GREAT NECK, N.Y. - One Liberty Properties, Inc. (NYSE: NYSE:OLP), a self-administered and self-managed real estate investment trust, has declared a quarterly dividend of $0.45 per share on its common stock. This dividend is scheduled to be paid on October 2, 2024, to shareholders who are on record as of September 24, 2024. The announcement, made today, marks the company's 127th consecutive quarterly dividend.
The company has a history of either maintaining or increasing its dividend for over three decades, reflecting a consistent return to its investors. One Liberty Properties specializes in acquiring, owning, and managing a diverse portfolio of industrial properties. The majority of these properties are leased on a long-term basis, with tenants typically responsible for real estate taxes, insurance, and maintenance costs.
One Liberty was founded in 1982 and is incorporated in Maryland. The firm's portfolio is geographically varied, which could potentially offer a measure of risk diversification for the company and its investors.
For more detailed financial and operational information about One Liberty Properties, interested parties are directed to the company's website and its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K.
This announcement of the quarterly dividend is based on a press release statement from One Liberty Properties. The company continues its commitment to shareholder returns, as evidenced by its long track record of consecutive quarterly dividends.
In other recent news, One Liberty Properties has been actively managing its real estate portfolio, focusing on industrial assets. B.Riley, maintaining a Buy rating on the company's stock, recently increased the shares target to $26.00 from $25.00, highlighting active capital recycling as a beneficial strategy. The company reported $23.0 million in property dispositions during the second quarter, with the purchase of two industrial properties for a total of $11.7 million. One Liberty is also under contract to acquire a larger industrial property for $33.0 million.
The company recently sold a vacant retail property in Kennesaw, Georgia for $6.7 million, marking a gain of $2.1 million. This aligns with the company's strategy of selling retail properties to fund the acquisition of industrial assets. One Liberty Properties also completed the acquisition of a 35,249-square-foot industrial facility in Savannah, Georgia for $5.2 million.
In terms of leasing activities, One Liberty renegotiated a lease with Fitness International, LLC for a property in Secaucus, New Jersey, extending it through 2040 and increasing annual rent. However, the company is facing challenges with an LA Fitness facility in Hamilton, Ohio, leading to a non-binding letter of intent to sell the property for $4.4 million. These are the recent developments for One Liberty Properties.
InvestingPro Insights
One Liberty Properties, Inc. (NYSE: OLP) continues to demonstrate its commitment to shareholder returns, with the recent announcement of its 127th consecutive quarterly dividend. An analysis of the company's financial health and market performance provides further insights for investors considering OLP's stock.
InvestingPro data highlights that One Liberty Properties has a market capitalization of approximately $567.65 million, with a P/E ratio of 17.59. This figure indicates that investors are willing to pay $17.59 for every dollar of earnings, which is a standard metric used to gauge a company's valuation. However, when considering near-term earnings growth, the adjusted P/E ratio for the last twelve months as of Q2 2024 stands at a higher 47.29, suggesting that the company is trading at a high price relative to its earnings growth - a point that is also underscored by one of the InvestingPro Tips.
On the dividend front, One Liberty Properties has a notable track record, having maintained dividend payments for 34 consecutive years, a testament to its stability and reliability as an income-generating investment. Additionally, the company's dividend yield as of late 2024 is an attractive 6.66%, which is relatively high and could be appealing for dividend-seeking investors.
Performance metrics also show a strong return over the last year, with a one-year price total return of 50.12%. The stock is trading near its 52-week high, at 98.56% of the peak price, reflecting investor confidence and a potentially bullish outlook for the stock. This is in line with another InvestingPro Tip highlighting the large price uptick over the last six months, with a 25.69% return in that period. For those interested in more insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/OLP.
For investors considering One Liberty Properties, these metrics and tips offer a snapshot of the company's financial health and market performance. With the next earnings date scheduled for November 6, 2024, potential investors should keep an eye on the company's financial results for further information on its performance and outlook.
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