Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q For the quarterly period ended June 30, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-09279 ONE LIBERTY PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) MARYLAND 13-3147497 60 Cutter Mill Road, Great Neck, Ne ...

Exhibit 99.1 ONE LIBERTY PROPERTIES REPORTS SECOND QUARTER 2025 RESULTS – Enters Agreement to Acquire Industrial Property for $24.0 Million Bringing 2025 Acquisitions to Over $112 Million – – Completes Sale of Three Retail Assets for $6.5 Million Gain – GREAT NECK, New York, August 5, 2025 — One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on industrial properties, today announced operating results for the quarter ended June 30, 2025. "We are pleased that the transformation o ...

– Enters Agreement to Acquire Industrial Property for $24.0 Million Bringing 2025 Acquisitions to Over $112 Million – – Completes Sale of Three Retail Assets for $6.5 Million Gain – GREAT NECK, N.Y., Aug. 05, 2025 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on industrial properties, today announced operating results for the quarter ended June 30, 2025. “We are pleased that the transformation of our portfolio to primarily industrial properties contribu ...

Exhibit 99.1 ONE LIBERTY PROPERTIES REPORTS FIRST QUARTER 2025 RESULTS — Closes on Previously Announced Purchase of Four Industrial Properties for $88.3 Million — — Completes Sale of Two Non-Industrial Assets for a $1.1 Million Gain — GREAT NECK, New York, May 6, 2025 — One Liberty Properties, Inc. (the "Company" or "One Liberty") (NYSE: OLP), a real estate investment trust focused on net leased properties, today announced operating results for the quarter ended March 31, 2025. "We continue to focus on evol ...

Group 1 - Albert Anthony is a senior analyst with over 10 years of experience in investment banking, focusing on market commentary and stock ratings using a 6-step methodology [1] - The analyst has gained over 1 thousand followers on Seeking Alpha since 2023 and writes for various financial media platforms [1] - A new book titled "The Analyst: 6 Steps To Picking Stocks For Future Growth (2025 edition)" is set to launch, aiming to reach over 1 million readers on Amazon [1] Group 2 - Albert Anthony has a background in IT analysis and transitioned to the financial sector during the remote-work era of 2020, renewing interest in home-based stock trading [1] - The analyst has earned degrees and certificates from institutions such as Drew University and the Corporate Finance Institute [1] - The brand "Albert Anthony & Company" is a privately-held enterprise registered in Austin, Texas [1]

Core Viewpoint - One Liberty Properties, Inc. has declared a quarterly dividend of $0.45 per share, marking its 130th consecutive quarterly dividend and demonstrating a commitment to maintaining or increasing dividends for over 31 years [1]. Company Overview - One Liberty Properties, Inc. is a self-administered and self-managed real estate investment trust (REIT) incorporated in Maryland in 1982 [2]. - The company focuses on acquiring, owning, and managing a geographically diversified portfolio, primarily consisting of industrial properties [2]. - Many of the properties are under long-term net leases, where tenants are responsible for real estate taxes, insurance, and ordinary maintenance and repairs [2].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-09279 ONE LIBERTY PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. employer incorporation or o ...

Core Viewpoint - One Liberty Properties, Inc. is focusing on enhancing its portfolio by increasing its industrial assets, which now account for approximately 75% of its base rent, while also managing sales of non-industrial properties to stabilize cash flow in uncertain economic conditions [2][3]. Financial Performance - Rental income increased by 7.7% to $24.2 million in Q1 2025 from $22.4 million in Q1 2024, primarily due to the acquisition of seven industrial properties [3]. - Total operating expenses rose to $15.7 million in Q1 2025 from $14.5 million in Q1 2024, driven by higher real estate expenses and increased depreciation and amortization [4]. - Net income attributable to One Liberty was $4.2 million, or $0.18 per diluted share, in Q1 2025, down from $5.2 million, or $0.23 per diluted share, in Q1 2024 [5]. - Funds from Operations (FFO) remained stable at $9.6 million, or $0.44 per diluted share, compared to $9.6 million, or $0.45 per diluted share, in the prior year [6]. Transactions - The company completed the acquisition of four industrial properties for $88.3 million, incurring new mortgage debt of $52.1 million at a weighted average interest rate of 6.2% [9]. - Two non-industrial assets were sold for a gross sales price of $3.7 million, resulting in a gain of $1.1 million [11]. Balance Sheet - As of March 31, 2025, One Liberty had total assets of $811.7 million, total debt of $471 million, and stockholders' equity of $303.2 million [12]. - The company reported $8.2 million in cash and cash equivalents, with available liquidity of $96.4 million as of May 1, 2025 [12]. Non-GAAP Financial Measures - Adjusted Funds from Operations (AFFO) for Q1 2025 was $10.5 million, or $0.48 per diluted share, compared to $10.2 million, or $0.48 per diluted share, in Q1 2024 [6][25].

Part I [Business](index=6&type=section&id=Item%201.%20Business) The company is a self-administered REIT managing 102 industrial and retail properties across 31 states, totaling 10.9 million sq ft with 99.2% occupancy Portfolio Overview as of December 31, 2024 | Metric | Value | | :--- | :--- | | Number of Properties | 102 (100 owned, 2 in JVs) | | Total Square Feet | ~10.9 million | | Occupancy Rate | 99.2% | | 2025 Contractual Rental Income | $72.0 million | | Weighted Avg. Remaining Lease Term | 5.0 years | | Weighted Avg. Mortgage Debt Term | 6.1 years | | Weighted Avg. Mortgage Interest Rate | 4.56% | - In 2024, the company acquired three industrial properties for **$44.7 million** and sold 11 properties for net proceeds of **$38.2 million**, resulting in an **$18.0 million net gain**. No amounts were outstanding on its **$100.0 million credit facility** at year-end[21](index=21&type=chunk) - Subsequent to year-end 2024, the company acquired two industrial properties in Alabama for **$49.0 million** and one in Kansas for **$13.3 million**. It also contracted to buy another in Iowa for **$26.0 million**, which is expected to increase 2025 contractual rental income to approximately **$77.3 million**[20](index=20&type=chunk)[25](index=25&type=chunk)[23](index=23&type=chunk) 2025 Contractual Rental Income by Property Type | Type of Property | 2025 Contractual Rental Income ($M) | Percentage of Total | | :--- | :--- | :--- | | Industrial | $52.1 | 72.4% | | Retail—General | $10.3 | 14.2% | | Retail—Furniture | $3.4 | 4.8% | | Other | $2.0 | 2.8% | | Retail—Office Supply | $1.5 | 2.1% | | Theater | $1.2 | 1.6% | | Health & Fitness | $1.0 | 1.4% | | Restaurant | $0.5 | 0.7% | | **Total** | **$72.0** | **100.0%** | Lease Expiration Schedule by 2025 Contractual Rental Income | Year of Expiration | % of 2025 Contractual Rental Income | | :--- | :--- | | 2025 | 2.1% | | 2026 | 8.6% | | 2027 | 19.8% | | 2028 | 16.2% | | 2029 | 12.9% | | 2030 and thereafter | 39.4% | [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from tenant and geographic concentration, significant lease expirations, and substantial mortgage debt refinancing requirements - A significant portion of revenue is concentrated with five key tenants: FedEx (**5.2%**), Northern Tool (**4.3%**), NARDA Holdings, Inc. (**4.2%**), Havertys (**3.9%**), and Ferguson (**3.5%**), totaling **21.1%** of 2025 contractual rental income[72](index=72&type=chunk) - The company has geographic concentration risk, with **46.9%** of its 2025 contractual rental income derived from properties in six states: South Carolina (**11.7%**), New York (**9.5%**), Texas (**7.9%**), Pennsylvania (**7.9%**), Maryland (**5.2%**), and Iowa (**4.7%**)[73](index=73&type=chunk) - The portfolio is concentrated in the industrial (**72.4%** of 2025 contractual rental income) and retail (**21.1%**) sectors, making it vulnerable to downturns in these areas. Competition from e-commerce poses a threat to the retail tenants[74](index=74&type=chunk)[78](index=78&type=chunk) Maturing Mortgage Debt (2025-2029) | Year of Maturity | Principal Balance Due ($ thousands) | Weighted Average Interest Rate | | :--- | :--- | :--- | | 2025 | $22,458 | 4.17% | | 2026 | $18,461 | 3.91% | | 2027 | $38,525 | 3.64% | | 2028 | $30,155 | 4.64% | | 2029 | $79,386 | 4.41% | | **Total (2025-2029)** | **$188,985** | | - Potential conflicts of interest exist due to transactions with affiliated entities. The company pays Majestic Property Management Corp. significant fees for services (**$3.3 million** in 2024) and obtains property insurance through Gould Investors L.P., which owns **10.6%** of the company's stock[101](index=101&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are **no unresolved staff comments**[120](index=120&type=chunk) [Cybersecurity](index=26&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program is managed by a network administrator, overseen by the Audit Committee, and utilizes third-party assessments and safeguards - Cybersecurity defense systems are overseen at the management level by a network administrator who reports to the CFO and Senior Vice President-Financial[122](index=122&type=chunk) - The company retains a **third-party cybersecurity consulting firm** for periodic assessments and continuous monitoring of its IT systems for threats[123](index=123&type=chunk) - The Audit Committee provides **Board-level oversight** of cybersecurity practices as part of its risk management activities[126](index=126&type=chunk) [Properties](index=27&type=section&id=Item%202.%20Properties) The company owns 100 properties with a $672.3 million net book value and 99.2% occupancy, diversified across 31 states, with $425.0 million in mortgage debt - The company owns 100 properties with an aggregate net book value of **$672.3 million** and a **99.2% occupancy rate** as of December 31, 2024[129](index=129&type=chunk) Top 5 States by 2025 Contractual Rental Income | State | Number of Properties | 2025 Contractual Rental Income ($M) | % of Total | | :--- | :--- | :--- | :--- | | South Carolina | 8 | $8.4 | 11.7% | | New York | 7 | $6.8 | 9.5% | | Texas | 7 | $5.7 | 7.9% | | Pennsylvania | 5 | $5.7 | 7.9% | | Maryland | 2 | $3.7 | 5.2% | - The company holds a 50% equity interest in two joint ventures that own two properties, contributing approximately **$233,000** to its share of 2025 base rent[134](index=134&type=chunk) - As of year-end 2024, the company had **$425.0 million** of mortgage debt outstanding across 62 first mortgages, with a weighted average interest rate of **4.56%** and a weighted average remaining term of **6.1 years**[137](index=137&type=chunk)[140](index=140&type=chunk) [Legal Proceedings](index=31&type=section&id=Item%203.%20Legal%20Proceedings) The company is a defendant in a lawsuit regarding deed restrictions on its Beachwood, Ohio land parcel, believing it has meritorious defenses - A subsidiary is a defendant in a lawsuit regarding deed restrictions on its Beachwood, Ohio land parcel. The company believes it has **meritorious defenses**[138](index=138&type=chunk) [Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[139](index=139&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205.%20Market%20for%20the%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "OLP," with an $8.1 million stock repurchase authorization remaining as of February 2025 - The company's common stock trades on the New York Stock Exchange under the symbol **"OLP"**[142](index=142&type=chunk) - As of February 28, 2025, the company is authorized to repurchase up to **$8.1 million** of its common stock. **No shares were repurchased in 2024**[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues slightly decreased in 2024 due to dispositions, operating expenses rose, FFO and AFFO declined, but liquidity remains strong with $110.1 million available [Comparison of Years Ended December 31, 2024 and 2023](index=36&type=section&id=Comparison%20of%20Years%20Ended%20December%2031%2C%202024%20and%202023) Total revenues slightly decreased by 0.1% in 2024 due to dispositions, while operating expenses rose 2.3% and interest expense increased 3.6% Comparison of Revenues (2024 vs. 2023) | (In thousands) | 2024 | 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Rental income, net | $90,313 | $90,646 | $(333) | (0.4)% | | Lease termination fees | $250 | $— | $250 | n/a | | **Total revenues** | **$90,563** | **$90,646** | **$(83)** | **(0.1)%** | Components of Rental Income Change (2024 vs. 2023) | (In thousands) | 2024 | 2023 | Change ($) | | :--- | :--- | :--- | :--- | | Acquisitions | $3,356 | $612 | $2,744 | | Dispositions | $2,718 | $7,569 | $(4,851) | | Same store | $84,239 | $82,465 | $1,774 | | **Total Rental income, net** | **$90,313** | **$90,646** | **$(333)** | Comparison of Operating Expenses (2024 vs. 2023) | (In thousands) | 2024 | 2023 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Depreciation and amortization | $24,291 | $24,789 | $(498) | (2.0)% | | Real estate expenses | $17,904 | $16,444 | $1,460 | 8.9% | | General and administrative | $15,388 | $15,822 | $(434) | (2.7)% | | Impairment loss | $1,086 | $— | $1,086 | n/a | | **Total operating expenses** | **$58,670** | **$57,339** | **$1,331** | **2.3%** | - Interest expense increased by **$683,000 (3.6%)** in 2024, primarily due to a rise in the weighted average interest rate on mortgage debt from **4.18%** in 2023 to **4.47%** in 2024[173](index=173&type=chunk) [Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)](index=40&type=section&id=Funds%20from%20Operations%20(FFO)%20and%20Adjusted%20Funds%20from%20Operations%20(AFFO)) NAREIT FFO decreased by 2.5% to $38.0 million, and AFFO decreased by 3.4% to $41.2 million in 2024, primarily due to higher expenses FFO and AFFO Reconciliation Summary (in thousands) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | GAAP net income attributable to OLP | $30,417 | $29,614 | | **NAREIT FFO applicable to common stock** | **$38,027** | **$38,996** | | **Adjusted FFO applicable to common stock** | **$41,157** | **$42,595** | FFO and AFFO Per Share | Metric | 2024 | 2023 | | :--- | :--- | :--- | | GAAP net income per diluted share | $1.40 | $1.38 | | **NAREIT FFO per share** | **$1.77** | **$1.82** | | **Adjusted FFO per share** | **$1.91** | **$1.99** | - The **$969,000 decrease in FFO** was primarily due to a **$1.5 million increase in real estate expenses**, a **$683,000 increase in interest expense**, and a **$333,000 decrease in rental income**, partially offset by a **$952,000 increase in other income** and a **$434,000 decrease in G&A expenses**[183](index=183&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Available liquidity was $110.1 million as of February 2025, with $111.6 million in mortgage payments due by 2027, planned to be met through operations and refinancing - As of February 28, 2025, available liquidity was approximately **$110.1 million**, including **~$10.1 million in cash** and **$100.0 million available** under the credit facility[187](index=187&type=chunk) Mortgage Debt Payments Due (2025-2027, in thousands) | (In thousands) | 2025 | 2026 | 2027 | Total | | :--- | :--- | :--- | :--- | :--- | | Amortization payments | $11,084 | $11,038 | $9,999 | $32,121 | | Principal due at maturity | $22,458 | $18,461 | $38,525 | $79,444 | | **Total** | **$33,542** | **$29,499** | **$48,524** | **$111,565** | - The company has a **$100.0 million credit facility** maturing December 31, 2026. As of December 31, 2024, there was **no balance outstanding**, and the **full amount was available** to be borrowed[194](index=194&type=chunk)[195](index=195&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure, managed through swaps, with $425.0 million in fixed-rate debt having an estimated fair value of $398.9 million - The primary market risk exposure is from changes in interest rates on its variable rate credit facility. The company uses **interest rate swaps** to limit this risk on its variable rate mortgages[211](index=211&type=chunk)[212](index=212&type=chunk) Debt Obligations and Fair Value as of Dec 31, 2024 (in thousands) | Metric | Value | | :--- | :--- | | Total Fixed Rate Long-Term Debt | $424,978 | | Weighted Average Interest Rate | 4.56% | | Estimated Fair Market Value | $398,934 | [Controls and Procedures](index=49&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2024[218](index=218&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2024[220](index=220&type=chunk)[221](index=221&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=50&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 proxy statement - Required information is **incorporated by reference** from the proxy statement for the 2025 annual meeting of stockholders[227](index=227&type=chunk) [Executive Compensation](index=50&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2025 proxy statement - Required information is **incorporated by reference** from the proxy statement for the 2025 annual meeting of stockholders[228](index=228&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=50&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference, with 256,740 securities to be issued and 189,245 available under equity plans Equity Compensation Plan Information as of December 31, 2024 | Plan Category | Securities to be issued upon exercise | Securities remaining for future issuance | | :--- | :--- | :--- | | Approved by security holders | 256,740 | 189,245 | | Not approved by security holders | — | — | | **Total** | **256,740** | **189,245** | [Certain Relationships and Related Transactions, and Director Independence](index=51&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the 2025 proxy statement - Required information is **incorporated by reference** from the proxy statement for the 2025 annual meeting of stockholders[232](index=232&type=chunk) [Principal Accountant Fees and Services](index=51&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the 2025 proxy statement - Required information is **incorporated by reference** from the proxy statement for the 2025 annual meeting of stockholders[233](index=233&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=52&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section details the financial statements, schedules, and exhibits filed as part of the Form 10-K report, including consolidated financials - This section contains the list of financial statements and exhibits filed with the report, including the **Report of Independent Registered Public Accounting Firm**, **Consolidated Financial Statements**, and **Schedule III for Real Estate**[235](index=235&type=chunk)

Core Insights - One Liberty Properties, Inc. has successfully transformed into an industrial property owner, acquiring $133 million in industrial assets since the beginning of 2024, with over 75% of base rent now from this asset class [2][16]. Financial Performance - For the fourth quarter of 2024, revenues increased to $23.9 million from $22.7 million in the same period of 2023, driven by $1.2 million from newly acquired properties and $1.1 million from same-store properties [3]. - Total operating expenses for the fourth quarter of 2024 were $15.0 million, up from $14.3 million in the same quarter of 2023, primarily due to increased real estate expenses [4]. - Net income for the fourth quarter of 2024 was $10.5 million, or $0.49 per diluted share, compared to $15.0 million, or $0.71 per diluted share in the prior year, largely due to a decrease in gain-on-sale of real estate [5]. - Funds from Operations (FFO) for the fourth quarter of 2024 were $10.0 million, or $0.46 per diluted share, an increase from $9.6 million, or $0.45 per diluted share in the same quarter of 2023 [6]. - Adjusted Funds from Operations (AFFO) for the fourth quarter of 2024 were $10.8 million, or $0.50 per diluted share, compared to $10.6 million, or $0.50 per diluted share in the prior year [7]. Annual Results - Total revenues for 2024 were $90.6 million, consistent with 2023, including $250,000 from lease termination fees in 2024 [9]. - Total operating expenses for 2024 were $58.7 million, up from $57.3 million in 2023, mainly due to a $1.5 million increase in real estate expenses [9]. - The net gain-on-sale of real estate for 2024 was $18.0 million from the sale of 11 properties, compared to $17.0 million from 10 properties in 2023 [10]. - Net income attributable to One Liberty for 2024 was $30.4 million, or $1.40 per diluted share, compared to $29.6 million, or $1.38 per diluted share in 2023 [11]. Balance Sheet and Liquidity - As of December 31, 2024, the company had total assets of $767 million, total debt of $420.6 million, and total stockholders' equity of $307.4 million [14]. - As of February 28, 2025, One Liberty's available liquidity was $110.1 million, including $10.1 million in cash and cash equivalents [14]. Dividends - On March 5, 2025, the Board of Directors declared the company's 129th consecutive quarterly dividend of $0.45 per share, payable on April 4, 2025 [15]. Acquisitions - In 2024, the company acquired three industrial properties for $44.7 million, expecting to recognize approximately $3.5 million in rental income in 2025 [16]. - Subsequent to the reporting period, the company acquired two industrial properties for $49 million and entered into a contract to acquire another property for $26 million [18][20].