One Liberty Properties Reports $32M Asset Sales, Closes Three Property Deals, Agrees to More Sales, and Refinances Industrial Assets
Portfolio Pulse from Benzinga Newsdesk
One Liberty Properties, Inc. (NYSE:OLP) has completed the sale of two restaurant properties and part of a retail property for $8.7 million, expecting a gain of $2.7 million. Additionally, OLP has agreements to sell three restaurant properties and two retail properties for $23.0 million, with an anticipated gain of $10.0 million. The company also refinanced mortgage debt on two industrial properties, resulting in gross proceeds of $13.0 million, after accounting for $7.1 million of the refinanced amounts. The new debt has a higher interest rate of 6.02% compared to the previous 4.02%.
December 01, 2023 | 7:07 am
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One Liberty Properties has sold several properties with expected gains and has refinanced debt at a higher interest rate.
The sale of properties and the expected gains are likely to be viewed positively by investors, indicating effective asset management and potential for reinvestment. However, the refinancing at a higher interest rate could signal increased costs, but this is offset by the gains from sales and the long-term nature of the new debt. Overall, the news is likely to have a positive short-term impact on OLP's stock price.
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IMPORTANCE 80
RELEVANCE 100