One Liberty Properties Inc (NYSE: OLP)

One Liberty Properties, Inc. is a self administered and self managed real estate investment trust that acquires, owns and manages a portfolio primarily of industrial properties. As of September 30, 2025, the company held 98 properties spread across 30 states, consisting of 61 industrial assets, 31 retail assets, and 6 other assets. Its portfolio had an occupancy rate of approximately 98.2% measured by square footage. The firm follows a strategy of acquiring properties with long term leases and strong tenant credit profiles while maintaining a balanced geographic mix to reduce concentration risk.

The company generates revenue chiefly from rental income collected under leases with its tenants. For the twelve months ending September 30, 2026, it projects base rent of $77.4 million, which is derived from its industrial, retail and other property leases. In addition to base rent, the firm earns lease termination fees when tenants end their leases early and it recognizes gains from the sale of properties that no longer fit its investment criteria. Other minor revenue streams include interest income on cash balances and occasional reimbursements for real estate taxes that are passed through to tenants.

The company operates through the following segments:

• Industrial: This segment includes 61 properties used for manufacturing, warehousing and distribution activities. The industrial portfolio contributed about $61.5 million of the projected 2026 base rent, representing 79.6% of the total. Leases in this segment typically have terms of five to ten years with annual rent escalations tied to inflation or fixed percentages.

• Retail: This segment comprises 31 properties that house tenants such as retail furniture stores, office supply outlets and various service providers. The retail segment contributed roughly $11.9 million of the projected 2026 base rent, or 15.4% of the total. Leases here often feature shorter terms and include provisions for tenant reimbursements of common area maintenance and real estate taxes.

• Other: This segment consists of 6 properties such as an office, two theaters, a health and fitness center, a restaurant, and The Vue Apartments. The other segment contributed approximately $3.9 million of the projected 2026 base rent, accounting for 5.0% of the total. These assets are held for their stable cash flow characteristics and potential for niche market demand.

One Liberty Properties, Inc. competes with other publicly traded real estate investment trusts and private owners in the industrial and retail real estate sectors. Its competitive advantages stem from a diversified geographic footprint that reduces exposure to any single regional downturn, a high occupancy rate that supports steady cash flow, and a mortgage debt structure that is largely fixed rate or swapped to limit interest rate volatility. The company also benefits from an experienced management team that has a track record of acquiring properties with attractive lease structures and maintaining strong relationships with tenants.

The company serves a varied tenant base that includes national corporations, regional businesses and small business operators across its industrial, retail and other properties. Specific tenants mentioned in the filing include Hooters, Office Depot and Blue Pearl Veterinary hospital, among many others. The majority of leases are with corporate entities that require creditworthy counterparties, while a smaller portion consists of small business lessees who benefit from the firm’s flexible lease terms. Lease expiration data shows a staggered schedule with the largest share of base rent coming from leases expiring between 2027 and 2031, which helps to mitigate re leasing risk in any given year.