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 ☐ 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 13-3 ...

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 June 30, 2023 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. | | | Name of each exchange on | | --- | --- | --- | | Title of each class | Trading Symbol(s) | which registered | | Commo ...

Part I — Financial Information [Unaudited Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Consolidated%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2023 detail assets, income, and cash flows, reporting $771.1 million in assets and $5.4 million net income [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $771.1 million, liabilities to $456.4 million, and equity to $314.7 million as of March 31, 2023 | (In Thousands) | March 31, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$771,143** | **$783,255** | | Real estate investments, net | $697,451 | $706,453 | | Cash and cash equivalents | $7,016 | $6,718 | | **Total Liabilities** | **$456,442** | **$466,318** | | Mortgages payable, net | $406,946 | $405,162 | | Line of credit, net | $10,814 | $21,068 | | **Total Equity** | **$314,701** | **$316,937** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2023 significantly decreased to $5.4 million ($0.25/share) from $9.3 million ($0.44/share) in Q1 2022, due to lower property sale gains and higher expenses | (In Thousands, Except Per Share Data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total revenues** | **$22,952** | **$21,556** | | Rental income, net | $22,952 | $21,531 | | **Operating income** | **$10,110** | **$12,809** | | Gain on sale of real estate, net | $1,534 | $4,649 | | **Net income attributable to One Liberty Properties, Inc.** | **$5,386** | **$9,323** | | **Per common share (Basic and Diluted)** | **$0.25** | **$0.44** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to $14.7 million in Q1 2023, with investing activities providing $2.9 million and financing activities using $17.1 million | (In Thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$14,712** | **$8,831** | | **Net cash provided by investing activities** | **$2,904** | **$258** | | **Net cash used in financing activities** | **($17,114)** | **($13,936)** | | Net increase (decrease) in cash | $502 | ($4,847) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, lease agreements, property transactions, debt, and equity, including a $1.5 million Q1 2023 property sale gain and a $3.1 million Q2 2023 anticipated gain - As of March 31, 2023, the company owns a **geographically diversified portfolio** of **119 properties** located in **31 states**, consisting primarily of industrial and retail properties[22](index=22&type=chunk) - On February 28, 2023, the company sold a **restaurant property** in Hauppauge, New York for **$4.076 million**, recognizing a **gain** of **$1.534 million**[44](index=44&type=chunk) - The company has a contract to sell a **retail property** in Duluth, Georgia for **$6.0 million**, which is expected to close in Q2 2023 and result in a **gain** of approximately **$3.1 million**[46](index=46&type=chunk) - A quarterly **cash dividend** of **$0.45 per share** was declared on March 13, 2023[74](index=74&type=chunk) [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 Q1 2023 financial performance, noting a 6.5% revenue increase, tenant challenges, and liquidity, with FFO at $0.47/share and AFFO at $0.50/share | Metric | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $23.0M | $21.6M | +6.5% | | FFO per share | $0.47 | $0.50 | -6.0% | | AFFO per share | $0.50 | $0.50 | 0.0% | - The company faces **significant challenges** from **tenant bankruptcies**, including **Regal Cinemas** and **Bed Bath & Beyond**, which are expected to **adversely impact cash flow** and **profitability**[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [Challenges and Uncertainties](index=30&type=section&id=Challenges%20and%20Uncertainties%20Facing%20Certain%20Tenants%20and%20Properties) Significant tenant distress from Regal Cinemas and Bed Bath & Beyond bankruptcies is expected to adversely impact future rent collections and cash flow - **Regal Cinemas**: The company is in discussions for **significant lease modifications**, including rent reductions and shortened terms, following the parent company's Chapter 11 filing. It is anticipated that collected amounts will be **significantly less** than the obligated amounts[106](index=106&type=chunk) - **Bed Bath & Beyond** (BBBY): BBBY filed for Chapter 11 bankruptcy on April 23, 2023, and is closing its retail locations. This affects a **32,138 sq. ft.** property in Kennesaw, Georgia, which has an aggregate of **$2.3 million** in **base rent obligations** through January 2027[107](index=107&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q1 2023 total revenues increased 6.5% to $23.0 million, while operating expenses rose 7.3% to $14.4 million, and property sale gains significantly decreased | (In thousands) | Q1 2023 | Q1 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$22,952** | **$21,556** | **$1,396** | **6.5%** | | Rental income, net | $22,952 | $21,531 | $1,421 | 6.6% | | **Total Operating Expenses** | **$14,376** | **$13,396** | **$980** | **7.3%** | | Depreciation & Amortization | $6,145 | $5,843 | $302 | 5.2% | | General & Administrative | $4,039 | $3,792 | $247 | 6.5% | | Real estate expenses | $4,124 | $3,687 | $437 | 11.9% | - The **increase** in **rental income** was driven by **$1.1 million** from six properties acquired in 2022 and a **$832,000 increase** from same-store properties, partially offset by a **$481,000 decrease** from properties sold[123](index=123&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - **Interest expense** increased by **6.8%** to **$4.6 million**, driven by a **195.1%** rise in **credit line interest** due to higher interest rates (**6.23%** vs **1.89%**) and a larger average **outstanding balance**[135](index=135&type=chunk)[137](index=137&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Available liquidity was $87.9 million as of May 1, 2023, with total mortgage debt at $410.9 million and a weighted average maturity of 6.2 years - **Available liquidity** as of May 1, 2023 was **$87.9 million**, including **$7.9 million** of cash and cash equivalents and **$80.0 million** available under the **credit facility**[138](index=138&type=chunk) - The company has **$155.6 million** in **total mortgage payments** (amortization and principal) due between April 1, 2023, and December 31, 2026[141](index=141&type=chunk) - The **$100 million credit facility** matures on December 31, 2026. The **interest rate** was **6.47%** at March 31, 2023, based on 30-day SOFR plus a margin of **175 basis points**[145](index=145&type=chunk) [Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)](index=42&type=section&id=Funds%20from%20Operations%20and%20Adjusted%20Funds%20from%20Operations) Q1 2023 FFO decreased 4.9% to $10.1 million ($0.47/share), while AFFO increased 1.4% to $10.8 million ($0.50/share) | (In thousands, except per share) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **NAREIT FFO** | **$10,113** | **$10,635** | | FFO per share | $0.47 | $0.50 | | **AFFO** | **$10,803** | **$10,654** | | AFFO per share | $0.50 | $0.50 | - The **decrease** in **FFO** was primarily driven by a **$918,000 decrease** in other income from an **insurance recovery**, a **$437,000 increase** in **real estate operating expenses**, and a **$294,000 increase** in **interest expense**[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk stems from interest rate changes affecting the variable-rate credit facility and interest rate swaps, with a 100 basis point rate change impacting annual interest costs by $115,000 - The company uses **interest rate swaps** for **hedging purposes** to limit **interest rate risk** on **variable rate mortgages**. At March 31, 2023, **17 swap agreements** were outstanding[160](index=160&type=chunk)[161](index=161&type=chunk) - Based on the **$11.5 million** **outstanding balance** on the **variable rate credit facility** at March 31, 2023, a **100 basis point** (**1%**) change in the **interest rate** would change **annual interest costs** by approximately **$115,000**[163](index=163&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO concluded disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - The chief executive officer and chief financial officer concluded that the company's **disclosure controls and procedures** are **effective** as of March 31, 2023[165](index=165&type=chunk) - There were no **changes** in **internal control over financial reporting** during Q1 2023 that materially affected, or are reasonably likely to materially affect, these controls[166](index=166&type=chunk) Part II — Other Information [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) Exhibits include CEO and CFO certifications under Sarbanes-Oxley Act and financial statements in Inline XBRL format - The exhibits filed with this report include **Sarbanes-Oxley Act certifications** from the CEO and CFO, and financial data in **Inline XBRL format**[167](index=167&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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) MARYLAND (State or other jurisdiction of Incorporation or Organization ...

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 September 30, 2022 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) MARYLAND 13-3147497 (State or other jurisdiction of (I.R.S. emp ...

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 June 30, 2022 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) MARYLAND 13-3147497 (State or other jurisdiction of (I.R.S. employer ...

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, 2022 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 ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Commission File Number 001-09279 ONE LIBERTY PROPERTIES, INC. (Exact name of registrant as specified in its charter) MARYLAND (State or other jurisdiction of Incorporation or Organization) 60 Cutter Mill Road, Great Neck, New York (Address of principal executive offices) Registrant's telephone number, including area code: (516) 466-3100 Securities registered pursuant to Section ...

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 September 30, 2021 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 ...

Table of Contents (Exact name of registrant as specified in its charter) MARYLAND 13-3147497 (State or other jurisdiction of (I.R.S. employer 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 June 30, 2021 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. ...