One Liberty Properties, a Great Neck-based real estate investment trust, has reported an uptick in rental income and profits in the second quarter.
The company collected $11.7 million in rent from April through June, a nearly 7 percent rise over the same period in 2011, according to a statement released Wednesday. The increase was due to 12 properties acquired since March 2011, the company said. Net income rose by nearly 12 percent, to $5.75 million, even as expenses rose by nearly 6.4 percent, to $5.18 million, according to the statement.
The company has made $14.3 million in “attractive investments,” and it has generated $17.9 million in net proceeds from property sales so far this year, trust president and chief executive Patrick J. Callan Jr. said in a statement.
“With the additional capacity on our recently expanded line of credit and available cash, we expect to increase our momentum through the balance of the year,” Callan said.
The company reported that funds from operations dropped nearly 6 percent, to $6.3 million, in the second quarter compared to the same period last year.
One Liberty purchases, owns and manages retail, industrial, office and other properties under long-term leases.