Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ONE LIBERTY PROPERTIES INC | ' |
Entity Central Index Key | '0000712770 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-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 | ' | 16,127,360 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Real estate investments, at cost | ' | ' |
Land | $169,242,000 | $153,529,000 |
Buildings and improvements | 432,641,000 | 413,829,000 |
Total real estate investments, at cost | 601,883,000 | 567,358,000 |
Less accumulated depreciation | 77,213,000 | 71,171,000 |
Real estate investments, net | 524,670,000 | 496,187,000 |
Properties held-for-sale | ' | 5,177,000 |
Investment in unconsolidated joint ventures | 4,833,000 | 4,906,000 |
Cash and cash equivalents | 18,338,000 | 16,631,000 |
Restricted cash | 1,894,000 | ' |
Unbilled rent receivable | 14,352,000 | 13,743,000 |
Unamortized intangible lease assets, net | 26,517,000 | 26,035,000 |
Escrow, deposits and other assets and receivables | 4,268,000 | 5,690,000 |
Investment in BRT Realty Trust at market (related party) | ' | 262,000 |
Unamortized deferred financing costs, net | 3,343,000 | 3,267,000 |
Total assets | 598,215,000 | 571,898,000 |
Liabilities: | ' | ' |
Mortgages payable | 284,373,000 | 278,045,000 |
Line of credit | 36,850,000 | 23,250,000 |
Dividends payable | 5,948,000 | 5,806,000 |
Accrued expenses and other liabilities | 10,631,000 | 7,790,000 |
Unamortized intangible lease liabilities, net | 9,214,000 | 6,917,000 |
Total liabilities | 347,016,000 | 321,808,000 |
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; 15,594 and 15,221 shares issued and outstanding | 15,594,000 | 15,221,000 |
Paid-in capital | 216,474,000 | 210,324,000 |
Accumulated other comprehensive loss | -2,172,000 | -490,000 |
Accumulated undistributed net income | 19,970,000 | 23,877,000 |
Total One Liberty Properties, Inc. stockholders' equity | 249,866,000 | 248,932,000 |
Non-controlling interests in joint ventures | 1,333,000 | 1,158,000 |
Total equity | 251,199,000 | 250,090,000 |
Total liabilities and equity | $598,215,000 | $571,898,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 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 | 15,594 | 15,221 |
Common stock, shares outstanding | 15,594 | 15,221 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income, net | $14,396 | $11,981 | $28,798 | $23,843 |
Lease termination fee | 1,269 | ' | 1,269 | ' |
Total revenues | 15,665 | 11,981 | 30,067 | 23,843 |
Operating expenses: | ' | ' | ' | ' |
Depreciation and amortization | 3,723 | 2,681 | 7,300 | 5,315 |
General and administrative (including $610, $572, $1,219 and $1,144, respectively, to related party) | 2,134 | 1,944 | 4,344 | 3,904 |
Federal excise and state taxes | 107 | 184 | 169 | 226 |
Real estate expenses (including $212, $150, $425 and $300 respectively, to related party) | 877 | 751 | 1,976 | 1,523 |
Leasehold rent | 77 | 77 | 154 | 154 |
Real estate acquisition costs | 88 | 126 | 128 | 277 |
Total operating expenses | 7,006 | 5,763 | 14,071 | 11,399 |
Operating income | 8,659 | 6,218 | 15,996 | 12,444 |
Other income and expenses: | ' | ' | ' | ' |
Equity in earnings of unconsolidated joint ventures | 130 | 57 | 263 | 391 |
Gain on disposition of real estate held by unconsolidated joint venture | ' | 2,807 | ' | 2,807 |
Gain on sale - unconsolidated joint venture interest | ' | 1,898 | ' | 1,898 |
Gain on sale - investment in BRT Realty Trust (related party) | 134 | ' | 134 | ' |
Other income | 2 | 11 | 10 | 80 |
Interest: | ' | ' | ' | ' |
Expense | -4,035 | -3,158 | -7,988 | -6,261 |
Amortization of deferred financing costs | -228 | -226 | -466 | -439 |
Income from continuing operations | 4,662 | 7,607 | 7,949 | 10,920 |
Income from discontinued operations | ' | 145 | 13 | 281 |
Net income | 4,662 | 7,752 | 7,962 | 11,201 |
Less: net income attributable to non-controlling interests | -22 | -16 | -49 | -15 |
Net income attributable to One Liberty Properties, Inc. | $4,640 | $7,736 | $7,913 | $11,186 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 15,518 | 14,844 | 15,436 | 14,759 |
Diluted (in shares) | 15,618 | 14,944 | 15,536 | 14,859 |
Per common share attributable to common stockholders - basic: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.29 | $0.50 | $0.49 | $0.71 |
Income from discontinued operations (in dollars per share) | ' | $0.01 | ' | $0.02 |
Total per common share attributable to common stockholders - basic (in dollars per share) | $0.29 | $0.51 | $0.49 | $0.73 |
Per common share attributable to common stockholders - diluted: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.29 | $0.49 | $0.49 | $0.71 |
Income from discontinued operations (in dollars per share) | ' | $0.01 | ' | $0.02 |
Total per common share attributable to common stockholders - diluted (in dollars per share) | $0.29 | $0.50 | $0.49 | $0.73 |
Cash distributions declared per share of common stock (in dollars per share) | $0.37 | $0.35 | $0.74 | $0.70 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' | ' |
General and administrative, related parties | $610 | $572 | $1,219 | $1,144 |
Real estate expenses, related party | $212 | $150 | $425 | $300 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $4,662 | $7,752 | $7,962 | $11,201 |
Other comprehensive (loss) gain | ' | ' | ' | ' |
Net unrealized (loss) gain on available-for-sale securities | -130 | -1 | -125 | 45 |
Net unrealized (loss) gain on derivative instruments | -867 | 730 | -1,585 | 908 |
One Liberty Property's share of joint venture net unrealized gain on derivative instruments | 7 | 51 | 4 | 61 |
Other comprehensive (loss) gain | -990 | 780 | -1,706 | 1,014 |
Comprehensive income | 3,672 | 8,532 | 6,256 | 12,215 |
Comprehensive income attributable to non-controlling interests | -22 | -16 | -49 | -15 |
Unrealized loss on derivative instruments attributable to non-controlling interests | 14 | ' | 24 | ' |
Comprehensive income attributable to One Liberty Properties, Inc. | $3,664 | $8,516 | $6,231 | $12,200 |
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 - $.74 and $1.42 per share for the six months ended June 30, 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 (loss) | 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 - $.74 and $1.42 per share for the six months ended June 30, 2014 and for the year ended December 31, 2013, respectively | -11,820,000 | ' | ' | ' | -11,820,000 | ' |
Shares issued through equity offering program - net | 3,304,000 | 156,000 | 3,148,000 | ' | ' | ' |
Restricted stock vesting | ' | 101,000 | -101,000 | ' | ' | ' |
Shares issued through dividend reinvestment plan | 2,299,000 | 116,000 | 2,183,000 | ' | ' | ' |
Contributions from non-controlling interests | 306,000 | ' | ' | ' | ' | 306,000 |
Distributions to non-controlling interests | -156,000 | ' | ' | ' | ' | -156,000 |
Compensation expense - restricted stock | 920,000 | ' | 920,000 | ' | ' | ' |
Net income | 7,962,000 | ' | ' | ' | 7,913,000 | 49,000 |
Other comprehensive income (loss) | -1,706,000 | ' | ' | -1,682,000 | ' | -24,000 |
Balances at Jun. 30, 2014 | $251,199,000 | $15,594,000 | $216,474,000 | ($2,172,000) | $19,970,000 | $1,333,000 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ' | ' | ' | ' | ' |
Distributions - common stock, Cash per share (in dollars per share) | $0.37 | $0.35 | $0.74 | $0.70 | $1.42 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $7,962 | $11,201 |
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 |
Gain on sale - unconsolidated joint venture interest | ' | -1,898 |
Gain on sale of available-for-sale securities (to related party in 2014) | -134 | -6 |
Increase in rental income from straight-lining of rent | -609 | -414 |
Increase in rental income from amortization of intangibles relating to leases | -50 | -66 |
Amortization of restricted stock expense | 920 | 766 |
Equity in earnings of unconsolidated joint ventures | -263 | -391 |
Distributions of earnings from unconsolidated joint ventures | 289 | 860 |
Depreciation and amortization | 7,300 | 5,386 |
Amortization and write-off of financing costs | 466 | 439 |
Changes in assets and liabilities: | ' | ' |
Decrease (increase) in escrow, deposits, other assets and receivables | 1,242 | -109 |
(Decrease) increase in accrued expenses and other liabilities | -539 | 112 |
Net cash provided by operating activities | 16,584 | 13,073 |
Cash flows from investing activities: | ' | ' |
Purchase of real estate | -33,165 | -6,215 |
Improvements to real estate | -645 | -627 |
Distributions of return of capital from unconsolidated joint ventures | 50 | 5,284 |
Net proceeds from sale of real estate | 5,177 | ' |
Net proceeds from disposition of unconsolidated joint venture interest | ' | 13,444 |
Payment of leasing commissions | -40 | -40 |
Net proceeds from sale of available-for-sale securities (to related party in 2014) | 266 | 19 |
Net cash (used in) provided by investing activities | -28,357 | 11,865 |
Cash flows from financing activities: | ' | ' |
Scheduled amortization payments of mortgages payable | -3,765 | -3,169 |
Repayment of mortgages payable | -19,003 | -2,816 |
Proceeds from mortgage financings | 29,096 | 7,867 |
Proceeds from sale of common stock, net | 3,304 | 7,771 |
Proceeds from bank line of credit | 27,500 | 3,500 |
Repayment on bank line of credit | -13,900 | -3,500 |
Issuance of shares through dividend reinvestment plan | 2,299 | 2,278 |
Payment of financing costs | -523 | -174 |
Capital contributions from non-controlling interests | 306 | 481 |
Distribution to non-controlling interests | -156 | -258 |
Cash distributions to common stockholders | -11,678 | -10,564 |
Net cash provided by financing activities | 13,480 | 1,416 |
Net increase in cash and cash equivalents | 1,707 | 26,354 |
Cash and cash equivalents at beginning of period | 16,631 | 14,577 |
Cash and cash equivalents at end of period | 18,338 | 40,931 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for interest expense | 8,036 | 6,338 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Purchase accounting allocation - intangible lease assets | 1,989 | 762 |
Purchase accounting allocation - intangible lease liabilities | 2,671 | 857 |
Restricted cash for tenant improvements and other reserve | $1,894 | ' |
Organization_and_Background
Organization and Background | 6 Months Ended |
Jun. 30, 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 June 30, 2014, OLP owned 113 properties, including six properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 113 properties are located in 30 states. |
Basis_of_Preparation
Basis of Preparation | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 six 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 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 to pay 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. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits. In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property the Company would not consolidate. | |
The Financial Accounting Standard’s Board, or FASB’s, 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. | |
In June 2014, the Company purchased land for $6,510,000 in Sandy Springs, Georgia improved with a 196 unit apartment complex, and simultaneously entered into a long-term triple net ground lease with the owner/operator of this complex (see Note 4). The Company determined that it has a variable interest through its ground lease and the owner/operator is a VIE because its equity investment at risk is not sufficient to finance its activities without additional subordinated financial support. The Company’s fee interest in the land is collateral for the owner/operator’s loan on the buildings located at this property. The Company further determined that it is not the primary beneficiary because the Company does not have the power to direct the activities that most significantly impact the owner/operator’s economic performance such as management, operational budgets and other rights, including leasing of the units and therefore, will not consolidate the VIE for financial statement purposes. Accordingly, the Company will account for its investment as land and the revenue from the ground lease as Rental Income, net. At June 30, 2014, the Company’s maximum exposure to loss as a result of the ground lease is an aggregate of $6,540,000, representing the $6,516,000 carrying value of the land, included in Real estate investments, net, on the consolidated balance sheets and the rent receivable of $24,000. | |
In June 2014, the Company entered into a joint venture, in which the Company has a 95% equity interest, and acquired a property located in Joppa, Maryland (see Note 4). The Company also made a senior preferred equity investment in the joint venture. The Company has determined that this joint venture is a VIE as the Company’s voting rights are not proportional to its economic interests and substantially all of the joint venture’s activities are conducted by the Company. The Company further determined that it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the joint venture’s performance including management, approval of expenditures, and sale of the property, as well as the obligation to absorb the losses or rights to receive benefits from the VIE. Accordingly, the Company consolidates the operations of this joint venture for financial statement purposes. | |
For the consolidated VIE, the carrying amounts and classification in the Company’s consolidated balance sheets were assets (none of which are restricted) consisting of land of $3,803,000 and building and improvements of $8,142,000, accrued expenses and other liabilities of $78,000 and non-controlling interest in joint ventures of $5,000. The joint venture’s creditors do not have recourse to the assets of the Company other than those held by the joint venture. | |
With respect to 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 previously reported in the consolidated financial statements for the three and six months ended June 30, 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 | 6 Months Ended | |||||||||||||
Jun. 30, 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 13 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 and six months ended June 30, 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 and six months ended June 30, 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 six months ended June 30, 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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||||
Income from continuing operations | $ | 4,662 | $ | 7,607 | $ | 7,949 | $ | 10,920 | ||||||
Less: net income attributable to non-controlling interests | (22 | ) | (16 | ) | (49 | ) | (15 | ) | ||||||
Less: earnings allocated to unvested shares | (178 | ) | — | (356 | ) | — | ||||||||
Income from continuing operations available for common stockholders | 4,462 | 7,591 | 7,544 | 10,905 | ||||||||||
Discontinued operations | — | 145 | 13 | 281 | ||||||||||
Net income available for common stockholders, basic and diluted | $ | 4,462 | $ | 7,736 | $ | 7,557 | $ | 11,186 | ||||||
Denominator for basic earnings per share: | ||||||||||||||
- weighted average common shares | 15,518 | 14,844 | 15,436 | 14,759 | ||||||||||
- weighted average unvested restricted stock shares | — | 470 | — | 477 | ||||||||||
15,518 | 15,314 | 15,436 | 15,236 | |||||||||||
Effect of diluted securities: | ||||||||||||||
- restricted stock units awarded under Pay-for-Performance program | 100 | 100 | 100 | 100 | ||||||||||
Denominator for diluted earnings per share | ||||||||||||||
- weighted average shares | 15,618 | 15,414 | 15,536 | 15,336 | ||||||||||
Earnings per common share, basic | $ | 0.29 | $ | 0.51 | $ | 0.49 | $ | 0.73 | ||||||
Earnings per common share, diluted | $ | 0.29 | $ | 0.5 | $ | 0.49 | $ | 0.73 | ||||||
Net Income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests: | ||||||||||||||
Income from continuing operations | $ | 4,640 | $ | 7,591 | $ | 7,900 | $ | 10,905 | ||||||
Income from discontinued operations | — | 145 | 13 | 281 | ||||||||||
Net income attributable to One Liberty Properties, Inc. | $ | 4,640 | $ | 7,736 | $ | 7,913 | $ | 11,186 | ||||||
Real_Estate_Acquisitions_and_C
Real Estate Acquisitions and Contingent Liability | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Real Estate Acquisitions and Contingent Liability | ' | |||||||||||||||||||
Real Estate Acquisitions and Contingent Liability | ' | |||||||||||||||||||
Note 4 - Real Estate Acquisitions and Contingent Liability | ||||||||||||||||||||
The following chart details the Company’s real estate acquisitions, all of which were acquired for cash, during the six months ended June 30, 2014 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Third Party | |||||||||||||||||
Purchase | Real Estate | |||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs (a) | ||||||||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | January 21, 2014 | $ | 2,971 | $ | 20 | |||||||||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | January 23, 2014 | 2,138 | 9 | |||||||||||||||||
Savers Thrift Superstore, Highlands Ranch, Colorado | May 7, 2014 | 4,825 | 45 | |||||||||||||||||
Hobby Lobby retail store, Woodbury, Minnesota | May 21, 2014 | 4,770 | 13 | |||||||||||||||||
Land - River Crossing Apartments, Sandy Springs, Georgia (b) | June 4, 2014 | 6,510 | — | (c) | ||||||||||||||||
Noxell Corporation industrial building, Joppa, Maryland (d) | June 26, 2014 | 11,650 | — | (c) | ||||||||||||||||
Other (e) | — | 41 | ||||||||||||||||||
Totals | $ | 32,864 | $ | 128 | ||||||||||||||||
(a) Included as an expense in the accompanying consolidated statement of income. | ||||||||||||||||||||
(b) The Company’s fee interest in the land is collateral for the tenant’s mortgage loan secured by the buildings located at this property. | ||||||||||||||||||||
(c) Transaction costs aggregating $301 incurred with these asset acquisitions were capitalized. | ||||||||||||||||||||
(d) Owned by a joint venture in which the Company has a 95% interest. The non-controlling interest contributed $306 for its 5% interest, which was equal to the fair value at the date of purchase. | ||||||||||||||||||||
(e) 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 six months ended June 30, 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 | $ | 1,046 | $ | 1,468 | $ | 83 | $ | 374 | $ | — | $ | 2,971 | ||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | 853 | 1,321 | 145 | 94 | (275 | ) | 2,138 | |||||||||||||
Savers Thrift Superstore, Highlands Ranch, Colorado | 2,231 | 2,614 | 277 | 846 | (1,143 | ) | 4,825 | |||||||||||||
Hobby Lobby retail store, Woodbury, Minnesota | 1,190 | 3,667 | 335 | 734 | (1,156 | ) | 4,770 | |||||||||||||
Land - River Crossing Apartments, Sandy Springs, Georgia (a) | 6,516 | — | — | — | — | 6,516 | ||||||||||||||
Noxell Corporation industrial building, Joppa, Maryland (b) | 3,803 | 7,991 | 151 | — | — | 11,945 | ||||||||||||||
Subtotals | 15,639 | 17,061 | 991 | 2,048 | (2,574 | ) | 33,165 | |||||||||||||
Other (c) | 74 | 70 | 18 | (59 | ) | (97 | ) | 6 | ||||||||||||
Totals | $ | 15,713 | $ | 17,131 | $ | 1,009 | $ | 1,989 | $ | (2,671 | ) | $ | 33,171 | |||||||
(a) Includes capitalized transaction costs of $6 incurred with this asset acquisition. | ||||||||||||||||||||
(b) Includes capitalized transaction costs of $295 incurred with this asset acquisition. | ||||||||||||||||||||
(c) Adjustments to finalize intangibles 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 between 2015 through 2044. | ||||||||||||||||||||
In June 2014, the Company purchased land in Sandy Springs, Georgia improved with a 196 unit apartment complex, for a land purchase price of $6,510,000 and simultaneously entered into a long-term triple net ground lease with the owner/operator of this complex. Pursuant to the terms of the ground lease, the owner/operator is obligated to make certain unit renovations as and when units become vacant. A cash reserve of $1,894,000 was received by the Company to cover this renovation work and other reserve requirements, which is included in Restricted cash on the consolidated balance sheet. | ||||||||||||||||||||
At the time of the closing, the owner/operator obtained a $16,230,000 mortgage which, together with the Company’s purchase of the land, provided substantially all of the aggregate costs to acquire the complex. The Company was required to provide its land as collateral for the mortgage loan; accordingly the land position is subordinated to the mortgage. | ||||||||||||||||||||
As a result of the 2014 acquisitions, the Company recorded intangible lease assets of $2,048,000 and intangible lease liabilities of $2,574,000, representing the value of the origination costs and acquired leases. As of June 30, 2014, the weighted average amortization period for these acquisitions is 7.7 years for the intangible lease assets and 8.4 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 14) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for four properties that were acquired during the three months ended June 30, 2014; therefore, these allocations are preliminary and subject to change. |
Lease_Termination_Fee_Income
Lease Termination Fee Income | 6 Months Ended |
Jun. 30, 2014 | |
Lease Termination Fee Income | ' |
Lease Termination Fee Income | ' |
Note 5 — Lease Termination Fee Income | |
In June 2014, the Company received a $1,269,000 lease termination fee from a retail tenant in a lease buy-out transaction. In connection with the receipt of this fee, the Company wrote-off $150,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable and the intangible lease asset related to this property. The Company re-leased this property simultaneously with the termination of the existing tenant’s lease. |
Investment_in_Unconsolidated_J
Investment in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2014 | |
Investment in Unconsolidated Joint Ventures | ' |
Investment in Unconsolidated Joint Ventures | ' |
Note 6 - Investment in Unconsolidated Joint Ventures | |
At June 30, 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 at such dates totaled $4,833,000 and $4,906,000, respectively. In addition to the $2,807,000 gain on the sale of a tenant-in-common property in the three and six months ended June 30, 2013, the Company recorded equity in earnings of $263,000 and $391,000 for the six months ended June 30, 2014 and 2013, respectively, and $130,000 and $57,000 for the three months ended June 30, 2014 and 2013, respectively. | |
Additionally, in April 2013, the Company sold its 90% equity interest in a joint venture to its partner and recorded a gain of $1,898,000. |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2014 | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts | ' |
Note 7 - 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 June 30, 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 and six months ended June 30, 2014 and 2013, the Company did not incur any bad debt expense. |
Discontinued_Operations_and_Sa
Discontinued Operations and Sale of Properties | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Discontinued Operations and Sale of Properties | ' | |||||||||||||
Discontinued Operations and Sale of Properties | ' | |||||||||||||
Note 8 - 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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Rental income | $ | — | $ | 246 | $ | 141 | $ | 486 | ||||||
Depreciation and amortization | — | 36 | — | 72 | ||||||||||
Real estate expenses | — | — | 17 | 1 | ||||||||||
Interest expense | — | 65 | 111 | 132 | ||||||||||
Total expenses | — | 101 | 128 | 205 | ||||||||||
Income from discontinued operations | $ | — | $ | 145 | $ | 13 | $ | 281 | ||||||
Line_of_Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2014 | |
Line of Credit | ' |
Line of Credit | ' |
Note 9 - 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 June 30, 2014) and (ii) 4.75% per annum, and there is an unused facility fee of .25% per annum. At June 30, 2014 and August 1, 2014, there were outstanding balances of $36,850,000 and $35,450,000, respectively, under the facility. The Company was in compliance with all covenants at June 30, 2014. |
Compensation_and_Services_Agre
Compensation and Services Agreement | 6 Months Ended |
Jun. 30, 2014 | |
Compensation and Services Agreement | ' |
Compensation and Services Agreement | ' |
Note 10 - 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 | 6 Months Ended |
Jun. 30, 2014 | |
Common Stock Cash Dividend | ' |
Common Stock Cash Dividend | ' |
Note 11 - Common Stock Cash Dividend | |
On June 11, 2014, the Board of Directors declared a quarterly cash dividend of $.37 per share on the Company’s common stock, totaling $5,948,000. The quarterly dividend was paid on July 2, 2014 to stockholders of record on June 25, 2014. |
Shares_Issued_through_Equity_O
Shares Issued through Equity Offering Program | 6 Months Ended |
Jun. 30, 2014 | |
Shares Issued through Equity Offering Program | ' |
Shares Issued through Equity Offering Program | ' |
Note 12 - 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 six months ended June 30, 2014, the Company sold 156,172 shares for proceeds of $3,402,000, net of commissions of $34,000, and incurred offering costs, primarily professional fees, of $98,000. The Company has not sold any additional shares subsequent to June 30, 2014. |
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Stock Based Compensation | ' | |||||||||||||
Stock Based Compensation | ' | |||||||||||||
Note 13 - 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 shares of restricted stock are outstanding as of June 30, 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 the outstanding restricted stock awards 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 six months ended June 30, 2014. | ||||||||||||||
As of June 30, 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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 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 | 481,045 | 470,015 | 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 | 481,045 | 470,015 | ||||||||||
Average per share value of non-vested shares (based on grant price) | $ | 14.55 | $ | 14.22 | $ | 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 | $ | 419,000 | $ | 335,000 | $ | 862,000 | $ | 702,000 | ||||||
Outstanding restricted stock units | 29,000 | 34,000 | 58,000 | 64,000 | ||||||||||
Total charge to operations | $ | 448,000 | $ | 369,000 | $ | 920,000 | $ | 766,000 | ||||||
As of June 30, 2014, there were approximately $5,741,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $344,000 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 2.9 years. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 14 - 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, restricted cash, 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 June 30, 2014, the $289,447,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $5,074,000 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 $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 June 30, 2014 and December 31, 2013, the $36,850,000 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 | June 30, 2014 | $ | 25 | $ | 25 | $ | — | |||||||
December 31, 2013 | 282 | 282 | — | |||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | June 30, 2014 | 112 | — | 112 | ||||||||||
December 31, 2013 | 265 | — | 265 | |||||||||||
Financial liabilities: | ||||||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | June 30, 2014 | 2,206 | — | 2,206 | ||||||||||
December 31, 2013 | 774 | — | 774 | |||||||||||
The Company does not own any financial instruments that are classified as Level 3. | ||||||||||||||
Available-for-sale securities | ||||||||||||||
At June 30, 2014, the Company’s available-for-sale securities included a $25,200 investment in other equity securities (included in other assets on the consolidated balance sheet). The aggregate cost of these securities was $5,300 and at June 30, 2014, the unrealized gain was $19,900. Such unrealized gains were included in accumulated other comprehensive loss on the consolidated balance sheet. Fair values are approximated based on current market quotes from financial sources that track such securities. | ||||||||||||||
In May 2014, the Company sold to Gould Investors L.P., a related party, 37,081 shares of BRT Realty Trust, a related party, for proceeds of $266,000 (based on the average of the closing prices for the 30 days preceding the sale). The cost of these shares was $132,000 and the Company realized a gain on sale of $134,000, of which $132,000 was reclassified from accumulated other comprehensive loss on the consolidated balance sheet into earnings. | ||||||||||||||
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 the Company and its counterparty. As of June 30, 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 June 30, 2014, the Company had 15 interest rate derivatives outstanding, all of which were interest rate swaps, related to 15 outstanding mortgage loans with an aggregate $77,623,000 notional amount and mature between 2014 and 2024 (weighted average maturity of 6.55 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% and a weighted average interest rate of 4.97% at June 30, 2014). 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 $112,000 and $2,206,000, respectively, at June 30, 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 June 30, 2014 with a notional amount of $3,756,000. This interest rate derivative 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 consolidated statement of income for the periods presented (amounts in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
One Liberty Properties and Consolidated Subsidiaries | ||||||||||||||
Amount of (loss) gain recognized on derivatives in Other comprehensive loss | $ | (1,227 | ) | $ | 574 | $ | (2,408 | ) | $ | 600 | ||||
Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense | (1,302 | ) | (156 | ) | (824 | ) | (308 | ) | ||||||
Unconsolidated Joint Ventures (Company’s share) | ||||||||||||||
Amount of (loss) gain recognized on derivative in Other comprehensive loss | $ | (245 | ) | $ | 37 | $ | (48 | ) | $ | 33 | ||||
Amount of (loss) gain reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures | (34 | ) | (14 | ) | 55 | (28 | ) | |||||||
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 and six months ended June 30, 2014 and 2013. During the twelve months ending June 30, 2015, the Company estimates an additional $1,572,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. | ||||||||||||||
The derivative agreements in effect at June 30, 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 June 30, 2014, the fair value of the derivatives in a liability position, including accrued interest, and excluding any adjustments for nonperformance risk, was approximately $2,379,000. 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 $2,379,000. Such amount is included in accrued expenses and other liabilities at June 30, 2014. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | ' |
Note 15 - New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This update is effective for interim and annual reporting periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements. | |
In April 2014, the FASB 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 which had no 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 | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 16 - 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) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 six 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 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 previously reported in the consolidated financial statements for the three and six months ended June 30, 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) | 6 Months Ended | |||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||||
Income from continuing operations | $ | 4,662 | $ | 7,607 | $ | 7,949 | $ | 10,920 | ||||||
Less: net income attributable to non-controlling interests | (22 | ) | (16 | ) | (49 | ) | (15 | ) | ||||||
Less: earnings allocated to unvested shares | (178 | ) | — | (356 | ) | — | ||||||||
Income from continuing operations available for common stockholders | 4,462 | 7,591 | 7,544 | 10,905 | ||||||||||
Discontinued operations | — | 145 | 13 | 281 | ||||||||||
Net income available for common stockholders, basic and diluted | $ | 4,462 | $ | 7,736 | $ | 7,557 | $ | 11,186 | ||||||
Denominator for basic earnings per share: | ||||||||||||||
- weighted average common shares | 15,518 | 14,844 | 15,436 | 14,759 | ||||||||||
- weighted average unvested restricted stock shares | — | 470 | — | 477 | ||||||||||
15,518 | 15,314 | 15,436 | 15,236 | |||||||||||
Effect of diluted securities: | ||||||||||||||
- restricted stock units awarded under Pay-for-Performance program | 100 | 100 | 100 | 100 | ||||||||||
Denominator for diluted earnings per share | ||||||||||||||
- weighted average shares | 15,618 | 15,414 | 15,536 | 15,336 | ||||||||||
Earnings per common share, basic | $ | 0.29 | $ | 0.51 | $ | 0.49 | $ | 0.73 | ||||||
Earnings per common share, diluted | $ | 0.29 | $ | 0.5 | $ | 0.49 | $ | 0.73 | ||||||
Net Income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests: | ||||||||||||||
Income from continuing operations | $ | 4,640 | $ | 7,591 | $ | 7,900 | $ | 10,905 | ||||||
Income from discontinued operations | — | 145 | 13 | 281 | ||||||||||
Net income attributable to One Liberty Properties, Inc. | $ | 4,640 | $ | 7,736 | $ | 7,913 | $ | 11,186 |
Real_Estate_Acquisitions_and_C1
Real Estate Acquisitions and Contingent Liability (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Real Estate Acquisitions and Contingent Liability | ' | |||||||||||||||||||
Schedule of the Company's real estate acquisitions, all of which were acquired for cash | ' | |||||||||||||||||||
The following chart details the Company’s real estate acquisitions, all of which were acquired for cash, during the six months ended June 30, 2014 (amounts in thousands): | ||||||||||||||||||||
Description of Property | Date Acquired | Contract | Third Party | |||||||||||||||||
Purchase | Real Estate | |||||||||||||||||||
Price | Acquisition | |||||||||||||||||||
Costs (a) | ||||||||||||||||||||
Total Wine and More retail store, Greensboro, North Carolina | January 21, 2014 | $ | 2,971 | $ | 20 | |||||||||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | January 23, 2014 | 2,138 | 9 | |||||||||||||||||
Savers Thrift Superstore, Highlands Ranch, Colorado | May 7, 2014 | 4,825 | 45 | |||||||||||||||||
Hobby Lobby retail store, Woodbury, Minnesota | May 21, 2014 | 4,770 | 13 | |||||||||||||||||
Land - River Crossing Apartments, Sandy Springs, Georgia (b) | June 4, 2014 | 6,510 | — | (c) | ||||||||||||||||
Noxell Corporation industrial building, Joppa, Maryland (d) | June 26, 2014 | 11,650 | — | (c) | ||||||||||||||||
Other (e) | — | 41 | ||||||||||||||||||
Totals | $ | 32,864 | $ | 128 | ||||||||||||||||
(a) Included as an expense in the accompanying consolidated statement of income. | ||||||||||||||||||||
(b) The Company’s fee interest in the land is collateral for the tenant’s mortgage loan secured by the buildings located at this property. | ||||||||||||||||||||
(c) Transaction costs aggregating $301 incurred with these asset acquisitions were capitalized. | ||||||||||||||||||||
(d) Owned by a joint venture in which the Company has a 95% interest. The non-controlling interest contributed $306 for its 5% interest, which was equal to the fair value at the date of purchase. | ||||||||||||||||||||
(e) 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 six months ended June 30, 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 | $ | 1,046 | $ | 1,468 | $ | 83 | $ | 374 | $ | — | $ | 2,971 | ||||||||
Chuck E Cheese restaurant, Indianapolis, Indiana | 853 | 1,321 | 145 | 94 | (275 | ) | 2,138 | |||||||||||||
Savers Thrift Superstore, Highlands Ranch, Colorado | 2,231 | 2,614 | 277 | 846 | (1,143 | ) | 4,825 | |||||||||||||
Hobby Lobby retail store, Woodbury, Minnesota | 1,190 | 3,667 | 335 | 734 | (1,156 | ) | 4,770 | |||||||||||||
Land - River Crossing Apartments, Sandy Springs, Georgia (a) | 6,516 | — | — | — | — | 6,516 | ||||||||||||||
Noxell Corporation industrial building, Joppa, Maryland (b) | 3,803 | 7,991 | 151 | — | — | 11,945 | ||||||||||||||
Subtotals | 15,639 | 17,061 | 991 | 2,048 | (2,574 | ) | 33,165 | |||||||||||||
Other (c) | 74 | 70 | 18 | (59 | ) | (97 | ) | 6 | ||||||||||||
Totals | $ | 15,713 | $ | 17,131 | $ | 1,009 | $ | 1,989 | $ | (2,671 | ) | $ | 33,171 | |||||||
(a) Includes capitalized transaction costs of $6 incurred with this asset acquisition. | ||||||||||||||||||||
(b) Includes capitalized transaction costs of $295 incurred with this asset acquisition. | ||||||||||||||||||||
(c) Adjustments to finalize intangibles relating to properties purchased in 2013. |
Discontinued_Operations_and_Sa1
Discontinued Operations and Sale of Properties (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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 | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Rental income | $ | — | $ | 246 | $ | 141 | $ | 486 | ||||||
Depreciation and amortization | — | 36 | — | 72 | ||||||||||
Real estate expenses | — | — | 17 | 1 | ||||||||||
Interest expense | — | 65 | 111 | 132 | ||||||||||
Total expenses | — | 101 | 128 | 205 | ||||||||||
Income from discontinued operations | $ | — | $ | 145 | $ | 13 | $ | 281 |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Stock Based Compensation | ' | |||||||||||||
Summary of the activity of the equity incentive plans excluding the 200,000 units | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 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 | 481,045 | 470,015 | 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 | 481,045 | 470,015 | ||||||||||
Average per share value of non-vested shares (based on grant price) | $ | 14.55 | $ | 14.22 | $ | 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 | ' | |||||||||||||
Outstanding restricted stock grants | $ | 419,000 | $ | 335,000 | $ | 862,000 | $ | 702,000 | ||||||
Outstanding restricted stock units | 29,000 | 34,000 | 58,000 | 64,000 | ||||||||||
Total charge to operations | $ | 448,000 | $ | 369,000 | $ | 920,000 | $ | 766,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 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 | June 30, 2014 | $ | 25 | $ | 25 | $ | — | |||||||
December 31, 2013 | 282 | 282 | — | |||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | June 30, 2014 | 112 | — | 112 | ||||||||||
December 31, 2013 | 265 | — | 265 | |||||||||||
Financial liabilities: | ||||||||||||||
Derivative financial instruments: | ||||||||||||||
Interest rate swaps | June 30, 2014 | 2,206 | — | 2,206 | ||||||||||
December 31, 2013 | 774 | — | 774 | |||||||||||
Schedule of effect of derivative financial instruments on consolidated statement of income | ' | |||||||||||||
The following table presents the effect of the Company’s derivative financial instruments on the consolidated statement of income for the periods presented (amounts in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
One Liberty Properties and Consolidated Subsidiaries | ||||||||||||||
Amount of (loss) gain recognized on derivatives in Other comprehensive loss | $ | (1,227 | ) | $ | 574 | $ | (2,408 | ) | $ | 600 | ||||
Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense | (1,302 | ) | (156 | ) | (824 | ) | (308 | ) | ||||||
Unconsolidated Joint Ventures (Company’s share) | ||||||||||||||
Amount of (loss) gain recognized on derivative in Other comprehensive loss | $ | (245 | ) | $ | 37 | $ | (48 | ) | $ | 33 | ||||
Amount of (loss) gain reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures | (34 | ) | (14 | ) | 55 | (28 | ) |
Organization_and_Background_De
Organization and Background (Details) | Jun. 30, 2014 |
item | |
property | |
Organization and Background | ' |
Number of real estate properties | 113 |
Number of states in which properties are located | 30 |
Properties owned by consolidated joint ventures | ' |
Organization and Background | ' |
Number of real estate properties | 6 |
Properties owned by unconsolidated joint ventures | ' |
Organization and Background | ' |
Number of real estate properties | 5 |
Basis_of_Preparation_Details
Basis of Preparation (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | ||||
Feb. 28, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
item | item | item | Noxell Corporation industrial building, Joppa, Maryland | Land - River Crossing Apartments, Sandy Springs, Georgia | Land - River Crossing Apartments, Sandy Springs, Georgia | Consolidated JV | Consolidated JV | Consolidated JV | Unconsolidated JV | |
item | item | Minimum | Maximum | item | ||||||
Investment in Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint ventures with controlling interest | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' |
Contract Purchase Price | ' | $32,864,000 | ' | ' | $6,510,000 | $6,510,000 | ' | ' | ' | ' |
Number of apartment units in the complex purchased | ' | ' | ' | ' | ' | 196 | ' | ' | ' | ' |
Maximum exposure to loss | ' | ' | ' | ' | 6,540,000 | 6,540,000 | ' | ' | ' | ' |
Carrying value of the land | ' | 601,883,000 | 567,358,000 | ' | 6,516,000 | 6,516,000 | ' | ' | ' | ' |
Rent receivable | ' | 14,352,000 | 13,743,000 | ' | 24,000 | 24,000 | ' | ' | ' | ' |
Restricted assets | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Land | ' | 169,242,000 | 153,529,000 | 3,803,000 | ' | ' | ' | ' | ' | ' |
Buildings and improvements | ' | 432,641,000 | 413,829,000 | 8,142,000 | ' | ' | ' | ' | ' | ' |
Accrued expenses and other liabilities | ' | 10,631,000 | 7,790,000 | 78,000 | ' | ' | ' | ' | ' | ' |
Non-controlling interest in joint ventures | ' | $1,333,000 | $1,158,000 | $5,000 | ' | ' | ' | ' | ' | ' |
Ownership interest in consolidated joint venture (as a percent) | ' | ' | ' | 95.00% | ' | ' | ' | 85.00% | 95.00% | ' |
Number of unconsolidated joint ventures | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | 5 |
Reclassification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold and reclassified to discontinued operations | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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 | 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 | 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 | 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 | $4,662 | $7,607 | $7,949 | $10,920 | ' |
Less: net income attributable to non-controlling interests | -22 | -16 | -49 | -15 | ' |
Less: earnings allocated to unvested shares | -178 | ' | -356 | ' | ' |
Income from continuing operations available for common stockholders | 4,462 | 7,591 | 7,544 | 10,905 | ' |
Discontinued operations | ' | 145 | 13 | 281 | ' |
Net income available for common stockholders, basic | 4,462 | 7,736 | 7,557 | 11,186 | ' |
Net income available for common stockholders, diluted | 4,462 | 7,736 | 7,557 | 11,186 | ' |
Denominator for basic earnings per share: | ' | ' | ' | ' | ' |
Weighted average common shares | 15,518,000 | 14,844,000 | 15,436,000 | 14,759,000 | ' |
Weighted average unvested restricted stock shares | ' | 470,000 | ' | 477,000 | ' |
Denominator for basic earnings per share (in shares) | 15,518,000 | 15,314,000 | 15,436,000 | 15,236,000 | ' |
Effect of diluted securities: | ' | ' | ' | ' | ' |
Restricted stock units awarded under Pay-for-Performance program (in shares) | 100,000 | 100,000 | 100,000 | 100,000 | ' |
Denominator for diluted earnings per share - weighted average shares | 15,618,000 | 15,414,000 | 15,536,000 | 15,336,000 | ' |
Earnings per common share, basic (in dollars per share) | $0.29 | $0.51 | $0.49 | $0.73 | ' |
Earnings per common share, diluted (in dollars per share) | $0.29 | $0.50 | $0.49 | $0.73 | ' |
Net Income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests: | ' | ' | ' | ' | ' |
Income from continuing operations | 4,640 | 7,591 | 7,900 | 10,905 | ' |
Income from discontinued operations | ' | 145 | 13 | 281 | ' |
Net income attributable to One Liberty Properties, Inc. | $4,640 | $7,736 | $7,913 | $11,186 | ' |
Real_Estate_Acquisitions_and_C2
Real Estate Acquisitions and Contingent Liability (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
item | Consolidated JV | Total Wine and More retail store, Greensboro, North Carolina | Chuck E Cheese restaurant, Indianapolis, Indiana | Savers Thrift Superstore, Highlands Ranch, Colorado | Hobby Lobby retail store, Woodbury, Minnesota | Land - River Crossing Apartments, Sandy Springs, Georgia | Land - River Crossing Apartments, Sandy Springs, Georgia | Land - River Crossing Apartments, Sandy Springs, Georgia and Noxell Corporation industrial building, Joppa, Maryland | Noxell Corporation industrial building, Joppa, Maryland | Noxell Corporation industrial building, Joppa, Maryland | Subtotals | Other (e) | Other (c) | |||||
Minimum | item | Consolidated JV | ||||||||||||||||
Real Estate Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Purchase Price | ' | ' | $32,864,000 | ' | ' | ' | $2,971,000 | $2,138,000 | $4,825,000 | $4,770,000 | $6,510,000 | $6,510,000 | ' | $11,650,000 | ' | ' | ' | ' |
Third Party Real Estate Acquisition Costs | 88,000 | 126,000 | 128,000 | 277,000 | ' | ' | 20,000 | 9,000 | 45,000 | 13,000 | ' | ' | ' | ' | ' | ' | 41,000 | ' |
Allocation of purchase price for the company's real estate acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 15,713,000 | ' | 15,713,000 | ' | ' | ' | 1,046,000 | 853,000 | 2,231,000 | 1,190,000 | 6,516,000 | 6,516,000 | ' | 3,803,000 | ' | 15,639,000 | ' | 74,000 |
Building | 17,131,000 | ' | 17,131,000 | ' | ' | ' | 1,468,000 | 1,321,000 | 2,614,000 | 3,667,000 | ' | ' | ' | 7,991,000 | ' | 17,061,000 | ' | 70,000 |
Building Improvements | 1,009,000 | ' | 1,009,000 | ' | ' | ' | 83,000 | 145,000 | 277,000 | 335,000 | ' | ' | ' | 151,000 | ' | 991,000 | ' | 18,000 |
Intangible Lease Asset | 1,989,000 | ' | 1,989,000 | ' | ' | ' | 374,000 | 94,000 | 846,000 | 734,000 | ' | ' | ' | ' | ' | 2,048,000 | ' | -59,000 |
Intangible Lease Liability | -2,671,000 | ' | -2,671,000 | ' | ' | ' | ' | -275,000 | -1,143,000 | -1,156,000 | ' | ' | ' | ' | ' | -2,574,000 | ' | -97,000 |
Total | 33,171,000 | ' | 33,171,000 | ' | ' | ' | 2,971,000 | 2,138,000 | 4,825,000 | 4,770,000 | 6,516,000 | 6,516,000 | ' | 11,945,000 | ' | 33,165,000 | ' | 6,000 |
Capitalized transaction costs incurred with the asset acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 6,000 | 301,000 | 295,000 | ' | ' | ' | ' |
Ownership interest in consolidated joint venture of the company (as a percent) | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' |
Contributions from non-controlling interests | ' | ' | 306,000 | ' | 480,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306,000 | ' | ' | ' |
Ownership interest in consolidated joint venture of non-controlling interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Number of apartment units in the complex purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196 | ' | ' | ' | ' | ' | ' |
Cash reserve | 1,894,000 | ' | 1,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of mortgage to owner/operator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,230,000 | ' | ' | ' | ' | ' | ' |
Weighted average amortization period for intangible lease assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 8 months 12 days | ' | ' |
Weighted average amortization period for intangible lease liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 4 months 24 days | ' | ' |
Number of properties acquired | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease_Termination_Fee_Income_D
Lease Termination Fee Income (Details) (USD $) | 1 Months Ended |
Jun. 30, 2014 | |
Lease Termination Fee Income | ' |
Lease termination fee received from a retail tenant in a lease buy-out transaction | $1,269,000 |
Write-off of entire balance of the unbilled rent receivable and the intangible lease asset | $150,000 |
Investment_in_Unconsolidated_J1
Investment in Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | |
property | item | item | Unconsolidated JV in Plano, Texas | |||
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 | ' | 1 | ' |
Investment in unconsolidated joint ventures | $4,833,000 | ' | $4,833,000 | ' | $4,906,000 | ' |
Gain on the sale of a tenant-in-common property | ' | 2,807,000 | ' | 2,807,000 | ' | ' |
Equity in earnings of unconsolidated joint ventures | 130,000 | 57,000 | 263,000 | 391,000 | ' | ' |
Investment in Unconsolidated Joint Ventures | ' | ' | ' | ' | ' | ' |
Ownership percentage in variable interest entity | ' | ' | ' | ' | ' | 90.00% |
Gain on sale of equity interest in the joint venture | ' | ' | ' | ' | ' | $1,898,000 |
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Details) (USD $) | Jun. 30, 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 | 6 Months Ended | 0 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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 | 246,000 | 141,000 | 486,000 | ' | ' |
Depreciation and amortization | 36,000 | ' | 72,000 | ' | ' |
Real estate expenses | ' | 17,000 | 1,000 | ' | ' |
Interest expense | 65,000 | 111,000 | 132,000 | ' | ' |
Total expenses | 101,000 | 128,000 | 205,000 | ' | ' |
Income from discontinued operations | $145,000 | $13,000 | $281,000 | ' | ' |
Line_of_Credit_Details
Line of Credit (Details) (Facility, USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | 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 | $36,850,000 | $35,450,000 | $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 $) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | 12 Months Ended |
Jun. 11, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Common Stock Cash Dividend | ' | ' | ' |
Quarterly cash dividend declared (in dollars per share) | $0.37 | ' | ' |
Quarterly cash dividend declared | $5,948,000 | $11,820,000 | $21,999,000 |
Shares_Issued_through_Equity_O1
Shares Issued through Equity Offering Program (Details) (USD $) | 0 Months Ended | 6 Months Ended |
Mar. 20, 2014 | Jun. 30, 2014 | |
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 | ' | 156,172 |
Proceeds from sale of shares, net of commission and before offering costs | ' | 3,402,000 |
Payment of commissions on sale of shares | ' | 34,000 |
Payment of offering costs, primarily professional fees, on sale of shares | ' | $98,000 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 14, 2010 | Jun. 30, 2014 | |
Restricted stock grants | Restricted stock grants | Restricted stock grants | Restricted stock grants | Restricted stock units | Restricted stock units | Restricted stock units | Restricted stock units | 2012 Incentive Plan | 2012 Incentive Plan | Prior Incentive Plans | Pay-for-performance program | Pay-for-performance program | Pay-for-performance program | ||||||
Restricted stock grants | Restricted stock units | Restricted stock units | |||||||||||||||||
Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' |
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 | 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) | ' | ' | ' | ' | ' | 481,045 | 470,015 | 470,015 | 407,460 | ' | ' | ' | ' | ' | 229,000 | 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 | 481,045 | 470,015 | ' | ' | ' | ' | ' | 229,000 | 452,000 | ' | ' | ' |
Other disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average per share value of non-vested shares (based on grant price) (in dollars per share) | ' | ' | ' | ' | ' | $14.55 | $14.22 | $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 | 448,000 | 369,000 | 920,000 | 766,000 | ' | 419,000 | 335,000 | 862,000 | 702,000 | 29,000 | 34,000 | 58,000 | 64,000 | ' | ' | ' | ' | ' | ' |
Compensation costs related to non-vested awards that have not yet been recognized | $5,741,000 | ' | $5,741,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $344,000 | ' | ' |
Approximate weighted average vesting period | ' | ' | '2 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | |
Line of credit | Line of credit | Line of credit | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Recurring | Other equity securities | BRT Realty Trust | 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 | Gould Investors L.P | ||||||||||
Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | |||||||||||||||
Fair Value of Financial Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of mortgages payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $289,447,000 | $283,142,000 |
Excess of fair value over carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,074,000 | 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 2 months 12 days | '9 years |
Carrying amount | ' | ' | ' | 35,450,000 | 36,850,000 | 23,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities | ' | ' | ' | ' | ' | ' | 25,000 | 282,000 | ' | ' | 25,000 | 282,000 | ' | ' | 25,200 | ' | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | 112,000 | 265,000 | ' | ' | 112,000 | 265,000 | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments | ' | ' | ' | ' | ' | ' | ' | ' | 2,206,000 | 774,000 | ' | ' | 2,206,000 | 774,000 | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cost of available-for-sale securities | 5,300 | 5,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale securities | 19,900 | 19,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,081 | ' | ' |
Proceeds from shares sold to related party | ' | 266,000 | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,000 | ' | ' |
Period based on which average of the closing prices considered for proceeds from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Cost of shares sold to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,000 | ' | ' |
Gain on sale shares sold to related party | 134,000 | 134,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,000 | ' | ' |
Gain reclassified from accumulated other comprehensive loss on the balance sheet into earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $132,000 | ' | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (Interest rate derivatives, Cash flow hedge, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
item | |
Interest rate derivatives | Cash flow hedge | ' |
Fair Value Measurements | ' |
Number of interest rate derivatives held | 15 |
Number of mortgage loans outstanding | 15 |
Notional Amount | $77,623,000 |
Weighted average maturity | '6 years 6 months 18 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) | 4.97% |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Derivatives designated as hedging instruments, Interest rate swap, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Derivatives designated as hedging instruments | Interest rate swap | ' | ' |
Fair Value Measurements | ' | ' |
Fair value of derivatives assets | $112,000 | $265,000 |
Fair value of derivatives liabilities | $2,206,000 | $774,000 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 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 | $0 | $0 |
Interest rate derivatives | Cash flow hedges | ' | ' | ' | ' |
Fair Value Measurements | ' | ' | ' | ' |
Amount of (loss) gain recognized on derivatives in Other comprehensive loss | -1,227,000 | 574,000 | -2,408,000 | 600,000 |
Amount of (loss) gain reclassification from Accumulated other comprehensive loss into Equity in earning | -1,302,000 | -156,000 | -824,000 | -308,000 |
Reclassification of gain (loss) | ' | ' | ' | ' |
Additional amount to be reclassified to interest expense during the next twelve months | ' | ' | 1,572,000 | ' |
Credit risk related contingent feature | ' | ' | ' | ' |
Fair value of derivative in a liability position, including accrued interest and excluding adjustments for nonperformance risk | 2,379,000 | ' | 2,379,000 | ' |
Termination value of derivative agreement | 2,379,000 | ' | 2,379,000 | ' |
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% | ' | 50.00% | ' |
Notional Amount | 3,756,000 | ' | 3,756,000 | ' |
Fixed Interest Rate (as a percent) | 5.81% | ' | 5.81% | ' |
Amount of (loss) gain recognized on derivatives in Other comprehensive loss | -245,000 | 37,000 | -48,000 | 33,000 |
Amount of (loss) gain reclassification from Accumulated other comprehensive loss into Equity in earning | ($34,000) | ($14,000) | $55,000 | ($28,000) |