One Liberty Properties (OLP) has reported 13.49 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $4.30 million, or $0.24 a share in the quarter, compared with $3.79 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.24 million, or $0.53 a share compared with $8.52 million or $0.51 a share, a year ago.

Revenue during the quarter grew 11.88 percent to $18.02 million from $16.11 million in the previous year period.

Cost of revenue surged 54.63 percent or $0.77 million during the quarter to $2.19 million. Gross margin for the quarter contracted 336 basis points over the previous year period to 87.86 percent.

Total expenses were $9.81 million for the quarter, up 16.35 percent or $1.38 million from year-ago period. Operating margin for the quarter contracted 209 basis points over the previous year period to 45.54 percent.

Operating income for the quarter was $8.21 million, compared with $7.67 million in the previous year period.      

Revenue from real estate activities during the quarter increased 11.88 percent or $1.91 million to $18.02 million.

Income from operating leases during the quarter rose 6.95 percent or $1.06 million to $16.33 million. Revenue from tenant reimbursements was $1.69 million for the quarter, up 102.04 percent or $0.85 million from year-ago period.

"The results highlight our continued success in advancing our long term strategic goal to consistently drive stockholder value in a disciplined manner by investing in stable cash flowing assets in strong local markets," said Patrick J. Callan, Jr., president and chief executive officer of One Liberty. "Our results were positively impacted by the acquisitions and divestitures made over the course of the past 15 months. We will continue to pursue opportunities to add and divest properties in a manner that will allow us to deliver consistently strong results for our stockholders through all economic cycles."

Real estate investments stood at $10.99 million as on Sep. 30, 2016, down 2.48 percent or $0.28 million from year-ago.

Total assets grew 12.81 percent or $83.93 million to $739.33 million on Sep. 30, 2016. On the other hand, total liabilities were at $465 million as on Sep. 30, 2016, up 16.87 percent or $67.11 million from year-ago.

Return on assets moved down 2 basis points to 1.18 percent in the quarter. At the same time, return on equity moved up 10 basis points to 1.57 percent in the quarter.