Here are 1-3 brief analogies for One Liberty Properties (OLP):

• Like a more diversified version of Realty Income (O), including more industrial and restaurant properties.
• Prologis (PLD) but also owning retail and restaurant properties.
• Like a diversified McDonald's (MCD) that owns and leases out not just restaurant properties, but also retail stores and industrial warehouses.

• Industrial Property Leasing: Provides long-term leases for industrial properties such as warehouses, distribution centers, and manufacturing facilities.
• Retail Property Leasing: Offers leases for various retail properties, including shopping centers, big-box stores, and standalone retail buildings.
• Flex Property Leasing: Leases versatile commercial spaces that combine office, warehouse, and showroom functionalities.
• Restaurant Property Leasing: Provides leased buildings specifically designed for restaurant operations, often to national and regional chain tenants.

One Liberty Properties (OLP) is a Real Estate Investment Trust (REIT) that primarily owns and leases single-tenant retail, industrial, and flex properties. As such, the company sells primarily to other companies, which are its tenants.

Based on their most recent annual filings (10-K), OLP's major customers (tenants) that individually account for 10% or more of their annual rental revenue are:

• BJ's Wholesale Club, Inc.: This company accounted for approximately 14.6% of OLP's annual rental revenue. Its parent company is BJ's Wholesale Club Holdings, Inc. (symbol: BJ).
• The Stop & Shop Supermarket Company LLC: This company accounted for approximately 10.1% of OLP's annual rental revenue. Its parent company is Ahold Delhaize (listed on Euronext Amsterdam under symbol AD and traded OTC in the US under symbol AHODF).

List of major suppliers for One Liberty Properties (OLP):

• KPMG LLP (Accounting and Auditing Services)
• Computershare Limited (ASX: CPU) (Transfer Agent Services)

Patrick J. Callan, Jr. President & Chief Executive Officer

Patrick Callan joined One Liberty Properties in 2006 as President and became Chief Executive Officer in 2008. He brings over 40 years of real estate experience to the company. Before joining One Liberty, he spent two years as Senior Vice President of First Washington Realty, where he was responsible for leasing, acquisitions, and redevelopment for a 13 million square foot, 100-shopping-center joint venture with the California Public Employees Retirement System (CalPERS). This joint venture was sold for $2.6 billion to Regency Centers. Prior to First Washington, he served for 17 years as Vice President of Real Estate for Kimco Realty Corporation, where he played a key role in the leasing, management, redevelopment, renovation, and acquisition of a $3 billion shopping center portfolio.

Isaac Kalish Chief Financial Officer

Isaac Kalish serves as the Chief Financial Officer, Senior Vice President, and Treasurer of One Liberty Properties. He also holds positions as Senior Vice President and Treasurer of BRT Apartments Corp. and Vice President and Treasurer of Georgetown Partners LLC.

Lawrence G. Ricketts, Jr. Executive Vice President & Chief Operating Officer

Lawrence Ricketts joined One Liberty Properties in 1999 and oversees all aspects of property acquisitions, dispositions, and financing, including deal negotiations, joint ventures, underwriting, and due diligence. He has over $2 billion in transactional experience. Throughout his tenure, he has sourced purchase opportunities and managed sales for a diverse portfolio of property types across the United States, including retail, industrial, office, restaurants, gas station/c-stores, theaters, and fitness clubs.

Matthew J. Gould Chairman of the Board

Matthew Gould is the Chairman of the Board of One Liberty Properties. He also serves as Chairman of the Board and Chief Executive Officer of Georgetown Partners. Additionally, he is a Senior Vice President and a Trustee of BRT Apartments Corp., and Senior Vice President of REIT Management Corp. and Majestic Property Management Corp. The Gould family played a foundational role in the management and direction of One Liberty Properties since its inception in the early 1980s.

Justin S. Clair Executive Vice President

Justin Clair is an Executive Vice President of One Liberty Properties.

One Liberty Properties (OLP) operates as a real estate investment trust (REIT) primarily focused on acquiring, owning, and managing a diversified portfolio of industrial and retail properties subject to long-term net leases across the United States.

Addressable Market Sizes (U.S.)

• Net Lease Market: The investable net lease or freestanding properties market in the U.S. is estimated at $5.5 trillion. The total net-lease investment volume in the U.S. for the year ending Q1 2025 was $44.6 billion.
• Industrial Real Estate Market: The U.S. industrial real estate market size is projected to grow to $342.39 billion by 2029. In the first quarter of 2025, industrial & logistics assets represented $4.7 billion, or 49%, of the total U.S. net-lease investment volume.
• Retail Real Estate Market: The retail sector's share of U.S. net-lease investment increased to 32% ($3.1 billion) in Q1 2025.

One Liberty Properties (OLP) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, rental rate increases, a focused portfolio, and maintained high occupancy levels.

Here are 4 expected drivers of future revenue growth for One Liberty Properties:

1. Strategic Acquisitions of Industrial Properties: One Liberty Properties has demonstrated a clear strategy and recent history of acquiring industrial assets. For instance, the company invested $44.7 million in three industrial properties in 2024 and an additional $62.3 million in three more during Q1 2025, with a further $26 million acquisition pending. In 2025, OLP completed acquisitions totaling approximately $189 million, significantly expanding its industrial real estate footprint. These acquisitions directly contribute to an increased revenue-generating asset base.
2. Rental Rate Increases from New and Existing Leases: The company's new industrial leases are anticipated to include annual base rent increases, such as an estimated 4.0% on a recently acquired Minnesota property. Furthermore, OLP's ability to renew existing leases at favorable rates and achieve rental rate growth through effective property management and market positioning is crucial for boosting revenue.
3. Continued Portfolio Transformation Towards High-Demand Industrial Assets: One Liberty Properties is strategically shifting its portfolio concentration to industrial properties, with approximately 80% of its annual base rent (ABR) now derived from this sector. This focus leverages the strong demand for industrial real estate, particularly driven by e-commerce growth, which is expected to enhance the stability and growth of cash flow.
4. Maintaining High Occupancy Levels: OLP consistently maintains high occupancy rates across its property portfolio, with reported rates of 96.5% entering 2024 and 97.0% as of September 30, 2024. Sustaining these high occupancy levels is essential for maximizing rental income and ensuring a stable revenue stream from its leased properties.

Share Repurchases

• In September 2022, One Liberty Properties' Board of Directors approved an approximate $5.2 million increase to its existing share repurchase authorization, bringing the total authorization to up to $7.5 million of common stock.
• As of March 2025, the company expected to repurchase approximately $8,082,000 of shares of common stock.
• As of December 2023, the company had ongoing stock repurchase plans and had made recent acquisitions of shares.

Share Issuance

• During the second quarter of 2025, stock issuances, mainly through equity incentive and dividend reinvestment programs, led to an increase of approximately 292,000 in weighted average common shares outstanding.
• In the third quarter of 2025, non-cash equity incentive and dividend reinvestment programs resulted in an increase of approximately 214,000 in weighted average common shares outstanding.
• For the first half of 2025, a roughly 1.3% increase in shares negatively impacted adjusted funds from operations (AFFO) per share.

Outbound Investments

• In 2025, the company completed and agreed to acquisitions totaling approximately $189 million, primarily focusing on industrial properties, funded in part by sales of non-core assets.
• From the beginning of 2024 through the first quarter of 2025, One Liberty Properties added seven industrial properties with an aggregate purchase price of $133 million.
• In 2023, the company raised $63 million from the sale of 12 assets as part of its capital recycling strategy.

Capital Expenditures

• In 2024, net cash used in investing activities, primarily for capital expenditures and property improvements, amounted to $4.631 million.
• For the short-term future in 2025, anticipated capital expenditures are estimated to be $2.5 million.
• The company funded $932,000 in 2023 and $100,000 in 2024 for capital expenditures at "The Vue" property, an unconsolidated joint venture.