ONE LIBERTY PROPERTIES INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | | | | | | | | | |
| · · Year Ended December 31, | |||||||||
| | 2023 | 2022 | 2021 | ||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $29,918 | | $42,253 | | $39,034 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | |
| Gain on sale of real estate, net | | | (17,008) | | | (16,762) | | | (25,463) |
| Increase in net amortization of unbilled rental income | | (1,898) | | | (2,409) | | (234) | ||
| Write-off of unbilled rent receivable | | | 133 | | | — | | | — |
| Amortization and write-off of intangibles relating to leases, net | | (952) | | | (831) | | (785) | ||
| Amortization of restricted stock and RSU compensation expense | | 5,367 | | | 5,507 | | 5,433 | ||
| Equity in loss (earnings) of unconsolidated joint ventures | | 904 | | | (400) | | (202) | ||
| Equity in loss (earnings) from sale of unconsolidated joint venture properties | | | 108 | | | — | | | (805) |
| Distributions of earnings from unconsolidated joint venture | | 194 | | | 172 | | 1,440 | ||
| Depreciation and amortization | | 24,789 | | | 23,781 | | 22,832 | ||
| Amortization and write-off of deferred financing costs | | 839 | | | 1,115 | | 970 | ||
| Payment of leasing commissions | | | (755) | | | (2,561) | | | (1,430) |
| Decrease (increase) in escrow, deposits, other assets and receivables | | 3,818 | | | (6,856) | | 6,759 | ||
| Increase in accrued expenses and other liabilities | | | 596 | | | 1,188 | | | 1,012 |
| Net cash provided by operating activities | | 46,053 | | 44,197 | | 48,561 | |||
| | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | |
| Purchase of real estate | | (9,229) | | | (51,217) | | (24,534) | ||
| Improvements to real estate | | (4,866) | | | (4,574) | | (4,106) | ||
| Investments in ground leased property | | | (932) | | | (697) | | | (1,746) |
| Net proceeds from sale of real estate | | 40,839 | | | 30,253 | | 52,685 | ||
| Insurance recovery proceeds due to casualty loss | | | — | | | 918 | | | 975 |
| Distributions of capital from unconsolidated joint ventures | | | 7,143 | | | — | | | 97 |
| Net cash provided by (used in) investing activities | | 32,955 | | (25,317) | | 23,371 | |||
| | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | |
| Scheduled amortization payments of mortgages payable | | (12,405) | | | (12,624) | | (13,957) | ||
| Repayment of mortgages payable | | (14,935) | | | (54,585) | | (30,532) | ||
| Proceeds from mortgage financings | | 36,450 | | | 70,690 | | 10,600 | ||
| Proceeds from bank line of credit | | 40,900 | | | 53,300 | | 21,200 | ||
| Repayments on bank line of credit | | (62,700) | | | (43,200) | | (22,450) | ||
| Issuance of shares through dividend reinvestment plan | | 4,716 | | | 2,395 | | 977 | ||
| Repurchases of common stock, net | | | (9,638) | | | (5,240) | | | — |
| Proceeds from sale of common stock, net | | — | | | 563 | | 3,314 | ||
| Payment of financing costs | | (716) | | | (1,669) | | (232) | ||
| Capital contributions from non-controlling interest | | — | | | — | | 25 | ||
| Distributions to non-controlling interests | | (233) | | | (52) | | (457) | ||
| Cash distributions to common stockholders | | (38,132) | | | (37,847) | | (37,318) | ||
| Net cash used in financing activities | | (56,693) | | (28,269) | | (68,830) | |||
| | | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 22,315 | | (9,389) | | 3,102 | |||
| Cash, cash equivalents and restricted cash at beginning of year | | 7,277 | | 16,666 | | 13,564 | |||
| Cash, cash equivalents and restricted cash at end of year | | $29,592 | | $7,277 | | $16,666 | |||
(continued on next page)
The following table provides supplemental disclosure of cash flow information:
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| · 2023 · 2022 · 2021 | |||||||||
| Cash paid for interest expense and prepayment costs on debt | | $18,798 | | $17,475 | | $18,972 | |||
| | | | | | | | | | |
| Supplemental disclosure of non-cash investing activities: | | | | | | | | | |
| Assumption of mortgages payable upon acquisition of properties | | $4,280 | | $6,034 | | $— | |||
| Lease liabilities adjustment from the reassessment of right of use assets | | | 3,366 | | | — | | | — |
| Loan receivable in connection with sale of a property | | | 1,816 | | | — | | | — |
| Purchase accounting allocation - intangible lease assets | | | 871 | | | 4,322 | | | 2,288 |
| Purchase accounting allocation - mortgage intangible assets | | | 260 | | | 670 | | | — |
| Purchase accounting allocation - intangible lease liabilities | | (237) | | (2,006) | | (632) | |||
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| · · · · · · | |||||
|---|---|---|---|---|---|
| · · December 31, | |||||
| · 2023 · 2022 | |||||
| Cash and cash equivalents | | $26,430 | | $6,718 | |
| Restricted cash included in escrow, deposits and other assets and receivables | | | 3,162 | | 559 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | | $29,592 | | $7,277 | |
Restricted cash included in escrow, deposits and other assets and receivables represent amounts related to real estate tax and other reserve escrows required to be held by lenders in accordance with the Company’s mortgage agreements. The restriction on these escrow reserves will lapse when the related mortgage is repaid or when the related reserve conditions are satisfied.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.