OLP - One Liberty Properties Raises $63 Million From Sale of 12 Assets in 2023 | Benzinga
– Closes On Six Previously Announced Asset Sales in Fourth Quarter –
– Industrial Portfolio Expected to Represent 66% of 2024 Base Rent –
GREAT NECK, N.Y., Dec. 21, 2023 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE:OLP), an owner and manager of a geographically diversified portfolio consisting primarily of net-leased industrial properties, announced that it completed the sale of 12 assets for $63 million in 2023.
During the fourth quarter, the Company closed on previously announced sales of three restaurant properties and two retail properties for an aggregate sales price of $23 million. The Company estimates it will receive approximately $19 million of net proceeds from these sales and recognize an aggregate gain of approximately $9 million. For the nine months ended September 30, 2023, these properties contributed approximately $1.2 million of rental income and $305,000 of operating expense, including $265,000 of depreciation and amortization expense.
In addition, during the fourth quarter, the Company closed on the previously reported sale of a multi-tenant shopping center in Manahawkin, NJ, owned by a joint venture in which the Company has a 50% equity interest. The property was sold for $36.5 million, of which the Company's share was $18.2 million. After paying down its share of the mortgage debt, the Company received approximately $7.1 million.
The Company anticipates that its industrial portfolio will contribute approximately $47 million, or 66%, of expected 2024 base rent.
The ...