Core Viewpoint - One Liberty Properties, Inc. has declared a quarterly dividend of $0.45 per share, marking its 128th consecutive quarterly dividend and demonstrating a commitment to maintaining or increasing dividends for over 30 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].

Property Portfolio and Occupancy - As of September 30, 2024, the company owns 104 properties with an occupancy rate of approximately 99.1%[98]. - The company has a diversified portfolio primarily consisting of industrial properties, with a focus on long-term net leases[98]. Rental Income and Revenue - The 2024 contractual base rent is approximately $73.1 million, representing the base rent payable during the twelve months ending September 30, 2025[104]. - Rental income for the three months ended September 30, 2024, was $22,211, a decrease of $335 (1.5%) compared to $22,546 in the same period of 2023[112]. - Total revenues for the nine months ended September 30, 2024, were $66,707, down by $1,198 (1.8%) from $67,905 in the same period of 2023[112]. - Rental income from acquisitions for the three months ended September 30, 2024, was $955, a significant increase of $687 (256.3%) compared to $268 in the same period of 2023[113]. - Same store rental income increased by $428, or 2.1%, for the three months ended September 30, 2024, compared to the same period in 2023[114]. - Approximately $1.4 million in rental income is excluded from contractual rental income due to uncertainty regarding tenant payments[105]. Property Sales and Gains - The company sold properties for a total gross sales price of $13.525 million during the three months ended September 30, 2024, resulting in a net gain of $2.115 million[108]. - The company recorded a net gain on the sale of real estate of $2,115 for the three months ended September 30, 2024, compared to $332 in the same period of 2023, representing an increase of $1,783 (537.0%) [123]. - The nine months ended September 30, 2024, saw a net gain on the sale of real estate of $11,347, an increase of $6,301 (124.9%) from $5,046 in the same period of 2023[123]. Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled $14,324, a slight increase of $13 (0.1%) from $14,311 in the same period of 2023[117]. - Total operating expenses for the nine months ended September 30, 2024, were $43,651, an increase of $643 (1.5%) compared to $43,008 in the same period of 2023[117]. - The company recorded a $1.1 million impairment loss during the nine months ended September 30, 2024, related to a former property in Hamilton, Ohio[122]. Financial Performance Metrics - FFO for the three months ended September 30, 2024 decreased by $498,000, or 5.1%, compared to the same period in 2023, primarily due to a $335,000 decrease in rental income, net[155]. - AFFO for the three months ended September 30, 2024 decreased by $561,000, or 5.4%, attributed to a $217,000 decrease in rental income, net, and other factors impacting FFO[156]. - For the nine months ended September 30, 2024, FFO decreased by $1.4 million, or 4.7%, mainly due to a $1.4 million decrease in rental income, net, and a $421,000 increase in interest expense[156]. - AFFO for the nine months ended September 30, 2024 decreased by $1.7 million, or 5.2%, influenced by a $416,000 decrease in general and administrative expenses and other factors impacting FFO[157]. - The company reported GAAP net income attributable to One Liberty Properties, Inc. of $5,177,000 for the three months ended September 30, 2024, compared to $2,747,000 for the same period in 2023[150]. - Adjusted funds from operations applicable to common stock for the three months ended September 30, 2024 was $9,899,000, compared to $10,460,000 for the same period in 2023[150]. Debt and Liquidity - The company anticipates paying off mortgages totaling $7.5 million in connection with upcoming property sales[110]. - As of November 1, 2024, available liquidity was $129.8 million, including $29.8 million in cash and cash equivalents and up to $100.0 million available under the credit facility[133]. - The company had 64 outstanding mortgages payable secured by 65 properties, totaling $430.5 million in principal amount, with a weighted average interest rate of 4.53%[135]. - Total amortization payments due in the three months ending December 31, 2024, are $8,103,000, with principal due at maturity totaling $92,010,000 over the next four years[136]. - The credit facility allows borrowing up to $100.0 million for various purposes, with an interest rate of 6.59% as of September 30, 2024[140]. - The company intends to refinance a substantial portion of the remaining debt maturing in 2024 and 2025, although there is no assurance of favorable terms due to rising interest rates[136]. Interest Rate Risk Management - The company utilizes interest rate swaps to hedge against interest rate risk on variable rate mortgages, with no liability for early termination as of September 30, 2024[160]. - The company's variable mortgage debt primarily bears interest at fixed rates due to the interest rate swap agreements[162]. - The primary market risk exposure for the company is the effect of changes in interest rates on the interest cost of draws on its revolving variable rate credit facility[159]. - Interest rates are sensitive to various factors, including governmental policies and economic conditions[159]. - Changes in the fair market value of interest rate swaps do not impact the company's net income or cash[161]. Other Income and Fees - The company received a lease termination fee of $250,000 in March 2024 due to the early termination of a lease in Lakewood, Colorado[116]. - Other income increased by $325,000 (305.7%) for the three months ended September 30, 2024, and by $722,000 (584.0%) for the nine months ended September 30, 2024, primarily due to increased interest income from short-term U.S. treasury bills[126]. - The company reported a $765,000 increase in other income for the nine months ended September 30, 2024, which partially offset the decrease in FFO[156].

Group 1 - One Liberty Properties reported quarterly funds from operations (FFO) of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share, and down from $0.49 per share a year ago, representing an FFO surprise of -4.17% [1] - The company posted revenues of $22.21 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.47%, but down from year-ago revenues of $22.55 million [2] - Over the last four quarters, One Liberty Properties has surpassed consensus revenue estimates three times [2] Group 2 - The stock has gained approximately 22.4% since the beginning of the year, outperforming the S&P 500's gain of 19.8% [3] - The future performance of One Liberty Properties' stock will depend on management's commentary on the earnings call and the company's FFO outlook [4][6] - The current consensus FFO estimate for the coming quarter is $0.50 on revenues of $22.97 million, and for the current fiscal year, it is $1.94 on revenues of $89.36 million [7] Group 3 - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can impact One Liberty Properties' stock performance [5]

Portfolio Overview - Total square footage of the portfolio is 10.8 million square feet with an occupancy rate of 98.2%[7][11] - The company owns 106 properties across 31 states, with industrial properties making up 56 of these, contributing $48,096,061 or 67.7% to the 2024 contractual rental income[15][19] - The average lease term remaining across the portfolio is 5.5 years, providing stability in rental income[12] Financial Performance - The 2024 contractual rental income totals $71,079,476, with the top five tenants contributing 21.4% of this income[16][20] - The company's gross assets amount to $944.5 million, with total debt representing 44.4% of gross assets[24][25] - The company reported a stable occupancy rate of 99.1% as of September 30, 2024, maintaining high occupancy levels over the years[34] - The current annualized dividend is $1.80, resulting in a dividend yield of 6.5%[22] - As of June 30, 2024, the adjusted funds from operations (AFFO) per share is $0.95, with an AFFO payout ratio of 95%[23] - The market capitalization is $588.8 million, with 21.4 million shares outstanding and an insider ownership of 25.5%[21][22] Debt and Liquidity - The company maintains a debt service coverage ratio of 2.3 to 1.0, indicating strong financial health[29][30] - The weighted average interest rate on fixed-rate debt is 4.41%, with approximately $11.3 million scheduled for mortgage amortization for the twelve months ending June 30, 2025[32] - As of September 30, 2024, the company has $100 million available on its Line of Credit and liquidity to acquire properties exceeding $250 million[32] Acquisitions and Dispositions - The company completed acquisitions totaling $79.5 million in 2023, with a notable acquisition of a multi-tenant property for $33 million in August 2024[34] - The company has maintained a consistent acquisition strategy, with a total of $120 million in acquisitions over the past few years[34] - The company has a history of opportunistic dispositions, with a net gain of $11.3 million from sales in 2024[35] - The company reported a net gain of $3.997 million from the sale of a retail property in December 2023, contributing to total net proceeds of $46.6 million for the year[36] Lease and Rental Income - For the twelve months ending June 30, 2025, expiring leases represent 4.6% of the 2024 contractual rental income, totaling $3,273,962[33] - The company has a total of 162 expiring leases by 2035, representing 100% of the contractual rental income of $71,079,476[33] - The company’s top tenant, FedEx, represents 5.3% of the 2024 contractual rental income, with properties located in multiple states[54] - The current base rent for the St. Louis property increased by 32% after a lease extension with CHEP USA, which accounts for 50% of the gross leasable area[40] Financial Metrics and Adjustments - NAREIT funds from operations (FFO) per share of common stock for the latest period is $1.90, compared to $1.82 in the previous period, reflecting a growth of 4.4%[125][188] - Adjusted funds from operations (AFFO) per share of common stock is reported at $1.95, showing a slight decrease from $1.98 in the prior period[185][188] - The company deducted $0.25 from income due to other income and income on settlement of litigation, which impacted the overall FFO calculation[144][188] - The total deductions for straight-line rent accruals and amortization of lease intangibles amounted to $0.16, affecting the FFO results[132][188] - The company emphasizes that FFO and AFFO are useful measures for evaluating operating performance, excluding GAAP historical cost depreciation and amortization[190] - Management believes that FFO and AFFO provide insights into trends in occupancy rates, rental rates, and operating costs, which may not be apparent from net income alone[190] - The company does not consider FFO and AFFO as alternatives to net income or cash flows from operations as defined by GAAP[191] - The FFO calculation excludes depreciation and amortization related to real estate, which is crucial for understanding the company's operational performance[189][190] - The company recognizes limitations in using FFO and AFFO and examines GAAP measures such as net income and cash flows for a comprehensive performance evaluation[191] - The adjusted FFO reflects various adjustments, including amortization of restricted stock and debt prepayment costs, which are critical for accurate financial assessment[188] Property Specifics - The company acquired the River Road Logistics Building I in Council Bluffs, IA for a purchase price of $33 million, with a mortgage amount of $18.425 million[39] - The building has a total area of 302,347 square feet and is net leased to three tenants, with a base rent of $7.12 per square foot, which is below market[38] - In 2024, the company refinanced a property in St. Louis, MO, resulting in $6.3 million in net proceeds based on appreciated asset value and increased rent[40] - The company reported a Year 1 net cash flow of $1.032 million from the River Road Logistics Building I, yielding a 5-year cash on cash return of 7.97%[40] - The market rent for the Bensalem, PA property has increased from $5.50 per square foot at acquisition to over $10.00 per square foot today[48] Company Strategy - The company has a disciplined track record through economic cycles, focusing on industrial properties[4][5] - The company has a disciplined track record focused on industrial properties, which are expected to perform well through economic cycles[50]

Core Viewpoint - One Liberty Properties, Inc. continues to focus on expanding its industrial property portfolio, which now accounts for approximately 70% of its base rent, aiming for greater cash flow stability in the long term [2]. Financial Performance - Rental income for Q3 2024 was $22.2 million, a slight decrease from $22.5 million in Q3 2023, primarily due to the net impact of acquisitions and dispositions [3]. - Total operating expenses remained flat year-over-year at $14.3 million [3]. - Net income attributable to One Liberty for Q3 2024 was $5.2 million, or $0.23 per diluted share, compared to $2.7 million, or $0.12 per diluted share, in the same quarter of 2023 [4]. - Funds from Operations (FFO) for Q3 2024 was $9.2 million, or $0.43 per diluted share, down from $9.7 million, or $0.45 per diluted share, in Q3 2023 [5]. - Adjusted Funds from Operations (AFFO) was $9.9 million, or $0.46 per diluted share, compared to $10.5 million, or $0.49 per diluted share, in 2023 [6]. Transactions and Acquisitions - The company completed the purchase of a 302,347 square foot industrial property in Council Bluffs, Iowa for $33.0 million [10]. - During the quarter, three properties were sold for net proceeds of $6.9 million, resulting in an aggregate gain of $2.1 million [11]. - Subsequent to Q3 2024, agreements were signed to sell additional properties, including an LA Fitness property for $21.4 million and a retail property in Hilliard, Ohio for $1.6 million, with projected gains of approximately $6.4 million and $300,000, respectively [12][13]. Balance Sheet and Liquidity - As of September 30, 2024, the company had $25.7 million in cash and cash equivalents, total assets of $768.8 million, total debt of $426.1 million, and total stockholders' equity of $304.2 million [9]. - Available liquidity as of November 1, 2024, was approximately $129.8 million, including $29.8 million in cash and $100 million under its credit facility [9]. Strategic Focus - The company aims to evolve its portfolio towards industrial assets, believing that this strategy will strengthen its financial position in the coming years despite current pressures on results compared to the prior year [2].

GREAT NECK, N.Y., Sept. 11, 2024 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE: OLP) today announced that its Board of Directors declared a quarterly dividend on the Company's common stock of $0.45 per share. The dividend is payable on October 2, 2024 to stockholders of record at the close of business on September 24, 2024, and represents One Liberty's 127th consecutive quarterly dividend. One Liberty has increased or maintained its dividend for over 30 consecutive years. About One Liberty Properti ...

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, 2024 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 (OLP) came out with quarterly funds from operations (FFO) of $0.48 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to FFO of $0.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 2.13%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.48 per share when it actually produced FFO of $0.48, delivering no surprise. Over the last four quar ...

Exhibit 99.1 ONE LIBERTY PROPERTIES REPORTS SECOND QUARTER 2024 RESULTS – Enters into Contracts to Acquire Two Industrial Properties for $61.6 million – – Closes on Purchase of Two Industrial Properties for Approximately $11.7 Million – – Completes Sales of Six Properties For $7.4 Million Gain – GREAT NECK, New York, August 6, 2024 — One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on net leased properties, today announced operating results for the quarter ended June 30, 2024 ...

– Enters into Contracts to Acquire Two Industrial Properties for $61.6 million – – Closes on Purchase of Two Industrial Properties for Approximately $11.7 Million – – Completes Sales of Six Properties For $7.4 Million Gain – GREAT NECK, N.Y., Aug. 06, 2024 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on net leased properties, today announced operating results for the quarter ended June 30, 2024. Patrick J. Callan, Jr., President and Chief Executive Off ...