
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 | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
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 | ' |
Underlying number of shares awarded under Pay-for-Performance program included in calculation of diluted weighted average number of shares | 200,000 | 200,000 | ' |
Number of shares awarded under Pay-for-Performance program not included in diluted weighted average number of shares | 100,000 | 100,000 | ' |
Outstanding options at the end of the period (in shares) | 0 | 0 | 0 |
Numerator for basic and diluted earnings per share: | ' | ' | ' |
Income from continuing operations | $3,287 | $3,313 | ' |
Less net (income) loss attributable to non-controlling interests | -27 | 1 | ' |
Less earnings allocated to unvested shares | -178 | -165 | ' |
Income from continuing operations available for common stockholders | 3,082 | 3,149 | ' |
Discontinued operations | 13 | 136 | ' |
Net income available for common stockholders, basic | 3,095 | 3,285 | ' |
Net income available for common stockholders, diluted | 3,095 | 3,285 | ' |
Denominator for basic earnings per share: | ' | ' | ' |
Weighted average common shares | 15,356,000 | 14,672,000 | ' |
Denominator for basic earnings per share (in shares) | 15,356,000 | 14,672,000 | ' |
Effect of diluted securities: | ' | ' | ' |
Restricted stock units awarded under Pay-for-Performance program (in shares) | 100,000 | 100,000 | ' |
Denominator for diluted earnings per share - weighted average shares | 15,456,000 | 14,772,000 | ' |
Earnings per common share, basic (in dollars per share) | $0.20 | $0.22 | ' |
Earnings per common share, diluted (in dollars per share) | $0.20 | $0.22 | ' |
Amounts attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests: | ' | ' | ' |
Income from continuing operations | 3,260 | 3,314 | ' |
Income from discontinued operations | 13 | 136 | ' |
Net income attributable to One Liberty Properties, Inc. | $3,273 | $3,450 | ' |
Real_Estate_Acquisitions_Detai
Real Estate Acquisitions (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Real Estate Acquisitions | ' | ' |
Contract Purchase Price | $5,109,000 | ' |
Third Party Real Estate Acquisition Costs | 40,000 | 151,000 |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Land | 1,970,000 | ' |
Building | 2,854,000 | ' |
Building Improvements | 254,000 | ' |
Intangible Lease Asset | 408,000 | ' |
Intangible Lease Liability | -371,000 | ' |
Total | 5,115,000 | ' |
Weighted average amortization period for intangible lease liabilities | '4 years 3 months 18 days | ' |
Intangible lease asset | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Intangible lease assets | 467,000 | ' |
Weighted average amortization period for intangible lease assets | '3 years 8 months 12 days | ' |
Total Wine and More retail store, Greensboro, North Carolina | ' | ' |
Real Estate Acquisitions | ' | ' |
Contract Purchase Price | 2,971,000 | ' |
Third Party Real Estate Acquisition Costs | 7,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Land | 1,044,000 | ' |
Building | 1,465,000 | ' |
Building Improvements | 89,000 | ' |
Intangible Lease Asset | 373,000 | ' |
Total | 2,971,000 | ' |
Chuck E Cheese restaurant, Indianapolis, Indiana | ' | ' |
Real Estate Acquisitions | ' | ' |
Contract Purchase Price | 2,138,000 | ' |
Third Party Real Estate Acquisition Costs | 9,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Land | 852,000 | ' |
Building | 1,319,000 | ' |
Building Improvements | 147,000 | ' |
Intangible Lease Asset | 94,000 | ' |
Intangible Lease Liability | -274,000 | ' |
Total | 2,138,000 | ' |
Subtotals | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Land | 1,896,000 | ' |
Building | 2,784,000 | ' |
Building Improvements | 236,000 | ' |
Intangible Lease Asset | 467,000 | ' |
Intangible Lease Liability | -274,000 | ' |
Total | 5,109,000 | ' |
Other (b) | ' | ' |
Real Estate Acquisitions | ' | ' |
Third Party Real Estate Acquisition Costs | 24,000 | ' |
Other (a) | ' | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' |
Land | 74,000 | ' |
Building | 70,000 | ' |
Building Improvements | 18,000 | ' |
Intangible Lease Asset | -59,000 | ' |
Intangible Lease Liability | -97,000 | ' |
Total | $6,000 | ' |
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
item | item | ||
property | property | ||
Investment in Unconsolidated Joint Ventures | ' | ' | ' |
Number of unconsolidated joint ventures | 5 | ' | 5 |
Number of properties owned and operated by each unconsolidated joint venture | 1 | ' | 1 |
Investment in unconsolidated joint ventures | $4,916 | ' | $4,906 |
Equity in earnings of unconsolidated joint ventures | $133 | $334 | ' |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance for Doubtful Accounts | ' | ' |
Balance in allowance for doubtful accounts | $0 | $0 |
Discontinued_Operations_and_Sa2
Discontinued Operations and Sale of Properties (Details) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Feb. 03, 2014 | Dec. 31, 2013 | |
Real estate property located in Michigan | Real estate property located in Michigan | |||
property | ||||
Discontinued Operations and Sale of Properties | ' | ' | ' | ' |
Number of properties sold | ' | ' | 2 | ' |
Total sales price, net of closing costs | $5,177,000 | ' | $5,177,000 | ' |
Impairment charge | ' | ' | ' | 61,700 |
Discontinued Operations | ' | ' | ' | ' |
Rental income | 141,000 | 240,000 | ' | ' |
Depreciation and amortization | ' | 36,000 | ' | ' |
Real estate expenses | 17,000 | 1,000 | ' | ' |
Interest expense | 111,000 | 67,000 | ' | ' |
Total expenses | 128,000 | 104,000 | ' | ' |
Income from discontinued operations | $13,000 | $136,000 | ' | ' |
Line_of_Credit_Details
Line of Credit (Details) (Facility, USD $) | 3 Months Ended | ||
Mar. 31, 2014 | 31-May-14 | Dec. 31, 2013 | |
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 | $12,850,000 | $12,850,000 | $23,250,000 |
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) | 3.23% | ' | ' |
Compensation_and_Services_Agre1
Compensation and Services Agreement (Details) (Majestic Property Management Corp, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Majestic Property Management Corp | ' |
Compensation and Services Agreement | ' |
Total fees under compensation and services agreement for 2014 | $3,300,000 |
Total fees agreed under compensation and services agreement for 2015 | 3,465,000 |
Overhead expenses under compensation and services agreement for 2014 | 186,375 |
Overhead expenses under compensation and services agreement for 2015 | 195,694 |
Management fees agreed under compensation and services agreement for 2014 | 850,000 |
Management fees under compensation and services agreement for 2015 | 892,500 |
Increase in total fees under compensation and services agreement for 2014 vs. 2013 | 400,000 |
Increase in total fees under compensation and services agreement for 2015 vs. 2014 | $165,000 |
Common_Stock_Cash_Dividend_Det
Common Stock Cash Dividend (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Mar. 13, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Common Stock Cash Dividend | ' | ' | ' |
Quarterly cash dividend declared (in dollars per share) | $0.37 | ' | ' |
Quarterly cash dividend declared | $5,872,000 | $5,872,000 | $21,999,000 |
Shares_Issued_through_Equity_O1
Shares Issued through Equity Offering Program (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended |
Mar. 20, 2014 | Mar. 31, 2014 | Apr. 04, 2014 | |
Subsequent event | |||
Shares Issued through Equity Offering Program | ' | ' | ' |
Maximum aggregate sales price of shares to be sold under an Equity Offering Sales Agreement (in dollars) | $38,360,000 | ' | ' |
Shares issued through equity offering program | ' | ' | ' |
Number of shares sold | ' | 32,844 | 26,262 |
Proceeds from sale of shares, net of commission and before offering costs | ' | 720,000 | 573,300 |
Payment of commissions on sale of shares | ' | 7,000 | 6,000 |
Payment of offering costs, primarily professional fees, on sale of shares | ' | $76,000 | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 14, 2010 | Mar. 31, 2014 | |
Restricted stock grants | Restricted stock grants | Restricted stock units | Restricted stock units | 2012 Incentive Plan | Prior Incentive Plans | Pay-for-performance program | Pay-for-performance program | Pay-for-performance program | ||||
Restricted stock units | Restricted stock units | |||||||||||
Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' |
Shares issued pursuant to plan | ' | ' | ' | ' | ' | ' | ' | 229,000 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '5 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 |
Outstanding options at the end of the period (in shares) | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of the activity of the incentive plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share grants | ' | ' | ' | 118,850 | 112,650 | ' | ' | ' | ' | ' | 200,000 | ' |
Per share grant price (in dollars per share) | ' | ' | ' | $20.54 | $21.59 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation to be recognized over vesting period | ' | ' | ' | $2,441,000 | $2,432,000 | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested beginning of period (in shares) | ' | ' | ' | 470,015 | 407,460 | ' | ' | ' | 452,000 | ' | ' | ' |
Grants (in shares) | ' | ' | ' | 118,850 | 112,650 | ' | ' | ' | ' | ' | 200,000 | ' |
Vested during period (in shares) | ' | ' | ' | -101,300 | -50,095 | ' | ' | ' | ' | ' | ' | 0 |
Forfeitures (in shares) | ' | ' | ' | -6,520 | ' | ' | ' | ' | ' | ' | ' | 0 |
Non-vested end of period (in shares) | ' | ' | ' | 481,045 | 470,015 | ' | ' | ' | 452,000 | ' | ' | ' |
Other disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average per share value of non-vested shares (based on grant price) (in dollars per share) | ' | ' | ' | $14.55 | $14.22 | ' | ' | ' | ' | ' | ' | ' |
Value of shares vested during the period (based on grant price) | ' | ' | ' | 621,000 | 876,000 | ' | ' | ' | ' | ' | ' | ' |
The total charge to operations for all incentive plans, including the 200,000 Units, is as follows: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation charged to operations | 472,000 | 397,000 | ' | 443,000 | 367,000 | 29,000 | 30,000 | ' | ' | ' | ' | ' |
Compensation costs related to nonvested awards that have not yet been recognized | $6,188,000 | ' | ' | ' | ' | ' | ' | ' | ' | $372,000 | ' | ' |
Approximate weighted average vesting period | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | 31-May-14 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Line of credit | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $289,624,000 | $283,142,000 |
Excess of fair value over carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,721,000 | 5,097,000 |
Blended or estimated market interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | 5.00% |
Weighted average remaining term of the mortgages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 4 months 24 days | '9 years |
Carrying amount | ' | 12,850,000 | 12,850,000 | 23,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities | ' | ' | ' | ' | 287,000 | 282,000 | ' | ' | 287,000 | 282,000 | ' | ' | 264,000 | 23,000 | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | 214,000 | 265,000 | ' | ' | 214,000 | 265,000 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | 1,441,000 | 774,000 | ' | ' | 1,441,000 | 774,000 | ' | ' | ' | ' |
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 | $149,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Interest rate derivatives, Cash flow hedge, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
item | |
Interest rate derivatives | Cash flow hedge | ' |
Fair Value Measurements | ' |
Number of interest rate derivatives held | 14 |
Number of mortgage loans outstanding | 14 |
Notional Amount | $76,732,000 |
Weighted average maturity | '6 years 9 months |
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) | 4.98% |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Derivatives designated as hedging instruments, Interest rate swap, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives designated as hedging instruments | Interest rate swap | ' | ' |
Fair Value Measurements | ' | ' |
Fair value of derivatives assets | $214,000 | $265,000 |
Fair value of derivatives liabilities | $1,441,000 | $774,000 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
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 | ' |
Cash flow hedges | ' | ' |
Reclassification of gain (loss) | ' | ' |
Gain or loss recognized with respect to cash flow hedges' ineffectiveness | $0 | $0 |
Interest rate derivatives | Cash flow hedges | ' | ' |
Fair Value Measurements | ' | ' |
Amount of (loss) gain recognized on derivatives in Other comprehensive (loss) | -1,106,000 | 26,000 |
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Equity in earning | -388,000 | -152,000 |
Reclassification of gain (loss) | ' | ' |
Additional amount to be reclassified to interest expense during the next twelve months | 1,639,000 | ' |
Credit risk related contingent feature | ' | ' |
Fair value of derivative in a liability position, including accrued interest and excluding adjustments for nonperformance risk | 1,571,000 | ' |
Termination value of derivative agreement | 1,571,000 | ' |
Interest rate derivatives | Cash flow hedges | Unconsolidated joint ventures | ' | ' |
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 | 3,776,000 | ' |
Fixed Interest Rate (as a percent) | 5.81% | ' |
Amount of (loss) gain recognized on derivatives in Other comprehensive (loss) | -7,000 | -4,000 |
Amount of (loss) reclassification from Accumulated other comprehensive (loss) into Equity in earning | ($14,000) | ($14,000) |