Core Insights - One Liberty Properties, Inc. has entered into an agreement to acquire an industrial property for $24.0 million, bringing total acquisitions in 2025 to over $112 million [1][10] - The company completed the sale of three retail assets, resulting in a net gain of $6.5 million [1][12] - The transformation of the portfolio towards primarily industrial properties has positively impacted the company's results [3] Operating Results - Rental income for the second quarter of 2025 increased by 12.3% year-over-year to $24.5 million, driven by acquisitions and an increase in same-store rental income [4] - Total operating expenses rose to $15.7 million in Q2 2025 from $14.9 million in Q2 2024, primarily due to higher real estate expenses and increased depreciation [5] Income and Funds from Operations - Net income attributable to One Liberty for Q2 2025 was $8.4 million, or $0.39 per diluted share, down from $9.6 million, or $0.45 per diluted share, in Q2 2024 [7] - Funds from Operations (FFO) increased to $9.7 million, with a per diluted share growth of 4.7% to $0.45 [8] - Adjusted Funds from Operations (AFFO) was $10.6 million, reflecting a diluted per share growth of 2.1% to $0.49 [8] Acquisitions and Dispositions - The company has contracted to acquire a 210,600 square foot industrial property in Blythewood, South Carolina for $24.0 million, with expected annual base rent of approximately $1.5 million [10][11] - The sale of three retail assets generated net proceeds of $18.3 million after mortgage debt repayment [12] Balance Sheet - As of June 30, 2025, One Liberty had total assets of $795.6 million and total debt of $455.0 million [13] - The company reported $19.0 million in cash and cash equivalents, with available liquidity of approximately $115.5 million as of August 1, 2025 [13] Subsequent Events - On July 15, 2025, the company sold a land parcel in Lakewood, Colorado for $3.5 million, expecting to recognize a $2.9 million gain in Q3 2025 [14] - On August 1, 2025, a retail property in Eugene, Oregon was sold for $6.0 million, with an anticipated gain of $2.5 million [15]

[Company Overview & Highlights](index=1&type=section&id=Company%20Overview%20%26%20Highlights) [First Quarter 2025 Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Q1 2025 results include **$88.3 million** industrial acquisitions and **$1.1 million** asset sales, aligning with the industrial portfolio strategy - Completed acquisition of four industrial properties for a total purchase price of **$88.3 million**[1](index=1&type=chunk) - Completed sale of two non-industrial assets, realizing a **$1.1 million** gain[1](index=1&type=chunk) [CEO Statement & Strategic Focus](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Focus) The CEO highlighted the portfolio's shift to industrial assets, now **75%** of base rent, for cash flow stability in uncertain times - Company's portfolio continues to transition towards industrial assets, with approximately **75%** of base rent now derived from industrial properties[3](index=3&type=chunk) - Aims to achieve stronger cash flow stability through portfolio transformation[3](index=3&type=chunk) [First Quarter 2025 Operating Results](index=1&type=section&id=First%20Quarter%202025%20Operating%20Results) [Revenue and Expenses](index=1&type=section&id=Revenue%20and%20Expenses) Q1 2025 rental income grew **7.7%** to **$24.2 million**; operating expenses rose to **$15.7 million** from property and depreciation | Metric | Q1 2025 ($M) | Q1 2024 ($M) | YoY Change (%) | | :----- | :----------- | :----------- | :------------- | | Rental income, net | 24.2 | 22.4 | 7.7% | | Total operating expenses | 15.7 | 14.5 | 8.3% | | Other expenses, net | 5.5 | 4.6 | 19.6% | - Rental income growth primarily attributed to the acquisition of seven industrial properties since January 1, 2024, partially offset by the sale of 11 assets (including nine non-industrial properties)[4](index=4&type=chunk) - Operating expenses increased mainly due to higher real estate expenses (mostly reimbursable) and depreciation and amortization expenses, primarily related to properties acquired after January 1, 2024[5](index=5&type=chunk) [Net Income and EPS](index=1&type=section&id=Net%20Income%20and%20EPS) Q1 2025 net income for One Liberty was **$4.2 million**, diluted EPS **$0.18**, decreased from lower real estate sale gains | Metric | Q1 2025 | Q1 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | Net income attributable to One Liberty ($M) | 4.2 | 5.2 | -19.2% | | Diluted EPS | $0.18 | $0.23 | -21.7% | | Gain on sale of real estate ($M) | 1.1 | 1.8 | -38.9% | [Funds From Operations (FFO & AFFO)](index=2&type=section&id=Funds%20From%20Operations%20(FFO%20%26%20AFFO)) Q1 2025 FFO was flat at **$9.6 million**; AFFO grew **2.9%** to **$10.5 million**, per-share metrics impacted by increased shares | Metric | Q1 2025 | Q1 2024 | YoY Change | | :----- | :------ | :------ | :--------- | | FFO ($M) | 9.6 | 9.6 | 0.0% | | FFO per diluted share | $0.44 | $0.45 | -2.2% | | AFFO ($M) | 10.5 | 10.2 | 2.9% | | AFFO per diluted share | $0.48 | $0.48 | 0.0% | - Diluted net income, FFO, and AFFO per share were negatively impacted by an increase of approximately **376,000** weighted average common shares, primarily from non-cash equity compensation and dividend reinvestment plans[9](index=9&type=chunk) [Strategic Transactions](index=2&type=section&id=Strategic%20Transactions) [Acquisitions](index=2&type=section&id=Acquisitions) One Liberty completed **$88.3 million** industrial acquisitions, with **$52.1 million** new mortgages, expecting **$1.6 million** quarterly rent - Completed acquisition of four industrial properties for a total purchase price of **$88.3 million**[10](index=10&type=chunk) - Assumed **$52.1 million** in new mortgage debt for this acquisition, with a weighted average interest rate of **6.2%** and a weighted average remaining term of **9.2** years[10](index=10&type=chunk) - These four properties are expected to contribute approximately **$1.6 million** in quarterly rental income (excluding variable rent) starting April 1, 2025[10](index=10&type=chunk) [Dispositions](index=2&type=section&id=Dispositions) The company sold two real estate assets for **$3.7 million**, realizing a **$1.1 million** gain - Sold two real estate assets for a total sales price of **$3.7 million**[11](index=11&type=chunk) - Realized a total gain on sale of **$1.1 million**[11](index=11&type=chunk) [Financial Position](index=2&type=section&id=Financial%20Position) [Balance Sheet Summary](index=2&type=section&id=Balance%20Sheet%20Summary) As of March 31, 2025, the company had **$8.2 million** cash, **$811.7 million** assets, **$471.0 million** debt, **$303.2 million** equity | Metric | March 31, 2025 ($M) | December 31, 2024 ($M) | | :----- | :------------------ | :--------------------- | | Total assets | 811.7 | 767.0 | | Total debt (Mortgages payable, net + Line of credit) | 471.0 | 420.6 | | Total stockholders' equity | 303.2 | 307.4 | [Available Liquidity](index=2&type=section&id=Available%20Liquidity) As of May 1, 2025, One Liberty's liquidity was **$96.4 million**, including **$8.9 million** cash and **$87.5 million** credit facility | Metric | May 1, 2025 ($M) | | :----- | :--------------- | | Total available liquidity | 96.4 | | Cash and cash equivalents | 8.9 | | Available under credit facility | 87.5 | [Explanation of Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) [FFO Definition and Rationale](index=2&type=section&id=FFO%20Definition%20and%20Rationale) FFO, a NAREIT non-GAAP metric, adjusts GAAP net income for real estate depreciation and sales gains/losses, useful for REIT performance - FFO, as defined by NAREIT, is GAAP net income adjusted for real estate depreciation and amortization, and gains/losses on certain real estate asset sales[13](index=13&type=chunk) - Management considers FFO and AFFO useful supplemental measures for evaluating equity REIT operating performance, reflecting trends in occupancy, rental rates, operating costs, and interest costs without including depreciation and amortization[16](index=16&type=chunk) - FFO does not represent GAAP net income or cash flows from operating, investing, or financing activities, and should not be considered an alternative measure of operating performance or liquidity[17](index=17&type=chunk) [AFFO Definition and Rationale](index=3&type=section&id=AFFO%20Definition%20and%20Rationale) AFFO adjusts FFO for straight-line rent accruals, lease intangible amortization, and restricted stock compensation; its calculation varies, but it is a key supplemental performance indicator - AFFO adjusts FFO by deducting straight-line rent accruals and amortization of lease intangibles, and adding back restricted stock and RSU compensation amortization[15](index=15&type=chunk) - As the NAREIT White Paper does not provide AFFO calculation guidelines, its methodology varies among REITs[15](index=15&type=chunk) - Management also finds AFFO useful in evaluating potential property acquisitions[16](index=16&type=chunk) [Management's Perspective and Limitations](index=3&type=section&id=Management%27s%20Perspective%20and%20Limitations) Management acknowledges FFO and AFFO limitations, emphasizing careful review of GAAP metrics like net income and cash flows - FFO and AFFO do not measure whether cash flow is sufficient to meet all company cash needs, including principal amortization, capital improvements, and distributions to shareholders[17](index=17&type=chunk) - Management acknowledges the limitations of FFO and AFFO, and carefully reviews GAAP metrics such as net income and cash flows from operating, investing, and financing activities[18](index=18&type=chunk) [Supplemental Information](index=4&type=section&id=Supplemental%20Information) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statement) This press release contains forward-looking statements based on assumptions about future plans and expectations, involving risks and uncertainties that could cause actual results to differ - Forward-looking statements are based on certain assumptions, describing future plans, strategies, and expectations, typically identified by words like “may,” “will,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or variations thereof[20](index=20&type=chunk) - Forward-looking statements involve known and unknown risks, uncertainties, and other factors, some beyond the company's control, that could materially affect actual results, financial condition, cash flows, performance, or future achievements[20](index=20&type=chunk) - Investors should not rely on forward-looking statements[20](index=20&type=chunk) [About One Liberty Properties](index=4&type=section&id=About%20One%20Liberty%20Properties) One Liberty Properties is a self-managed Maryland REIT, established in 1982, acquiring and managing diversified industrial and retail properties under long-term net leases - One Liberty is a self-managed Maryland-chartered real estate investment trust (REIT), established in 1982[21](index=21&type=chunk) - The company acquires, owns, and manages a geographically diversified portfolio primarily consisting of industrial and retail properties, typically under long-term net leases[21](index=21&type=chunk) [Contact Information](index=4&type=section&id=Contact%20Information) Contact information for One Liberty Properties investor relations is provided - Investor Relations contact: Phone: (516) 466-3100, Website: www.onelibertyproperties.com[22](index=22&type=chunk) [Condensed Financial Statements](index=5&type=section&id=Condensed%20Financial%20Statements) [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) This section presents condensed balance sheets as of March 31, 2025, and December 31, 2024, detailing assets, liabilities, and equity | ASSETS (Amounts in Thousands) | March 31, 2025 | December 31, 2024 | | :---------------------------- | :------------- | :---------------- | | Real estate investments, net | $747,316 | $672,305 | | Cash and cash equivalents | $8,162 | $42,315 | | Total assets | $811,688 | $766,954 | | LIABILITIES AND EQUITY | | | | Mortgages payable, net | $465,971 | $420,555 | | Line of credit | $5,000 | — | | Total liabilities | $507,356 | $458,379 | | Total One Liberty Properties, Inc. stockholders' equity | $303,231 | $307,425 | | Total liabilities and equity | $811,688 | $766,954 | [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) This section outlines condensed statements of operations for Q1 2025 and 2024, including revenues, operating expenses, net income, and key metrics like EPS, FFO, and AFFO | Revenues (Amounts in Thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------ | :-------------------------------- | :-------------------------------- | | Rental income, net | $24,170 | $22,446 | | Total revenues | $24,170 | $22,696 | | Total operating expenses | $15,659 | $14,477 | | Operating income | $9,621 | $10,003 | | Net income attributable to One Liberty Properties, Inc. | $4,155 | $5,155 | | Diluted EPS | $0.18 | $0.23 | | FFO | $9,573 | $9,559 | | FFO per diluted share | $0.44 | $0.45 | | AFFO | $10,510 | $10,210 | | AFFO per diluted share | $0.48 | $0.48 | [Reconciliation of Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliation tables for GAAP net income to FFO and AFFO, including total and per-share data, for Q1 2025 and 2024 | FFO Reconciliation (Amounts in Thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | GAAP net income attributable to One Liberty Properties, Inc. | $4,155 | $5,155 | | Add: depreciation and amortization of properties | $6,334 | $5,832 | | Deduct: gain on sale of real estate, net | $(1,110) | $(1,784) | | NAREIT funds from operations applicable to common stock | $9,573 | $9,559 | | AFFO Reconciliation (Amounts in Thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | | NAREIT funds from operations applicable to common stock | $9,573 | $9,559 | | Deduct: straight-line rent accruals and amortization of lease intangibles | $(654) | $(661) | | Add: amortization of restricted stock and RSU compensation | $1,346 | $1,272 | | Adjusted funds from operations applicable to common stock | $10,510 | $10,210 |

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].

Part I — Financial Information [Item 1. Unaudited Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements and detailed notes for One Liberty Properties, Inc. and its subsidiaries - Financial statements are unaudited and prepared in accordance with Form **10-Q** and GAAP for interim reporting[21](index=21&type=chunk) - The company is a self-administered and self-managed REIT, owning **105 properties** (industrial and retail) across **32 states** as of **March 31, 2025**[20](index=20&type=chunk) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20%E2%80%94%20March%2031%2C%202025%20and%20December%2031%2C%202024) Consolidated Balance Sheet Highlights (Amounts in Thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :--------------------------------- | :------------- | :---------------- | :----- | :------- | | Total assets | $811,688 | $766,954 | $44,734 | 5.83% | | Total liabilities | $507,356 | $458,379 | $48,977 | 10.68% | | Total equity | $304,332 | $308,575 | $(4,243) | -1.37% | | Real estate investments, net | $747,316 | $672,305 | $75,011 | 11.16% | | Cash and cash equivalents | $8,162 | $42,315 | $(34,153) | -80.71% | | Mortgages payable, net | $465,971 | $420,555 | $45,416 | 10.80% | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20%E2%80%94%20Three%20months%20ended%20March%2031%2C%202025%20and%202024) Consolidated Statements of Income Highlights (Amounts in Thousands, Except Per Share Data) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Change | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Total revenues | $24,170 | $22,696 | $1,474 | 6.49% | | Operating income | $9,621 | $10,003 | $(382) | -3.82% | | Net income attributable to OLP | $4,155 | $5,155 | $(1,000) | -19.40% | | Basic EPS | $0.18 | $0.24 | $(0.06) | -25.00% | | Diluted EPS | $0.18 | $0.23 | $(0.05) | -21.74% | | Cash distributions per share | $0.45 | $0.45 | $0.00 | 0.00% | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%E2%80%94%20Three%20months%20ended%20March%2031%2C%202025%20and%202024) Consolidated Statements of Comprehensive Income Highlights (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Change | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Net income | $4,169 | $5,380 | $(1,211) | -22.51% | | Other comprehensive income (Net unrealized loss on derivative instruments) | $(78) | $(89) | $11 | -12.36% | | Comprehensive income | $4,091 | $5,291 | $(1,200) | -22.68% | | Comprehensive income attributable to OLP | $4,077 | $5,066 | $(989) | -19.52% | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity%20%E2%80%94%20Three%20months%20ended%20March%2031%2C%202025%20and%202024) Consolidated Statements of Changes in Equity Highlights (Amounts in Thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | | :--------------------------------- | :------------- | :---------------- | :----- | | Total Equity (end of period) | $304,332 | $308,575 | $(4,243) | | Common Stock (end of period) | $20,844 | $20,698 | $146 | | Paid-in Capital (end of period) | $336,926 | $335,539 | $1,387 | | Distributions in Excess of Net Income (end of period) | $(54,669) | $(49,020) | $(5,649) | | Cash Distributions – common stock (3 months) | $(9,804) | $(9,642) (for 3 months ended March 31, 2024) | $(162) | | Net income (3 months) | $4,155 | $5,155 (for 3 months ended March 31, 2024) | $(1,000) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20%E2%80%94%20Three%20months%20ended%20March%2031%2C%202025%20and%202024) Consolidated Statements of Cash Flows Highlights (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Change | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | Net cash provided by operating activities | $10,996 | $8,907 | $2,089 | 23.45% | | Net cash (used in) provided by investing activities | $(86,338) | $1,826 | $(88,164) | -4828.26% | | Net cash provided by (used in) financing activities | $40,677 | $(10,104) | $50,781 | 502.58% | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(34,665) | $629 | $(35,294) | -5611.13% | | Cash, cash equivalents and restricted cash at end of period | $10,816 | $30,221 | $(19,405) | -64.21% | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the consolidated financial statements, covering key accounting policies and transactions - The company is a self-administered and self-managed REIT, owning **105 properties** (industrial and retail) across **32 states** as of **March 31, 2025**[20](index=20&type=chunk) - Financial statements are unaudited and prepared in accordance with Form **10-Q** and GAAP for interim reporting, with management estimates and assumptions[21](index=21&type=chunk)[22](index=22&type=chunk) [NOTE 1 – ORGANIZATION AND BACKGROUND](index=10&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20BACKGROUND) - One Liberty Properties, Inc. (OLP) is a Maryland-incorporated REIT, established in **1982**[20](index=20&type=chunk) - OLP acquires, owns, and manages a diversified portfolio primarily of industrial and retail properties, many under long-term net leases[20](index=20&type=chunk) - As of **March 31, 2025**, OLP owns **105 properties** across **32 states**, including those held through consolidated and unconsolidated joint ventures[20](index=20&type=chunk) [NOTE 2 – SUMMARY ACCOUNTING POLICIES](index=10&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20ACCOUNTING%20POLICIES) - Unaudited consolidated financial statements are prepared in accordance with Form **10-Q** and U.S. GAAP for interim reporting, including management estimates and assumptions[21](index=21&type=chunk)[22](index=22&type=chunk) - The Company consolidates wholly-owned subsidiaries, joint ventures with controlling interests, and VIEs where it is the **primary beneficiary**[23](index=23&type=chunk) - Purchase price for real estate acquisitions is allocated among land, building, improvements, and intangibles based on fair values, using Level **3** inputs like cash flow projections, market capitalization, and discount rates[25](index=25&type=chunk)[26](index=26&type=chunk) - Investments in unconsolidated joint ventures are accounted for using the equity method, as these ventures have sufficient equity at risk and shared power[29](index=29&type=chunk) [NOTE 3 – LEASES](index=12&type=section&id=NOTE%203%20%E2%80%93%20LEASES) Lease Revenues (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | | :------------------- | :---------------------------- | :---------------------------- | | Fixed lease revenues | $19,536 | $18,272 | | Variable lease revenues | $4,382 | $3,796 | | Total Lease revenues | $23,918 | $22,068 | Minimum Future Contractual Rents (Amounts in Thousands) | Period | Amount | | :--------------------------------- | :------- | | From April 1 – December 31, 2025 | $58,463 | | For the year ending December 31, 2026 | $75,487 | | For the year ending December 31, 2027 | $67,117 | | For the year ending December 31, 2028 | $55,090 | | For the year ending December 31, 2029 | $43,689 | | For the year ending December 31, 2030 | $33,438 | | Thereafter | $74,822 | | Total | $408,106 | - The Company is a lessee under a ground lease (Greensboro, NC) and an office lease (Great Neck, NY), both classified as operating leases[39](index=39&type=chunk)[40](index=40&type=chunk) [NOTE 4 – REAL ESTATE ACQUISITIONS](index=14&type=section&id=NOTE%204%20%E2%80%93%20REAL%20ESTATE%20ACQUISITIONS) Real Estate Acquisitions (Three Months Ended March 31, 2025) (Amounts in Thousands) | Property Description | Date Acquired | Contract Purchase Price | Capitalized Transaction Costs | Mortgage Amount | Interest Rate | Maturity | | :--------------------------------- | :------------ | :---------------------- | :---------------------------- | :-------------- | :------------ | :------- | | Multi-tenant (2 properties), Theodore, Alabama | Jan 16, 2025 | $49,000 | $197 | $29,000 | 6.12% | 2035 | | Amazon.com Services, LLC, Wichita, Kansas | Feb 6, 2025 | $13,300 | $230 | $7,500 | 6.09% | 2030 | | Multi-tenant, Council Bluffs, Iowa | Mar 14, 2025 | $26,000 | $111 | $15,600 | 6.42% | 2035 | | **Totals** | | **$88,300** | **$538** | **$52,100** | | | - The total purchase price allocated for these acquisitions was **$88,838,000**, including land, building & improvements, and intangible lease assets/liabilities[43](index=43&type=chunk) [NOTE 5 – SALES OF PROPERTIES](index=15&type=section&id=NOTE%205%20%E2%80%93%20SALES%20OF%20PROPERTIES) Real Estate Sales (Three Months Ended March 31, 2025 and 2024) (Amounts in Thousands) | Property Description | City, State | Date Sold | Gross Sales Price | (Loss) Gain on Sale of Real Estate, Net | | :--------------------------------- | :-------------------- | :---------- | :---------------- | :-------------------------------------- | | Land and improvements | Lakewood, Colorado | Jan 16, 2025 | $400 | $(44) | | Hooters restaurant property | Concord, North Carolina | Jan 21, 2025 | $3,253 | $1,154 | | **Totals (3 months ended March 31, 2025)** | | | **$3,653** | **$1,110** | | Hacienda Colorado restaurant parcel | Lakewood, Colorado | Mar 6, 2024 | $2,900 | $1,784 | | **Totals (3 months ended March 31, 2024)** | | | **$2,900** | **$1,784** | [NOTE 6 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES](index=15&type=section&id=NOTE%206%20%E2%80%93%20INVESTMENT%20IN%20UNCONSOLIDATED%20JOINT%20VENTURES) - As of **March 31, 2025**, the Company participated in two unconsolidated joint ventures, with an equity investment of **$1,506,000**, down from **$2,101,000** at **December 31, 2024**[46](index=46&type=chunk) - Equity in earnings from these ventures was **$25,000** for the three months ended **March 31, 2025**, a decrease from **$53,000** in the prior year period[46](index=46&type=chunk) [NOTE 7 – VARIABLE INTEREST ENTITIES, CONSOLIDATED JOINT VENTURES AND CONTINGENT LIABILITY](index=16&type=section&id=NOTE%207%20%E2%80%93%20VARIABLE%20INTEREST%20ENTITIES%2C%20CONSOLIDATED%20JOINT%20VENTURES%20AND%20CONTINGENT%20LIABILITY) - The Company consolidates two joint ventures (**90%** and **95%** interest) as VIEs because it is the **primary beneficiary**, directing activities and absorbing losses/receiving benefits[48](index=48&type=chunk) - The Company has a variable interest in a ground lease at its Beachwood, Ohio property (The Vue Apartments), but is not the **primary beneficiary** and thus does not consolidate it[50](index=50&type=chunk) - The maximum exposure to loss for the Beachwood VIE was **$17,386,000** (carrying amount of land) as of **March 31, 2025**, with the Company providing land as collateral for a **$61,935,000** mortgage[50](index=50&type=chunk) [NOTE 8 – DEBT OBLIGATIONS](index=18&type=section&id=NOTE%208%20%E2%80%93%20DEBT%20OBLIGATIONS) Mortgages Payable, Net (Amounts in Thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :---------------- | | Mortgages payable, gross | $470,763 | $424,978 | | Unamortized deferred financing costs | $(4,159) | $(3,756) | | Unamortized mortgage intangible assets | $(633) | $(667) | | Mortgages payable, net | $465,971 | $420,555 | Scheduled Principal Repayments of Mortgage Debt (Amounts in Thousands) | Year | Amortization Payments | Principal Due at Maturity | Total | | :------------------- | :-------------------- | :------------------------ | :-------- | | 2025 (remaining 9 months) | $8,291 | $13,129 | $21,420 | | 2026 | $11,038 | $18,461 | $29,499 | | 2027 | $9,999 | $44,332 | $54,331 | | 2028 | $9,356 | $30,155 | $39,511 | | 2029 | $7,284 | $79,386 | $86,670 | | Thereafter | $30,987 | $208,345 | $239,332 | | **Total** | **$76,955** | **$393,808** | **$470,763** | - The Company has a **$100 million credit facility** maturing **December 31, 2026**, with **$5,000,000** outstanding at **March 31, 2025**, and **$95,000,000** available[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [NOTE 9 – RELATED PARTY TRANSACTIONS](index=19&type=section&id=NOTE%209%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) - The Company paid Majestic Property Management Corp. (wholly-owned by OLP's vice-chairman) **$888,000** for services in **Q1 2025**, including **$390,000** for property management[56](index=56&type=chunk)[57](index=57&type=chunk) - Compensation expense for restricted stock and RSUs for executive officers and others was **$648,000** in **Q1 2025**[58](index=58&type=chunk) - Quarterly fees of **$84,633** to the chairman and **$33,853** to the vice-chairman were paid in **Q1 2025**[61](index=61&type=chunk) [NOTE 10 – STOCKHOLDERS' EQUITY](index=20&type=section&id=NOTE%2010%20%E2%80%93%20STOCKHOLDERS%27%20EQUITY) - A quarterly cash dividend of **$0.45** per share (**$9,714,000** total) was declared on **March 5, 2025**, paid **April 4, 2025**[63](index=63&type=chunk) - The Dividend Reinvestment Plan (DRP) allows reinvestment at a **3%** discount; **7,000** shares were issued in **Q1 2025** (compared to **66,000** in **Q1 2024**)[64](index=64&type=chunk) - No shares were repurchased under the stock repurchase program in **Q1 2025** or **Q1 2024**; **$8,082,000** remains authorized for repurchase[65](index=65&type=chunk) Stock-Based Compensation Activity (Three Months Ended March 31) (Amounts in Thousands) | Metric | 2025 | 2024 | | :--------------------------------- | :----- | :----- | | Restricted stock grants (shares) | 154,390 | 151,180 | | Deferred compensation (restricted stock) | $3,940 | $3,265 | | Non-vested restricted shares (end of period) | 742,170 | 727,140 | | Non-vested RSUs (end of period) | 256,740 | 248,112 | | Total charge to operations | $1,346 | $1,272 | [NOTE 11 – EARNINGS PER COMMON SHARE](index=23&type=section&id=NOTE%2011%20%E2%80%93%20EARNINGS%20PER%20COMMON%20SHARE) Earnings Per Share Reconciliation (Amounts in Thousands, Except Per Share) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | | :--------------------------------- | :---------------------------- | :---------------------------- | | Net income available for common stockholders: basic and diluted | $3,821 | $4,828 | | Weighted average number of common shares outstanding (basic) | 20,820 | 20,509 | | Weighted average number of shares (diluted) | 20,951 | 20,579 | | Basic EPS | $0.18 | $0.24 | | Diluted EPS | $0.18 | $0.23 | - Basic EPS calculation excludes shares underlying RSUs until they vest, as they are not participating securities[76](index=76&type=chunk) [NOTE 12 – FAIR VALUE MEASUREMENTS](index=25&type=section&id=NOTE%2012%20%E2%80%93%20FAIR%20VALUE%20MEASUREMENTS) Fair Value and Carrying Amounts of Mortgages Payable (Amounts in Thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------- | :------------- | :---------------- | | Fair value of mortgages payable | $456,783 | $398,934 | | Carrying value of mortgages payable, gross | $470,763 | $424,978 | | Fair value less than carrying value | $(13,980) | $(26,044) | | Blended market interest rate | 5.77% | 6.28% | | Weighted average interest rate | 4.78% | 4.56% | | Weighted average remaining term to maturity (years) | 6.3 | 6.1 | - The Company uses eight interest rate swaps (notional amount **$13,767,000**) to convert SOFR-based variable rate mortgages to fixed rates, designated as **cash flow hedges**[86](index=86&type=chunk) - The fair value of derivatives is classified as Level **2** in the fair value hierarchy, with credit valuation adjustments using Level **3** inputs deemed **not significant**[87](index=87&type=chunk) [NOTE 13 – SEGMENT REPORTING](index=27&type=section&id=NOTE%2013%20%E2%80%93%20SEGMENT%20REPORTING) - The Company operates in one reportable segment, aggregating real estate assets, as substantially all assets are leased to tenants on a long-term basis[92](index=92&type=chunk) - Chief Operating Decision Makers (CEO and COO) assess performance and allocate resources based on consolidated financial reports[93](index=93&type=chunk) [NOTE 14 – NEW ACCOUNTING PRONOUNCEMENT](index=27&type=section&id=NOTE%2014%20%E2%80%93%20NEW%20ACCOUNTING%20PRONOUNCEMENT) - FASB issued ASU No. **2024–03**, requiring disaggregated disclosure of income statement expenses in footnotes, applicable for fiscal years beginning after **December 15, 2026**[94](index=94&type=chunk) - The Company is evaluating the impact of ASU No. **2024–03** on its consolidated financial statements[94](index=94&type=chunk) [NOTE 15 – SUBSEQUENT EVENTS](index=27&type=section&id=NOTE%2015%20%E2%80%93%20SUBSEQUENT%20EVENTS) - No other subsequent events requiring additional disclosure were identified beyond those already disclosed in the financial statements[95](index=95&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operations, property transactions, liquidity, and non-GAAP measures like FFO and AFFO - The company is a self-administered and self-managed REIT, owning **105 properties** (industrial and retail) across **32 states** with an occupancy rate of approximately **98.5%** as of **March 31, 2025**[102](index=102&type=chunk)[103](index=103&type=chunk) - The company faces challenges from a volatile economic environment and issues with its Beachwood, Ohio property (The Vue), which could impact cash flow and profitability[101](index=101&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=28&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) - The report contains forward-looking statements covered by the Private Securities Litigation Reform Act of **1995**, identifiable by words like 'may,' 'will,' 'expect,' etc[96](index=96&type=chunk) - Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could materially affect actual results, performance, or achievements[96](index=96&type=chunk)[97](index=97&type=chunk) - Key risks include tenant financial failure, adverse changes in tenant sectors, interest rate volatility, and general economic conditions[97](index=97&type=chunk) [Challenges and Uncertainties Facing Certain Tenants and Properties](index=30&type=section&id=Challenges%20and%20Uncertainties%20Facing%20Certain%20Tenants%20and%20Properties) - The Company faces challenges from the volatile economic environment, including tariffs and trade wars, particularly impacting seaport-based industrial/warehouse properties[101](index=101&type=chunk) - The Vue, the Beachwood, Ohio property, presents specific challenges, and unresolved issues could adversely impact cash flow and profitability[101](index=101&type=chunk) [Overview](index=30&type=section&id=Overview) - The Company is a self-administered and self-managed REIT, committed to maintaining **REIT status** by distributing at least **90%** of ordinary taxable income to stockholders[102](index=102&type=chunk) - As of **March 31, 2025**, the Company owns **105 properties** (primarily industrial, some retail) across **32 states**, with an occupancy rate of approximately **98.5%**[103](index=103&type=chunk) - The Company manages risk by diversifying among locations, tenants, lease expirations, mortgage maturities, and lenders, and by minimizing interest rate fluctuation exposure through fixed-rate debt or interest rate swaps[105](index=105&type=chunk) Scheduled Lease Expirations and 2025 Base Rent Contribution | Year of Lease Expiration | Number of Expiring Leases | Square Footage Subject to Expiring Leases | 2025 Base Rent Under Expiring Leases | Percentage of 2025 Base Rent | | :----------------------- | :------------------------ | :---------------------------------------- | :----------------------------------- | :--------------------------- | | 2025 | 7 | 318,319 | $1,797,000 | 2.3% | | 2026 | 14 | 902,154 | $5,164,000 | 6.7% | | 2027 | 33 | 2,127,122 | $14,253,000 | 18.4% | | 2028 | 24 | 1,817,934 | $12,435,000 | 16.1% | | 2029 | 19 | 1,703,799 | $9,864,000 | 12.7% | | 2030 | 19 | 900,904 | $8,844,000 | 11.4% | | 2031 | 13 | 1,276,232 | $7,260,000 | 9.4% | | 2032 | 11 | 677,222 | $5,587,000 | 7.2% | | 2033 | 9 | 853,179 | $7,644,000 | 9.9% | | 2034 | 9 | 225,884 | $2,395,000 | 3.1% | | 2035 and thereafter | 4 | 629,880 | $2,155,000 | 2.8% | | **Total** | **162** | **11,432,629** | **$77,398,000** | **100.0%** | [Property Transactions](index=33&type=section&id=Property%20Transactions) This section details the Company's real estate acquisition and disposition activities for the three months ended March 31, 2025 - The Company focuses on acquiring industrial properties and evaluates transactions based on lease terms, tenant credit, financing, and fundamental real estate analysis[108](index=108&type=chunk) [Acquisitions during the three months ended March 31, 2025](index=33&type=section&id=Acquisitions%20during%20the%20three%20months%20ended%20March%2031%2C%202025) Property Acquisitions (Three Months Ended March 31, 2025) (Amounts in Thousands) | Property Description | Date Acquired | Contract Purchase Price | Capitalized Transaction Costs | Mortgage Amount | Interest Rate | Maturity | | :--------------------------------- | :------------ | :---------------------- | :---------------------------- | :-------------- | :------------ | :------- | | Multi-tenant (2 Properties), Theodore, Alabama | Jan 16, 2025 | $49,000 | $197 | $29,000 | 6.12% | 2035 | | Amazon.com Services, LLC, Wichita, Kansas | Feb 6, 2025 | $13,300 | $230 | $7,500 | 6.09% | 2030 | | Multi-tenant, Council Bluffs, Iowa | Mar 14, 2025 | $26,000 | $111 | $15,600 | 6.42% | 2035 | | **Totals** | | **$88,300** | **$538** | **$52,100** | | | - These acquired properties contributed **$1.1 million** in rental income, **$670,000** in operating expenses, and **$492,000** in mortgage interest expense for the period ended **March 31, 2025**[114](index=114&type=chunk) [Sales during the three months ended March 31, 2025](index=33&type=section&id=Sales%20during%20the%20three%20months%20ended%20March%2031%2C%202025) Property Sales (Three Months Ended March 31, 2025) (Amounts in Thousands) | Property Description | City, State | Date Sold | Gross Sales Price | (Loss)/Gain on Sale of Real Estate, net | | :--------------------------------- | :-------------------- | :---------- | :---------------- | :-------------------------------------- | | Land and improvements | Lakewood, Colorado | Jan 16, 2025 | $400 | $(44) | | Hooters restaurant property | Concord, North Carolina | Jan 21, 2025 | $3,253 | $1,154 | | **Total** | | | **$3,653** | **$1,110** | - The Hooters restaurant property sale contributed **$1,154,000** in gain on sale of real estate, net[115](index=115&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) This section analyzes the Company's financial performance for Q1 **2025**, detailing changes in revenues, expenses, and gains - Total revenues increased by **$1.474 million** (**6.5%**) to **$24.170 million**, primarily driven by higher rental income[116](index=116&type=chunk) - Net income attributable to One Liberty Properties, Inc. decreased by **$1.000 million** (**19.4%**) to **$4.155 million**[11](index=11&type=chunk) [Total revenues](index=34&type=section&id=Total%20revenues) Total Revenues (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Rental income, net | $24,170 | $22,446 | $1,724 | 7.7% | | Lease termination fee | $0 | $250 | $(250) | -100.0% | | **Total revenues** | **$24,170** | **$22,696** | **$1,474** | **6.5%** | [Rental income, net](index=34&type=section&id=Rental%20income%2C%20net) Components of Rental Income, Net (Amounts in Thousands) | Component | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Acquisitions | $2,227 | $0 | $2,227 | n/a | | Dispositions | $11 | $1,069 | $(1,058) | -99.0% | | Same store | $21,932 | $21,377 | $555 | 2.6% | | **Rental income, net** | **$24,170** | **$22,446** | **$1,724** | **7.7%** | - Same store rental income increased by **$555,000** (**2.6%**), primarily due to lease amendments/extensions (**$362,000**), tenant reimbursements (**$316,000**), and new tenants (**$265,000**)[119](index=119&type=chunk)[120](index=120&type=chunk) [Lease Termination Fee](index=34&type=section&id=Lease%20Termination%20Fee) - No lease termination fee was recognized in **Q1 2025**, compared to **$250,000** received in **Q1 2024** from a consolidated joint venture due to early lease termination[116](index=116&type=chunk)[119](index=119&type=chunk) [Operating Expenses](index=35&type=section&id=Operating%20Expenses) Operating Expenses (Amounts in Thousands) | Expense Category | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Depreciation and amortization | $6,545 | $6,021 | $524 | 8.7% | | Real estate expenses | $5,038 | $4,470 | $568 | 12.7% | | General and administrative | $4,170 | $3,923 | $247 | 6.3% | | State tax (benefit) expense | $(94) | $63 | $(157) | -249.2% | | **Total operating expenses** | **$15,659** | **$14,477** | **$1,182** | **8.2%** | - Depreciation and amortization increased by **$524,000** (**8.7%**), mainly due to new acquisitions (**$947,000**) and property improvements (**$150,000**)[121](index=121&type=chunk) - Real estate expenses rose by **$568,000** (**12.7%**), primarily from common area maintenance and utilities (**$394,000**) and acquired properties (**$357,000**)[123](index=123&type=chunk) - State tax expense became a benefit of **$(94,000)** in **Q1 2025**, due to a **$135,000** refund from Tennessee related to **2023** franchise taxes[125](index=125&type=chunk) [Gain on sale of real estate, net](index=35&type=section&id=Gain%20on%20sale%20of%20real%20estate%2C%20net) Gain on Sale of Real Estate, Net (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Gain on sale of real estate, net | $1,110 | $1,784 | $(674) | -37.8% | - The gain on sale decreased by **$674,000** (**37.8%**) in **Q1 2025**, with the current period's gain primarily from the sale of a restaurant property in Concord, NC[126](index=126&type=chunk) [Other Income and Expenses](index=36&type=section&id=Other%20Income%20and%20Expenses) Other Income and Expenses (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Equity in earnings of unconsolidated joint ventures | $25 | $53 | $(28) | -52.8% | | Other income | $188 | $267 | $(79) | -29.6% | | Interest expense | $(5,432) | $(4,717) | $715 | 15.2% | | Amortization and write-off of deferred financing costs | $(233) | $(226) | $7 | 3.1% | [Interest expense](index=36&type=section&id=Interest%20expense) Interest Expense (Amounts in Thousands) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Increase (Decrease) | % Change | | :------------------- | :---------------------------- | :---------------------------- | :------------------ | :------- | | Mortgage interest | $5,355 | $4,654 | $701 | 15.1% | | Credit line interest | $77 | $63 | $14 | 22.2% | | **Total** | **$5,432** | **$4,717** | **$715** | **15.2%** | - The increase in mortgage interest is due to an **8.2%** increase in the weighted average principal amount of mortgage debt outstanding (**$458.1 million** vs. **$423.4 million**) and a **6.5%** increase in the weighted average interest rate (**4.65%** vs. **4.36%**)[128](index=128&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section outlines the Company's liquidity sources, capital strategy, debt obligations, and off-balance sheet arrangements - Available liquidity at **May 1, 2025**, was **$96.4 million**, comprising **$8.9 million** in cash and cash equivalents and **$87.5 million** available under the credit facility[130](index=130&type=chunk) - The Company expects to meet operating, investing, and financing cash requirements primarily from cash flow from operations, available cash, and the credit facility, supplemented by property financings, sales, and common stock sales[131](index=131&type=chunk) [Liquidity and Financing](index=37&type=section&id=Liquidity%20and%20Financing) - As of **March 31, 2025**, the Company had **64 outstanding mortgages** payable totaling **$470.8 million**, secured by **66 properties** with an aggregate carrying value of **$741.4 million**[132](index=132&type=chunk) - Mortgage payments bear fixed interest rates ranging from **3.05%** to **6.78%** (**4.78%** weighted average) and mature between **2025** and **2047** (**6.3-year** weighted average remaining term)[132](index=132&type=chunk) - The Company intends to refinance, extend, or pay off maturing mortgage loans from **2025** through **2028**, using existing funds, common stock sales, and the credit facility[134](index=134&type=chunk) Mortgage Debt Payable (Amounts in Thousands) | Period | Amortization payments | Principal due at maturity | Total | Weighted average interest rate on principal due at maturity | | :------------------- | :-------------------- | :------------------------ | :-------- | :-------------------------------------------------------- | | 2025 (remaining 9 months) | $8,291 | $13,129 | $21,420 | 4.18% | | 2026 | $11,038 | $18,461 | $29,499 | 3.91% | | 2027 | $9,999 | $44,332 | $54,331 | 4.05% | | 2028 | $9,356 | $30,155 | $39,511 | 4.64% | | **Total** | **$38,684** | **$106,077** | **$144,761** | **4.21%** | [Credit Facility](index=39&type=section&id=Credit%20Facility) - The **$100 million credit facility** matures **December 31, 2026**, and is available for real estate acquisitions, mortgage debt repayment, and up to **$40 million** for renovation and operating expenses[138](index=138&type=chunk) - The interest rate is **30-day SOFR** plus an applicable margin (**175 basis points** at **March 31, 2025**), with an unused facility fee of **0.25%** per annum[138](index=138&type=chunk) - The Company was in compliance with all credit facility covenants at **March 31, 2025**, which include restrictions on liens and requirements for financial ratios[139](index=139&type=chunk) [Off-Balance Sheet Financing Arrangement](index=39&type=section&id=Off-Balance%20Sheet%20Financing%20Arrangement) - The Company has an off-balance sheet arrangement related to a ground lease at its Beachwood, Ohio property (The Vue Apartments), where its land position (**$17.4 million** carrying value) is subordinate to **$61.9 million** of tenant mortgage debt[140](index=140&type=chunk) - The Company may, at its discretion, fund **78%** of operating expense shortfalls and capital expenditures at this property, but does not believe this arrangement is **not material** to its liquidity or capital resources[140](index=140&type=chunk) [Application of Critical Accounting Estimates](index=39&type=section&id=Application%20of%20Critical%20Accounting%20Estimates) - A complete discussion of critical accounting estimates is available in the Company's Annual Report, and there have been **no changes** to these estimates[141](index=141&type=chunk) [Funds from Operations and Adjusted Funds from Operations](index=40&type=section&id=Funds%20from%20Operations%20and%20Adjusted%20Funds%20from%20Operations) This section defines and reconciles FFO and AFFO to GAAP net income, explaining their utility for REIT performance evaluation - FFO is computed according to NAREIT guidance, excluding real estate depreciation/amortization and gains/losses from property sales[143](index=143&type=chunk) - AFFO adjusts FFO for items like straight-line rent accruals, amortization of lease intangibles, and stock compensation expense, providing a more refined view of operating performance[144](index=144&type=chunk) - FFO and AFFO are useful supplemental measures for evaluating equity REITs, reflecting operational trends without GAAP depreciation, but are not substitutes for GAAP net income or cash flows[145](index=145&type=chunk)[146](index=146&type=chunk) Reconciliation of Net Income to FFO and AFFO (Amounts in Thousands, Except Per Share) | Metric | 3 Months Ended March 31, 2025 | 3 Months Ended March 31, 2024 | Change | % Change | | :--------------------------------- | :---------------------------- | :---------------------------- | :----- | :------- | | GAAP net income attributable to OLP | $4,155 | $5,155 | $(1,000) | -19.40% | | NAREIT funds from operations applicable to common stock | $9,573 | $9,559 | $14 | 0.15% | | Adjusted funds from operations applicable to common stock | $10,510 | $10,210 | $300 | 2.94% | | NAREIT funds from operations per share of common stock | $0.44 | $0.45 | $(0.01) | -2.22% | | Adjusted funds from operations per share of common stock | $0.48 | $0.48 | $0.00 | 0.00% | - AFFO increased by **$300,000** (**2.9%**) in **Q1 2025**, primarily due to a **$1.7 million** increase in rental income and a **$157,000** decrease in state tax expense, partially offset by increased interest and operating expenses[150](index=150&type=chunk)[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the Company's market risk exposure, focusing on interest rate fluctuations and their impact on debt - The primary market risk exposure is the effect of changes in interest rates on the variable rate credit facility and the fair value of interest rate swap agreements[153](index=153&type=chunk) - The Company uses interest rate swaps to hedge substantially all variable rate mortgages, converting them to fixed rates, and does not use derivatives for trading or speculation[154](index=154&type=chunk)[156](index=156&type=chunk) - A **100 basis point** increase in forward interest rates would increase the fair market value of interest rate swaps and net unrealized gain by **$53,000**, while a decrease would reduce them by **$54,000**, with no impact on net income or cash[155](index=155&type=chunk) - A **100 basis point** change in the interest rate on the **$5.0 million** outstanding credit facility balance would impact related interest costs by approximately **$50,000** over the next twelve months[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms effective disclosure controls and no material changes in internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were **effective** as of **March 31, 2025**[160](index=160&type=chunk) - **No material changes** in internal control over financial reporting occurred during the three months ended **March 31, 2025**[161](index=161&type=chunk) Part II — Other Information [Item 5. Other Information](index=44&type=section&id=Item%205.%20Other%20Information) No officers or directors had Rule **10b5-1** trading arrangements in effect during Q1 **2025** - No officers or directors had Rule **10b5-1** trading arrangements for the purchase or sale of securities in effect during **Q1 2025**[162](index=162&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form **10-Q**, including CEO/CFO certifications and Inline XBRL financial statements - Exhibits include certifications from the CEO and CFO under Sections **302** and **906** of the Sarbanes-Oxley Act of **2002**[163](index=163&type=chunk) - The financial statements and notes are filed in Inline XBRL format as Exhibit **101**[163](index=163&type=chunk)

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].

Revenue Performance - Revenues for Q4 2024 were $23.9 million, an increase of 5.3% from $22.7 million in Q4 2023, driven by $1.2 million from properties acquired in 2024 and $1.1 million from same-store properties[3]. - Total revenues for the full year 2024 were $90.6 million, unchanged from 2023, including $250,000 of lease termination fee income[10]. - Total revenues for Q4 2024 were $23,856,000, an increase of 4.9% compared to $22,741,000 in Q4 2023[39]. - Rental income for the year ended December 31, 2024, was $90,313,000, slightly down from $90,646,000 in 2023[39]. Net Income and Earnings Per Share - Net income for Q4 2024 was $10.5 million, or $0.49 per diluted share, compared to $15.0 million, or $0.71 per diluted share in Q4 2023, primarily due to a decrease in gain-on-sale of real estate[7]. - Net income attributable to One Liberty Properties, Inc. for Q4 2024 was $10,532,000, a decrease of 29.5% from $14,962,000 in Q4 2023[39]. - Net income per share attributable to common stockholders - diluted for Q4 2024 was $0.49, down from $0.71 in Q4 2023[39]. Funds from Operations - Funds from Operations (FFO) for Q4 2024 was $10.0 million, or $0.46 per diluted share, up from $9.6 million, or $0.45 per diluted share in Q4 2023[8]. - Funds from operations (FFO) for Q4 2024 were $10,029,000, up 4.3% from $9,621,000 in Q4 2023[41]. - Adjusted Funds from Operations (AFFO) for Q4 2024 was $10.8 million, or $0.50 per diluted share, compared to $10.6 million, or $0.50 per diluted share in Q4 2023[9]. - Adjusted funds from operations (AFFO) for Q4 2024 were $10,819,000, an increase of 2.2% compared to $10,582,000 in Q4 2023[41]. Operating Expenses - Total operating expenses for 2024 were $58.7 million, an increase of 2.4% from $57.3 million in 2023, primarily due to a $1.5 million rise in real estate expenses[11]. Asset and Liability Overview - As of December 31, 2024, total assets were $767 million, total debt was $420.6 million, and total stockholders' equity was $307.4 million[17]. - Total assets increased to $766,954,000 in 2024 from $761,606,000 in 2023, reflecting a growth of 0.5%[37]. - Total liabilities rose to $458,379,000 in 2024, up from $453,861,000 in 2023, indicating a 1.1% increase[37]. - Cash and cash equivalents increased significantly to $42,315,000 in 2024 from $26,430,000 in 2023, representing a growth of 60%[37]. Dividends - The company declared its 129th consecutive quarterly dividend of $0.45 per share, payable on April 4, 2025[18]. Property Transactions - The company acquired three industrial properties for $44.7 million in 2024, expecting to recognize approximately $3.5 million of rental income in 2025[19]. - The company sold six retail properties and other assets for net proceeds of $38.2 million, resulting in a net gain of $18.0 million[20]. Shareholder Information - The weighted average number of diluted common shares outstanding increased to 20,796,000 in Q4 2024 from 20,383,000 in Q4 2023[41].

Core Viewpoint - One Liberty Properties, Inc. has declared a quarterly dividend of $0.45 per share, marking its 129th 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 properties in One Liberty's portfolio are subject to long-term net leases, where tenants are responsible for real estate taxes, insurance, and ordinary maintenance and repairs [2].