One Liberty Properties Inc 2025年季度报告

Non-accelerated filer⌧Smaller reporting company☒Emerging growth company☐ PageNo. Unaudited Consolidated Financial Statements ASSETS(Unaudited)Real estate investments, at costLand$171,810$165,708 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in Thousands) ContractdPurchaseTransaction Totals for the three months ended March 31, 2025$88,300$538(a)Simultaneously with the acquisition of these properties, the Company obtained new mortgage debt of$29,000encumbering both properties, bearing an interest rate of6.12%and maturing in 2035. NOTE 7 – VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND The Company has determined thetwoconsolidated joint ventures in which it holds a90% and95% interest are VIEs because the non-controlling interests do not hold substantive kick-out or participatingrights. The Company has determined it is the primary beneficiary of these VIEs as it has the power todirect the activities that most significantly impact each joint venture’s performance includingmanagement, approval of expenditures, and the obligation to absorb the losses or rights to receivebenefits. Accordingly, the Company consolidates the operations of these VIEs for financial statement The following is a summary of the consolidated VIEs’ carrying amounts and classification in theCompany’s consolidated balance sheets, none of which are restricted (amounts in thousands): 20252024Land$8,828$9,198Buildings and improvements, net of accumulated depreciation of $6,695and $6,516,respectively15,37715,599 Accrued expenses and other liabilities773751Unamortized intangible lease liabilities, net210215Accumulated other comprehensive income—— Distributions to each joint venture partner are determined pursuant to the applicable operatingagreement and, in the event of a sale of, or refinancing of the mortgage encumbering, the property ownedby such venture, the distributions to the Company may be less than that implied by the Company’s equity The Company determined it has a variable interest through its ground lease at its Beachwood, Ohioproperty (the Vue Apartments) and the owner/operator is a VIE because its equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Companyfurther determined that it is not the primary beneficiary of this VIE because the Company does not havepower over the activities that most significantly impact the owner/operator’s economic performance andtherefore, does not consolidate this VIE for financial statement purposes. Accordingly, the Company property; therefore, this rent is recognized as rental income when the operating performance is achievedand the rent is received. No such ground lease rental income has been collected since October 2020As of March 31, 2025, the VIE’s maximum exposure to loss was $17,386,000which represented the NOTE 8 – DEBT OBLIGATIONS The following table details the Mortgages payable, net, balances per the consolidated balance sheets(amounts in thousands): 20252024Mortgages payable, gross$470,763$424,978Unamortized deferred financing costs(4,159)(3,756)Unamortized mortgage intangible assets(633)(667) the Company’s mortgage debt during the nine months ending December 31, 2025 and for each of thesubsequent twelve months through maturity (amounts in thousands):20252026202720282029ThereafterTotalAmortization payments$8,291$11,038$9,999$9,356$7,284$30,987$76,955Principal due at maturity13,12918,46144,33230,15579,386208,345393,808 LLC, provides that it may borrow up to $100,000,000, subject to borrowing base requirements. Thefacility is available for the acquisition of commercial real estate, repayment of mortgage debt, andrenovation and operating expense purposes; provided, that if used for renovation and operating expensepurposes, the amount outstanding for such purposes will not exceed the lesser of $40,000,000and40%ofthe borrowing base. Net proceeds received from the sale, financing or refinancing of properties are The facility, which matures December 31, 2026, provides for an interest rate equal to30-daySOFRplus an applicable marginranging from175basis points to275basis points depending on the ratio of theCompany’s total debt to total value, as determined pursuant to the facility. The applicable margin was175basis points at March 31, 2025 and 2024. An unused facility fee of0.25%per annum applies to the March 31, 2024. The Company was in compliance with all covenants at each of March 31, 2025 and2024.At March 31, 2025 and May 1, 2025, $95,000,000and $87,500,000, respectively, was available to be NOTE 9 – RELATED PARTY TRANSACTIONS Pursuant to the compensation and services agreement with Majestic Property Management Corp.(“Majestic”), Majestic provides the Company with certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting (i.e., sale, leasing, brokerage, andmortgage financing), and construction supervisory services (c