$OLP

ONE LIBERTY PROPERTIES INC

CIK:0000712770|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 27,000	$ 24,545	$ 55,290	$ 48,715
Operating expenses:
Depreciation and amortization	8,458	6,827	17,028	13,372
Real estate expenses	4,929	4,891	10,641	9,929
General and administrative	3,990	3,938	8,328	8,108
Impairment loss	142		142
State tax expense (benefit)	116	67	180	(27)
Total operating expenses	17,635	15,723	36,319	31,382
Other operating income
Gain (loss) on sale of real estate, net	13,433	6,531	17,309	7,641
Operating income	22,798	15,353	36,280	24,974
Other income and expenses:
Other income	11	189	50	402
Interest:
Expense	(6,860)	(5,847)	(13,818)	(11,279)
Amortization and write-off of deferred financing costs	(284)	(277)	(607)	(510)
Net income	15,665	9,418	21,905	13,587
Net income attributable to non-controlling interests	(7)	(987)	(10)	(1,001)
Net income attributable to One Liberty Properties, Inc.	$ 15,658	$ 8,431	$ 21,895	$ 12,586
Weighted average number of common shares outstanding:
Basic (in shares)	21,075	20,853	21,065	20,836
Diluted (in shares)	21,198	20,967	21,176	20,948
Earnings per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.72	$ 0.39	$ 1	$ 0.57
Diluted (in dollars per share)	0.71	0.39	1	0.57
Cash distributions per share of common stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90
Rental income, net
Revenues:
Total revenues	$ 27,000	$ 24,479	$ 53,963	$ 48,649
Lease termination fees
Revenues:
Total revenues		$ 66	$ 1,327	$ 66

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 21,905	$ 13,587
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(17,309)	(7,641)
Impairment loss	142
Increase in net amortization and write-off of unbilled rental income	(896)	(730)
Amortization and write-off of intangibles relating to leases, net	(993)	(528)
Amortization of restricted stock and RSU compensation expense	2,514	2,642
Depreciation and amortization	17,028	13,372
Amortization and write-off of deferred financing costs	607	510
Payment of leasing commissions	(972)	(259)
Equity in (loss) earnings of unconsolidated joint ventures included in other income	6	(76)
Decrease in escrow, deposits, other assets and receivables	1,621	1,898
Decrease in accrued expenses and other liabilities	(388)	(551)
Net cash provided by operating activities	23,265	22,224
Cash flows from investing activities:
Purchase of real estate	(57,921)	(88,838)
Improvements to real estate	(2,241)	(2,071)
Net proceeds from sale of real estate	35,130	29,454
Net proceeds from repayment of loan receivable		1,816
Distributions of capital from unconsolidated joint venture included in other assets	86	620
Net cash used in investing activities	(24,946)	(59,019)
Cash flows from financing activities:
Proceeds from mortgage financings	27,502	52,121
Repayments of mortgages financings	(11,141)	(18,775)
Scheduled amortization payments of mortgages payable	(5,493)	(5,543)
Proceeds from bank line of credit	38,000	20,800
Repayments on bank line of credit	(38,000)	(14,000)
Issuance of shares through dividend reinvestment plan	277	376
Payment of financing costs	(477)	(591)
Distributions to non-controlling interests	(17)	(1,775)
Cash distributions to common stockholders	(9,956)	(19,355)
Net cash provided by financing activities	695	13,258
Net decrease in cash, cash equivalents and restricted cash	(986)	(23,537)
Cash, cash equivalents and restricted cash at beginning of year	15,084	45,481
Cash, cash equivalents and restricted cash at end of period	14,098	21,944
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense	13,659	10,925
Supplemental disclosure of non-cash investing activities:
Purchase accounting allocation - intangible lease assets	4,989	7,888
Purchase accounting allocation - intangible lease liabilities	(1,310)	$ (1,155)
Supplemental disclosure of non-cash financing activity:
Distributions to common stockholders from other assets	$ (9,599)

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Real estate investments, at cost

Land

$ 154,711

$ 153,143

Buildings and improvements

837,196

819,114

Total real estate investments, at cost

991,907

972,257

Less accumulated depreciation

188,944

194,663

Real estate investments, net

802,963

777,594

Property held-for-sale

1,054

Cash and cash equivalents

13,085

14,434

Unbilled rent receivable

17,683

17,269

Unamortized intangible lease assets, net

25,717

25,501

Escrow, deposits and other assets and receivables

11,612

22,772

Total assets

^[1]

872,114

857,570

Liabilities:

Mortgages payable, net

528,318

517,342

Line of credit

Dividends payable

10,520

10,214

Accrued expenses and other liabilities

15,694

17,271

Unamortized intangible lease liabilities, net

12,983

12,946

Total liabilities

^[1]

567,515

557,773

Commitments and contingencies

One Liberty Properties, Inc. stockholders' equity:

Preferred stock, $1 par value; 12,500 shares authorized; none issued

Common stock, $1 par value; 50,000 shares authorized; 21,075 and 20,916 shares issued and outstanding

21,075

20,916

Paid-in capital

344,021

341,389

Accumulated other comprehensive income

Distributions in excess of net income

(60,684)

(62,718)

Total One Liberty Properties, Inc. stockholders' equity

304,412

299,603

Non-controlling interests in consolidated joint ventures

^[1]

187

194

Total equity

304,599

299,797

Total liabilities and equity

$ 872,114

$ 857,570

[1]

The Company’s consolidated balance sheets include assets and liabilities of a consolidated variable interest entity (“VIE”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIE: $3,815 and $3,815 of land, $6,183 and $6,332 of building and improvements, net of $3,364 and $3,215 of accumulated depreciation, $526 and $637 of other assets included in other line items, $6,977 and $7,143 of real estate debt, net, $22 and $73 of other liabilities included in other line items and $187 and $194 of non-controlling interest as of June 30, 2026 and December 31, 2025, respectively.