MARYLAND
|
13-3147497
|
|
(State
or other jurisdiction of
|
(I.R.S.
employer
|
|
incorporation
or organization)
|
identification
number)
|
|
Name
of exchange
|
|
Title
of each class
|
on
which registered
|
|
Common
Stock, par value $1.00 per share
|
New
York Stock Exchange
|
·
|
an
evaluation of the property and improvements, given its location and
use;
|
·
|
the
current and projected cash flow of the
property;
|
·
|
the
estimated return on equity to us;
|
·
|
local
demographics (population and rental
trends);
|
·
|
the
ability of the tenant to meet operational needs and lease
obligations;
|
·
|
the
terms of tenant leases, including the relationship between current
rents
and market rents;
|
·
|
the
projected residual value of the
property;
|
·
|
potential
for income and capital appreciation;
|
·
|
occupancy
of and demand for similar properties in the market area;
and
|
·
|
alternative
use for the property at lease
termination.
|
·
|
acquiring
a diversified portfolio of net leased properties subject to long-term
leases;
|
·
|
obtaining
mortgage indebtedness on favorable terms and increasing access to
capital
to finance property acquisitions;
and
|
·
|
managing
assets effectively through property acquisitions, lease extensions
and
opportunistic property sales.
|
·
|
to
maintain, renew and enter into new long-term leases that contain
provisions for contractual rent
increases;
|
·
|
to
acquire additional properties within the United States that are subject
to
long-term net leases and that satisfy our other investment criteria;
and
|
·
|
to
acquire properties in market or industry sectors that we identify,
from
time to time, as offering superior risk-adjusted
returns.
|
·
|
Net
leases.
Substantially all of the leases are net leases under which the tenant
is
typically responsible for real estate taxes, insurance and ordinary
maintenance and repairs. We believe that investments in net leased
properties offer more predictable returns than investments in properties
that are not net leased;
|
·
|
Long-term
leases.
The properties acquired are generally subject to long-term leases.
Excluding leases relating to properties owned by our joint ventures,
leases representing approximately 83% of our 2008 contractual rental
income expire after 2013, and leases representing approximately 44%
of our
2008 contractual rental income expire after 2017;
and
|
·
|
Scheduled
rent increases.
Leases representing approximately 94% of our 2008 contractual rental
income provide for either scheduled rent increases or periodic contractual
rent increases based on the consumer price index. None of the leases
on
properties owned by our joint ventures provide for scheduled rent
increases.
|
2008
|
Percentage
of
|
||||||||||||
Contractual
|
2008
|
||||||||||||
Type
of
|
Number
of
|
Number
of
|
Rental
|
Contractual
|
|||||||||
Property
|
Tenants
|
Properties
|
Income
(1)
|
Rental
Income
|
|||||||||
Retail
- various (2)
|
32
|
32
|
$
|
11,453,658
|
31.9
|
%
|
|||||||
Retail
- furniture (3)
|
5
|
15
|
7,543,184
|
21.0
|
|||||||||
Industrial
(4)
|
8
|
8
|
6,525,205
|
18.2
|
|||||||||
Office
(5)
|
3
|
3
|
4,259,363
|
11.9
|
|||||||||
Flex
|
3
|
2
|
2,497,764
|
6.9
|
|||||||||
Health
& fitness
|
3
|
3
|
1,757,091
|
4.9
|
|||||||||
Movie
theater (6)
|
1
|
1
|
1,242,019
|
3.4
|
|||||||||
Residential
|
1
|
1
|
650,000
|
1.8
|
|||||||||
56
|
65
|
$
|
35,928,284
|
100.0
|
%
|
(1) |
2008
contractual rental income includes rental income that is payable
to us
during 2008 for properties owned by us at December 31, 2007, including
rental income payable on our tenancy in common interest. Does not
include
rent on our property that is held for
sale.
|
(2) |
Twenty
of the retail properties are net leased to single tenants. Four properties
are net leased to a total of 11 separate tenants pursuant to separate
leases and 8 properties are net leased to one tenant pursuant to
a master
lease.
|
(3) |
Eleven
properties are net leased to Haverty Furniture Companies, Inc. pursuant
to
a master lease covering all locations and 4 of the properties are
net
leased to single tenants.
|
(4) |
Does
not include one property that is held for
sale.
|
(5) |
Includes
a property in which we own a 50% tenancy in common
interest.
|
(6) |
We
are the ground lessee of this property under a long-term lease and
net
lease the movie theater to an
operator.
|
Year
of Lease Expiration (1)(2)
|
Number
of
Expiring
Leases
|
Approximate
Square
Feet
Subject to
Expiring
Leases
|
2008
Contractual
Rental
Income Under
Expiring
Leases (3)
|
%
of 2008
Contractual
Rental
Income
Represented
by
Expiring
Leases
|
|||||||||
2008
|
1
|
51,351
|
$
|
386,160
|
1.1
|
%
|
|||||||
2009
|
3
|
200,468
|
945,883
|
2.6
|
|||||||||
2010
|
3
|
19,038
|
349,825
|
1.0
|
|||||||||
2011
|
4
|
208,428
|
2,087,577
|
5.8
|
|||||||||
2012
|
2
|
19,000
|
475,903
|
1.3
|
|||||||||
2013
|
6
|
117,357
|
1,745,035
|
4.9
|
|||||||||
2014
|
14
|
700,200
|
5,777,024
|
16.1
|
|||||||||
2015
|
4
|
150,795
|
1,765,765
|
4.9
|
|||||||||
2016
|
4
|
182,715
|
1,757,996
|
4.9
|
|||||||||
2017
and thereafter
|
15
|
2,224,544
|
20,637,116
|
57.4
|
|||||||||
|
56
|
3,873,896
|
$
|
35,928,284
|
100.0
|
%
|
(1)
|
Lease
expirations assume tenants do not exercise existing renewal
options.
|
(2)
|
Includes
a property in which we have a tenancy in common interest and excludes
our
property that is held for sale.
|
(3)
|
2008
contractual rental income includes rental income that is payable
to us
during 2008 under existing leases on properties we owned at December
31,
2007 (including rental income payable on our tenancy in common interest
and excluding rental income payable on our property that is held
for
sale).
|
·
|
general
economic and business conditions including those currently affecting
our
nation’s economy and real estate
markets;
|
·
|
general
and local real estate conditions;
|
·
|
the
financial condition of our tenants and the performance of their lease
obligations;
|
·
|
changes
in governmental laws and regulations relating to real estate and
related
investments;
|
·
|
the
level and volatility of interest
rates;
|
·
|
competition
in our industry;
|
·
|
accessibility
of debt and equity capital markets;
|
·
|
the
availability of and costs associated with sources of liquidity;
and
|
·
|
the
other risks described under “Risks Related to Our Company” and “Risks
Related to the REIT Industry.”
|
NAME
|
AGE
|
POSITION
WITH THE COMPANY
|
||
Fredric
H. Gould*
|
72
|
Chairman
of the Board
|
||
|
||||
Patrick
J. Callan, Jr.
|
45
|
President,
Chief Executive Officer, and Director
|
||
Lawrence
G. Ricketts, Jr.
|
31
|
Executive
Vice President and Chief Operating Officer
|
||
Jeffrey
A. Gould*
|
42
|
Senior
Vice President and Director
|
||
Matthew
J. Gould*
|
48
|
Senior
Vice President and Director
|
||
David
W. Kalish
|
61
|
Senior
Vice President and Chief Financial Officer
|
||
Israel
Rosenzweig
|
60
|
Senior
Vice President
|
||
Simeon
Brinberg**
|
74
|
Senior
Vice President
|
||
Mark
H. Lundy**
|
45
|
Senior
Vice President and Secretary
|
||
Karen
Dunleavy
|
49
|
Vice
President, Financial
|
Percentage
|
||||||||||
of
2008
|
||||||||||
Contractual
|
Approximate
|
|||||||||
Type
of
|
Rental
|
Building
|
||||||||
Location
|
Property
|
Income
(1)
|
Square
Feet
|
|||||||
Baltimore,
MD
|
Industrial
|
6.5
|
%
|
367,000
|
||||||
Parsippany,
NJ
|
Office
|
5.4
|
106,680
|
|||||||
Hauppauge,
NY
|
Flex
|
4.9
|
149,870
|
|||||||
El
Paso, TX
|
Retail
|
4.4
|
110,179
|
|||||||
St.
Cloud, MN
|
Industrial
|
4.3
|
338,000
|
|||||||
Plano,
TX
|
Retail
(2)
|
3.8
|
112,389
|
|||||||
Los
Angeles, CA (3)
|
Office
|
3.5
|
106,262
|
|||||||
Greensboro,
NC
|
Theater
|
3.5
|
61,213
|
|||||||
Brooklyn,
NY
|
Office
|
3.0
|
66,000
|
|||||||
Knoxville,
TN
|
Retail
|
2.8
|
35,330
|
|||||||
Columbus,
OH
|
Retail
(2)
|
2.7
|
96,924
|
|||||||
Plano,
TX
|
Retail
(4)
|
2.5
|
51,018
|
|||||||
Philadelphia,
PA
|
Industrial
|
2.5
|
166,000
|
|||||||
Tucker,
GA
|
Health
& Fitness
|
2.5
|
58,800
|
|||||||
Ronkonkoma,
NY
|
Flex
|
2.1
|
89,500
|
|||||||
Lake
Charles, LA
|
Retail
|
1.9
|
54,229
|
|||||||
Cedar
Park, TX
|
Retail
(2)
|
1.8
|
50,810
|
|||||||
Manhattan,
NY
|
Residential
|
1.8
|
125,000
|
|||||||
Columbus,
OH
|
Industrial
|
1.6
|
100,220
|
|||||||
Ft.
Myers, FL
|
Retail
|
1.6
|
29,993
|
|||||||
Grand
Rapids, MI
|
Health
& Fitness
|
1.5
|
130,000
|
|||||||
Newark,
DE
|
Retail
|
1.5
|
23,547
|
|||||||
Wichita,
KS
|
Retail
(2)
|
1.4
|
88,108
|
|||||||
Atlanta,
GA
|
Retail
|
1.4
|
50,400
|
|||||||
Saco,
ME
|
Industrial
|
1.3
|
91,400
|
|||||||
Champaign,
IL
|
Retail
|
1.3
|
50,530
|
|||||||
Athens,
GA
|
Retail
|
1.3
|
41,280
|
Percentage
|
||||||||||
of
2008
|
||||||||||
Contractual
|
Approximate
|
|||||||||
Type
of
|
Rental
|
Building
|
||||||||
Location
|
Property
|
Income
(1)
|
Square
Feet
|
|||||||
Greenwood
Village, CO
|
Retail
|
1.2
|
45,000
|
|||||||
Tyler,
TX
|
Retail
(2)
|
1.2
|
72,000
|
|||||||
Mesquite,
TX
|
Retail
(2)
|
|
1.1
|
22,900
|
||||||
Fayetteville,
GA
|
Retail
(2)
|
1.1
|
65,951
|
|||||||
Onalaska,
WI
|
Retail
|
1.1
|
63,919
|
|||||||
Melville,
NY
|
Industrial
|
1.1
|
51,351
|
|||||||
Richmond,
VA
|
Retail
(2)
|
1.0
|
38,788
|
|||||||
Amarillo,
TX
|
Retail
(2)
|
1.0
|
72,227
|
|||||||
Virginia
Beach, VA
|
Retail
(2)
|
1.0
|
58,937
|
|||||||
Selden,
NY
|
Retail
|
1.0
|
14,550
|
|||||||
Lexington,
KY
|
Retail
(2)
|
|
.9
|
30,173
|
||||||
Duluth,
GA
|
Retail
(2)
|
.9
|
50,260
|
|||||||
Antioch,
TN
|
Retail
|
.9
|
34,059
|
|||||||
Newport
News, VA
|
Retail
(2)
|
.9
|
49,865
|
|||||||
Grand
Rapids, MI
|
Health
& Fitness
|
.9
|
72,000
|
|||||||
Gurnee,
IL
|
Retail
|
.8
|
22,768
|
|||||||
Batavia,
NY
|
Retail
|
.7
|
23,483
|
|||||||
St.
Louis, MO
|
Retail
|
.7
|
30,772
|
|||||||
Somerville,
MA
|
Retail
|
.7
|
12,054
|
|||||||
Hauppauge,
NY
|
Retail
|
.7
|
7,000
|
|||||||
Fairview
Heights, IL
|
Retail
|
.7
|
31,252
|
|||||||
Bluffton,
SC
|
Retail
(2)
|
.7
|
35,011
|
|||||||
Houston,
TX
|
Retail
|
.6
|
12,000
|
|||||||
Ferguson,
MO
|
Retail
|
.6
|
32,046
|
|||||||
New
Hyde Park, NY
|
Industrial
|
.6
|
89,000
|
|||||||
Vicksburg,
MS
|
Retail
|
.5
|
2,790
|
|||||||
Florence,
KY
|
Retail
|
.5
|
31,252
|
|||||||
Killeen,
TX
|
Retail
|
.5
|
8,000
|
|||||||
Flowood,
MS
|
Retail
|
.4
|
4,505
|
|||||||
Bastrop,
LA
|
Retail
|
.4
|
2,607
|
|||||||
Monroe,
LA
|
Retail
|
.4
|
2,756
|
|||||||
D’Iberville,
MS
|
Retail
|
.4
|
2,650
|
|||||||
Kentwood,
LA
|
Retail
|
.4
|
2,578
|
|||||||
Monroe,
LA
|
Retail
|
.4
|
2,806
|
|||||||
Vicksburg,
MS
|
Retail
|
.4
|
4,505
|
|||||||
Rosenberg,
TX
|
Retail
|
.3
|
8,000
|
|||||||
West
Palm Beach, FL
|
Industrial
|
.3
|
10,361
|
|||||||
Seattle,
WA
|
Retail
|
.2
|
3,038
|
|||||||
|
100
|
%
|
3,873,896
|
Percentage
|
||||||||||
of
Our Share
|
||||||||||
of
Rent Payable
|
Approximate
|
|||||||||
Type
of
|
in
2008 to Our
|
Building
|
||||||||
Location
|
Property
|
Joint
Ventures
|
Square
Feet
|
|||||||
Lincoln,
NE
|
Retail
|
41.8
|
%
|
112,260
|
||||||
Milwaukee,
WI
|
Industrial
|
38.9
|
927,685
|
|||||||
Miami,
FL
|
Industrial
|
10.7
|
396,000
|
|||||||
Savannah,
GA
|
Retail
|
8.6
|
101,550
|
|||||||
Retail
|
Vacant
|
17,108
|
||||||||
100
|
%
|
1,554,603
|
(1)
|
Percentage
of 2008 contractual rental income payable to us pursuant to leases
as of
December 31, 2007, including rental income payable on our tenancy
in
common interest and excluding rental income from our property that
is held
for sale.
|
(2)
|
This
property is leased to a retail furniture
operator.
|
(3)
|
An
undivided 50% interest in this property is owned by us as tenant
in common
with an unrelated entity. Percentage of contractual rental income
indicated represents our share of the 2008 rental income. Approximate
square footage indicated represents the total rentable square footage
of
the property.
|
(4)
|
Property
has two tenants, of which approximately 53% is leased to a retail
furniture operator.
|
(5)
|
Each
property is owned by a joint venture in which we are a venture partner.
Except for the joint venture which owns the Miami, Florida property,
in
which we own a 36% economic interest, we own a 50% economic interest
in
each joint venture. Approximate square footage indicated represents
the
total rentable square footage of the property owned by the joint
venture.
|
(6)
|
This
property was held for sale at December 31,
2007.
|
Our
Properties
|
||||||||||
|
|
|
|
|
|
|||||
State
|
|
Number
of
Properties
(1)
|
|
2008
Contractual
Rental
Income
|
|
Approximate
Building
Square
Feet
|
||||
Texas
|
10
|
$
|
6,241,132
|
519,523
|
||||||
New
York
|
9
|
5,676,108
|
615,754
|
|||||||
Georgia
|
5
|
2,568,977
|
266,691
|
|||||||
Maryland
|
1
|
2,340,923
|
367,000
|
|||||||
New
Jersey
|
1
|
1,928,241
|
106,680
|
|||||||
Ohio
|
2
|
1,546,990
|
197,144
|
|||||||
Minnesota
|
1
|
1,541,441
|
338,000
|
|||||||
Tennessee
|
2
|
1,324,086
|
69,389
|
|||||||
Louisiana
|
5
|
1,277,934
|
64,976
|
|||||||
California
|
1
|
1,251,797
|
106,262
|
|||||||
North
Carolina
|
1
|
1,242,019
|
61,213
|
|||||||
Other
|
27
|
8,988,637
|
1,161,264
|
|||||||
65
|
$
|
35,928,285
|
3,873,896
|
State
|
|
Number
of
Properties
|
|
Our
Share
of
Rent Payable
in
2008 to Our
Joint
Ventures
|
|
Approximate
Building
Square
Feet
|
||||
Nebraska
|
1
|
$
|
603,594
|
112,260
|
||||||
Wisconsin
|
1
|
562,500
|
927,685
|
|||||||
Florida
|
1
|
154,488
|
396,000
|
|||||||
Georgia
|
1
|
123,750
|
101,550
|
|||||||
Louisiana
|
1
|
(2)
|
-
|
17,108
|
||||||
5
|
$
|
1,444,332
|
1,554,603
|
(1) |
Excludes
a property owned by us, located in Pennsylvania, which is held for
sale.
|
(2)
|
This
vacant property was held for sale at December 31,
2007.
|
YEAR
|
PRINCIPAL
PAYMENTS DUE IN
YEAR INDICATED |
|
||
|
|
(Amounts
in Thousands)
|
||
2008
|
$
|
9,104
|
||
2009
|
10,033
|
|||
2010
|
22,313
|
|||
2011
|
8,580
|
|||
2012
|
37,551
|
|||
2013
and thereafter
|
134,454
|
|||
Total
|
$
|
222,035
|
YEAR
|
PRINCIPAL
PAYMENTS DUE IN
YEAR INDICATED |
|
||
|
|
(Amounts
in Thousands)
|
||
2008
|
$
|
410
|
||
2009
|
435
|
|||
2010
|
462
|
|||
2011
|
490
|
|||
2012
|
520
|
|||
2013
and thereafter
|
16,434
|
|||
Total
|
$
|
18,751
|
CASH
|
|
|||||||||
|
|
|
|
|
|
DISTRIBUTION
|
|
|||
2007
|
|
HIGH
|
|
LOW
|
|
PER
SHARE
|
||||
First
Quarter
|
$
|
26.13
|
$
|
22.72
|
$
|
.36
|
||||
Second
Quarter
|
$
|
24.48
|
$
|
21.59
|
$
|
.36
|
||||
Third
Quarter
|
$
|
23.26
|
$
|
18.83
|
$
|
1.03
|
* | |||
Fourth
Quarter
|
$
|
21.97
|
$
|
17.61
|
$
|
.36
|
CASH
|
||||||||||
DISTRIBUTION
|
||||||||||
2006
|
HIGH
|
LOW
|
PER
SHARE
|
|||||||
First
Quarter
|
$
|
21.00
|
$
|
18.33
|
$
|
.33
|
||||
Second
Quarter
|
$
|
21.00
|
$
|
17.91
|
$
|
.33
|
||||
Third
Quarter
|
$
|
22.40
|
$
|
18.66
|
$
|
.33
|
||||
Fourth
Quarter
|
$
|
25.53
|
$
|
22.01
|
$
|
.36
|
|
12/02
|
12/03
|
12/04
|
12/05
|
12/06
|
12/07
|
|||||||||||||
One
Liberty Properties, Inc.
|
100.00
|
140.01
|
155.53
|
147.76
|
214.62
|
172.92
|
|||||||||||||
S&P
500
|
100.00
|
128.68
|
142.69
|
149.70
|
173.34
|
182.87
|
|||||||||||||
NAREIT
Equity
|
100.00
|
137.13
|
180.44
|
202.38
|
273.34
|
230.45
|
Plan
Category
|
|
Number
of securities to be issued upon exercise of outstanding
options, warrants
and
rights
|
|
Weighted-average
exercise price of outstanding options, warrants and
rights
|
|
Number
of securities remaining available for future issuance
under equity
compensation plans (excluding securities reflected
in
column(a))
|
|
|||
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Equity
compensation plans approved by security holders (1)
|
-
|
-
|
81,900
|
|||||||
Equity
compensation plans not approved by security holders
|
-
|
-
|
-
|
|||||||
Total
|
-
|
-
|
81,900
|
Period
|
Total
Number of
Shares (or Units Purchased) |
|
Average
Price Paid
per Share (or Unit) |
|
Total
Number of
Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
|
Maximum
Number (or Approximate Dollar
Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
||||||
October
1, 2007-
October
31, 2007
|
28,800
|
$
|
20.26
|
28,800
|
401,617
|
||||||||
November
1, 2007-
November
30, 2007
|
24,500
|
$
|
20.18
|
24,500
|
377,117
|
||||||||
December
1, 2007-
December
31, 2007
|
35,926
|
$
|
19.31
|
35,926
|
341,191
|
As
of and for the Year Ended
|
|
|||||||||||||||
December
31
|
||||||||||||||||
(Amounts
in Thousands, Except Per Share Data)
|
||||||||||||||||
2007
|
|
2006
|
|
2005
|
|
2004
|
|
2003
|
||||||||
OPERATING
DATA(Note
a)
|
||||||||||||||||
Rental
revenues
|
$
|
36,805
|
$
|
32,048
|
$
|
25,910
|
$
|
19,511
|
$
|
14,850
|
||||||
Equity
in earnings (loss) of unconsolidated joint ventures (Note
b)
|
648
|
(3,276
|
)
|
2,102
|
2,869
|
2,411
|
||||||||||
Gain
on dispositions of real estate of unconsolidated joint
ventures
|
583
|
26,908
|
-
|
-
|
-
|
|||||||||||
Net
gain on sale of air rights, other and real estate
|
-
|
413
|
10,248
|
73
|
14
|
|||||||||||
Income
from continuing operations
|
9,013
|
30,797
|
18,309
|
7,308
|
5,995
|
|||||||||||
Income
from discontinued operations
|
1,577
|
5,628
|
2,971
|
3,666
|
2,530
|
|||||||||||
Net
income
|
10,590
|
36,425
|
21,280
|
10,974
|
8,525
|
|||||||||||
Calculation
of net income applicable to common stockholders (Note c):
|
||||||||||||||||
Net
income
|
10,590
|
36,425
|
21,280
|
10,974
|
8,525
|
|||||||||||
Less:
dividends and accretion on preferred stock
|
-
|
-
|
-
|
-
|
1,037
|
|||||||||||
Net
income applicable to common stockholders
|
$
|
10,590
|
$
|
36,425
|
$
|
21,280
|
$
|
10,974
|
$
|
7,488
|
||||||
Weighted
average number of common shares outstanding:
|
||||||||||||||||
Basic
|
10,069
|
9,931
|
9,838
|
9,728
|
6,340
|
|||||||||||
Diluted
|
10,069
|
9,934
|
9,843
|
9,744
|
6,372
|
|||||||||||
Net
income per common share - basic and diluted:
|
||||||||||||||||
Income
from continuing operations
|
$
|
.89
|
$
|
3.10
|
$
|
1.86
|
$
|
.75
|
$
|
.78
|
||||||
Income
from discontinued operations
|
.16
|
.57
|
.30
|
_
.38
|
_
.40
|
|||||||||||
Net
income
|
$
|
1.05
|
$
|
3.67
|
$
|
2.16
|
$
|
1.13
|
$
|
1.18
|
||||||
Cash
distributions per share of:
|
||||||||||||||||
Common
Stock (Note d)
|
$
|
2.11
|
$
|
1.35
|
$
|
1.32
|
$
|
1.32
|
$
|
1.32
|
||||||
Preferred
Stock (Note c)
|
-
|
-
|
-
|
-
|
$
|
1.60
|
||||||||||
BALANCE
SHEET DATA
|
||||||||||||||||
Real
estate investments, net
|
$
|
333,990
|
$
|
341,652
|
$
|
258,122
|
$
|
228,536 |
$
|
177,316 | ||||||
Investment
in unconsolidated joint ventures
|
6,570
|
7,014
|
27,335
|
37,023
|
24,441
|
|||||||||||
Cash
and cash equivalents
|
25,737
|
34,013
|
26,749
|
6,051
|
45,944
|
|||||||||||
Total
assets
|
406,634
|
422,037
|
330,583
|
284,386
|
259,089
|
|||||||||||
Mortgages
and loan payable
|
222,035
|
227,923
|
167,472
|
124,019
|
106,133
|
|||||||||||
Line
of credit
|
-
|
-
|
-
|
7,600
|
-
|
|||||||||||
Total
liabilities
|
235,395
|
241,912
|
175,064
|
138,271
|
113,120
|
|||||||||||
Total
stockholders' equity
|
171,239
|
180,125
|
155,519
|
146,115
|
145,969
|
|||||||||||
OTHER
DATA(Note
e)
|
||||||||||||||||
Funds
from operations applicable to common stockholders
|
$
|
18,645
|
$
|
13,707
|
$
|
26,658
|
$
|
16,789
|
$
|
11,776
|
||||||
Funds
from operations per common share:
|
||||||||||||||||
Basic
|
$
|
1.85
|
$
|
1.38
|
$
|
2.71
|
$
|
1.73
|
$
|
1.86
|
||||||
Diluted
|
$
|
1.85
|
$
|
1.38
|
$
|
2.71
|
$
|
1.72
|
$
|
1.85
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||
Net
income (Note 1)
|
$
|
10,590
|
$
|
36,425
|
$
|
21,280
|
$
|
10,974
|
$
|
8,525
|
||||||
Add:
depreciation of properties
|
8,248
|
7,091
|
5,905
|
4,758
|
3,473
|
|||||||||||
Add:
our share of depreciation in unconsolidated joint ventures
|
329
|
716
|
1,277
|
1,075
|
790
|
|||||||||||
Add:
amortization of deferred leasing costs
|
61
|
43
|
101
|
55
|
39
|
|||||||||||
Deduct:
gain on sale of real estate
|
-
|
(3,660
|
)
|
(1,905
|
)
|
(73
|
)
|
(14
|
)
|
|||||||
Deduct:
gain on dispositions of real estate of unconsolidated joint
ventures
|
(583
|
)
|
(26,908
|
)
|
-
|
-
|
-
|
|||||||||
Deduct:
preferred distributions
|
-
|
-
|
-
|
-
|
(1,037
|
)
|
||||||||||
Funds
from operations applicable to common stockholders (Note 1)
|
$
|
18,645
|
$
|
13,707
|
$
|
26,658
|
$
|
16,789
|
$
|
11,776
|
2007
|
2006
|
2005
|
2004
|
2003
|
||||||||||||
Net
income (Note 2)
|
$
|
1.05
|
$
|
3.67
|
$
|
2.16
|
$
|
1.13
|
$
|
1.34
|
||||||
Add:
depreciation of properties
|
.82
|
.71
|
.60
|
.49
|
.55
|
|||||||||||
Add:
our share of depreciation in unconsolidated joint ventures
|
.03
|
.07
|
.13
|
.11
|
.12
|
|||||||||||
Add:
amortization of deferred leasing costs
|
.01
|
.01
|
.01
|
-
|
-
|
|||||||||||
Deduct:
gain on sale of real estate
|
-
|
(.37
|
)
|
(.19
|
)
|
(.01
|
)
|
-
|
||||||||
Deduct:
gain on dispositions of real estate of unconsolidated joint
ventures
|
(.06
|
)
|
(2.71
|
)
|
-
|
-
|
-
|
|||||||||
Deduct:
preferred distributions
|
-
|
-
|
-
|
-
|
(.16
|
)
|
||||||||||
Funds
from operations applicable to common stockholders (Note 2)
|
$
|
1.85
|
$
|
1.38
|
$
|
2.71
|
$
|
1.72
|
$
|
1.85
|
Years
ended December 31,
|
|||||||
2007
|
2006
|
||||||
Compensation
and Services Agreement
|
$
|
2,288,000
|
$
|
-
|
|||
Allocated
expenses
|
-
|
1,317,000
|
|||||
Mortgage
brokerage fees
|
-
|
100,000
|
(1)
|
||||
Sales
commissions
|
-
|
152,000
|
(2)
|
||||
Management
fees
|
-
|
15,000
|
|||||
Supervisory
fees
|
-
|
41,000
|
(3)
|
||||
2,288,000
|
1,625,000
|
||||||
Fees
paid by our joint ventures
|
6,000
|
691,000
|
(4)
|
||||
Total
fees
|
$
|
2,294,000
|
$
|
2,316,000
|
(1)
|
Deferred
and written off over term of
mortgage.
|
(2) |
Reduced
net sales proceeds.
|
(3) |
Capitalized
to improvement account.
|
(4) |
Represents
our 50% share of fees paid to Majestic Property Management Corp.
by our
joint ventures. The 2007 amount is for management fees and the 2006
amount
is primarily for sales commissions, which reduced the net sales proceeds
from the dispositions of real estate of unconsolidated
joint ventures.
|
Payment
due by period
|
||||||||||||||||
Less
than
|
1-3
|
4-5
|
More
than
|
|||||||||||||
Contractual
Obligations
|
Total
|
1
Year
|
Years
|
Years
|
5
Years
|
|||||||||||
Mortgages
and loan payable -
|
||||||||||||||||
interest
and amortization
|
$
|
139,497
|
$
|
19,136
|
$
|
36,547
|
$
|
32,272
|
$
|
51,542
|
||||||
Mortgages
and loan payable -
|
||||||||||||||||
balances
due at maturity
|
172,140
|
4,184
|
21,584
|
35,287
|
111,085
|
|||||||||||
Total
|
$
|
311,637
|
$
|
23,320
|
$
|
58,131
|
$
|
67,559
|
$
|
162,627
|
More
than
|
|||||||||||||||||||
Total
|
2008
|
2009
|
2010
|
2011
|
2012
|
5
Years
|
|||||||||||||
$3,986,476
|
$
|
237,500
|
$
|
262,240
|
$
|
296,875
|
$
|
296,875
|
$
|
296,875
|
$
|
2,596,111
|
There-
|
|||||||||||||||||||||||||
For
the Year Ended December 31
|
2008
|
2009
|
2010
|
2011
|
2012
|
after
|
Total
|
FMV
|
|||||||||||||||||
Long
term debt
|
$
|
9,104
|
$
|
10,033
|
$
|
22,313
|
$
|
8,580
|
$
|
37,551
|
$
|
134,454
|
$
|
222,035
|
$
|
219,532
|
|||||||||
Fixed
rate weighted
average interest rate
|
6.49
|
%
|
6.49
|
%
|
6.38
|
%
|
6.33
|
%
|
6.32
|
%
|
6.24
|
%
|
6.30
|
%
|
6.75
|
%
|
|||||||||
Variable
rate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
·
|
pertain
|