One Liberty Properties (OLP)
Market Price (10/19/2026): $22.17 | Market Cap: $467.2 MilSector: Real Estate | Industry: Diversified REITs
One Liberty Properties (OLP)
Market Price (10/19/2026): $22.17Market Cap: $467.2 MilSector: Real EstateIndustry: Diversified REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 8.3% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% Low stock price volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Cold Storage Facilities, Show more. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -29% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% Key risksOLP key risks include [1] an unsustainable dividend payout, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 8.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Low stock price volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Cold Storage Facilities, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -29% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% |
| Key risksOLP key risks include [1] an unsustainable dividend payout, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
One Liberty Properties (OLP) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds, particularly rising interest rates, negatively impacted the broader REIT sector, including OLP. The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, in an effort to combat persistent inflation. This tightening monetary policy led to long-term Treasury yields rising to almost 20-year highs and generally pushed up financing costs for real estate companies. Consequently, equity REITs as a whole saw their total return decline by 6.06% in fiscal Q3 2026, a sharp reversal from the previous quarter, as rising interest rates and cap rates put pressure on valuations and debt refinancing.
2. Concerns over One Liberty Properties' underlying operational performance in fiscal Q2 2026. While the company reported a diluted GAAP earnings per share (EPS) of $0.71 for fiscal Q2 2026, which exceeded some analyst estimates, a significant portion of this growth was attributed to a $13.4 million gain from the sale of three non-core properties, rather than improvements in core operations. The adjusted funds from operations (AFFO) per diluted share stood at $0.51, indicating a less robust operational performance compared to the GAAP EPS figure. Initial reports also highlighted an EPS miss of 24.63% against consensus estimates, with OLP reporting $0.51 per share against an estimate of $0.6767, suggesting potential softness in its core business.
Show more
One Liberty Properties (OLP) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds, particularly rising interest rates, negatively impacted the broader REIT sector, including OLP. The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, in an effort to combat persistent inflation. This tightening monetary policy led to long-term Treasury yields rising to almost 20-year highs and generally pushed up financing costs for real estate companies. Consequently, equity REITs as a whole saw their total return decline by 6.06% in fiscal Q3 2026, a sharp reversal from the previous quarter, as rising interest rates and cap rates put pressure on valuations and debt refinancing.
2. Concerns over One Liberty Properties' underlying operational performance in fiscal Q2 2026. While the company reported a diluted GAAP earnings per share (EPS) of $0.71 for fiscal Q2 2026, which exceeded some analyst estimates, a significant portion of this growth was attributed to a $13.4 million gain from the sale of three non-core properties, rather than improvements in core operations. The adjusted funds from operations (AFFO) per diluted share stood at $0.51, indicating a less robust operational performance compared to the GAAP EPS figure. Initial reports also highlighted an EPS miss of 24.63% against consensus estimates, with OLP reporting $0.51 per share against an estimate of $0.6767, suggesting potential softness in its core business.
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Updated on 10/1/2026
One Liberty Properties (OLP) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds, particularly rising interest rates, negatively impacted the broader REIT sector, including OLP. The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, in an effort to combat persistent inflation. This tightening monetary policy led to long-term Treasury yields rising to almost 20-year highs and generally pushed up financing costs for real estate companies. Consequently, equity REITs as a whole saw their total return decline by 6.06% in fiscal Q3 2026, a sharp reversal from the previous quarter, as rising interest rates and cap rates put pressure on valuations and debt refinancing.
2. Concerns over One Liberty Properties' underlying operational performance in fiscal Q2 2026. While the company reported a diluted GAAP earnings per share (EPS) of $0.71 for fiscal Q2 2026, which exceeded some analyst estimates, a significant portion of this growth was attributed to a $13.4 million gain from the sale of three non-core properties, rather than improvements in core operations. The adjusted funds from operations (AFFO) per diluted share stood at $0.51, indicating a less robust operational performance compared to the GAAP EPS figure. Initial reports also highlighted an EPS miss of 24.63% against consensus estimates, with OLP reporting $0.51 per share against an estimate of $0.6767, suggesting potential softness in its core business.
3. Negative analyst forecasts project a significant decline in OLP's future earnings. As of September 30, 2026, analysts forecast OLP's earnings to decline by an average of 51.7% per year over the next three years. This outlook signals a concerning trend for future profitability and likely weighed on investor sentiment, contributing to the stock's downward movement. Additionally, one analysis indicated that the company's interest payments are not well covered by earnings, raising concerns about financial stability amidst a rising interest rate environment.
4. The broader real estate market experienced a decline in fiscal Q3 2026. The public real estate investment sector, particularly equity REITs, underperformed the broader market in fiscal Q3 2026, with a total return decline of 6.06% for the FTSE Nareit All Equity REIT index. This suggests that OLP's stock movement was not solely due to company-specific issues but was also influenced by a sector-wide correction driven by macroeconomic factors like rising Treasury yields and increasing mortgage rates.
Show less
One Liberty Properties (OLP) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds, particularly rising interest rates, negatively impacted the broader REIT sector, including OLP. The Federal Reserve increased the federal funds target rate by 25 basis points to 4.0% in September 2026, marking the first rate hike since 2023, in an effort to combat persistent inflation. This tightening monetary policy led to long-term Treasury yields rising to almost 20-year highs and generally pushed up financing costs for real estate companies. Consequently, equity REITs as a whole saw their total return decline by 6.06% in fiscal Q3 2026, a sharp reversal from the previous quarter, as rising interest rates and cap rates put pressure on valuations and debt refinancing.
2. Concerns over One Liberty Properties' underlying operational performance in fiscal Q2 2026. While the company reported a diluted GAAP earnings per share (EPS) of $0.71 for fiscal Q2 2026, which exceeded some analyst estimates, a significant portion of this growth was attributed to a $13.4 million gain from the sale of three non-core properties, rather than improvements in core operations. The adjusted funds from operations (AFFO) per diluted share stood at $0.51, indicating a less robust operational performance compared to the GAAP EPS figure. Initial reports also highlighted an EPS miss of 24.63% against consensus estimates, with OLP reporting $0.51 per share against an estimate of $0.6767, suggesting potential softness in its core business.
3. Negative analyst forecasts project a significant decline in OLP's future earnings. As of September 30, 2026, analysts forecast OLP's earnings to decline by an average of 51.7% per year over the next three years. This outlook signals a concerning trend for future profitability and likely weighed on investor sentiment, contributing to the stock's downward movement. Additionally, one analysis indicated that the company's interest payments are not well covered by earnings, raising concerns about financial stability amidst a rising interest rate environment.
4. The broader real estate market experienced a decline in fiscal Q3 2026. The public real estate investment sector, particularly equity REITs, underperformed the broader market in fiscal Q3 2026, with a total return decline of 6.06% for the FTSE Nareit All Equity REIT index. This suggests that OLP's stock movement was not solely due to company-specific issues but was also influenced by a sector-wide correction driven by macroeconomic factors like rising Treasury yields and increasing mortgage rates.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -7.5% change in OLP stock from 6/30/2026 to 10/18/2026 was primarily driven by a -26.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.93 | 22.13 | -7.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 101 | 104 | 2.4% |
| Net Income Margin (%) | 27.2% | 33.5% | 23.2% |
| P/E Multiple | 18.3 | 13.4 | -26.7% |
| Shares Outstanding (Mil) | 21 | 21 | -0.1% |
| Cumulative Contribution | -7.5% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| OLP | -7.5% | |
| Market (SPY) | 2.2% | 15.2% |
| Sector (XLRE) | -4.2% | 56.8% |
Fundamental Drivers
The 7.2% change in OLP stock from 3/31/2026 to 10/18/2026 was primarily driven by a 27.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.64 | 22.13 | 7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 97 | 104 | 6.8% |
| Net Income Margin (%) | 26.2% | 33.5% | 27.9% |
| P/E Multiple | 16.9 | 13.4 | -20.9% |
| Shares Outstanding (Mil) | 21 | 21 | -0.8% |
| Cumulative Contribution | 7.2% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| OLP | 7.2% | |
| Market (SPY) | 17.7% | 10.4% |
| Sector (XLRE) | 4.2% | 62.0% |
Fundamental Drivers
The 8.5% change in OLP stock from 9/30/2025 to 10/18/2026 was primarily driven by a 12.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.40 | 22.13 | 8.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 104 | 9.5% |
| Net Income Margin (%) | 29.9% | 33.5% | 12.2% |
| P/E Multiple | 15.0 | 13.4 | -10.8% |
| Shares Outstanding (Mil) | 21 | 21 | -1.1% |
| Cumulative Contribution | 8.5% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| OLP | 8.5% | |
| Market (SPY) | 15.5% | 4.9% |
| Sector (XLRE) | 2.7% | 55.4% |
Fundamental Drivers
The 50.8% change in OLP stock from 9/30/2023 to 10/18/2026 was primarily driven by a 24.4% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.67 | 22.13 | 50.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 95 | 104 | 9.8% |
| Net Income Margin (%) | 29.6% | 33.5% | 13.2% |
| P/E Multiple | 10.8 | 13.4 | 24.4% |
| Shares Outstanding (Mil) | 21 | 21 | -2.4% |
| Cumulative Contribution | 50.8% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| OLP | 50.8% | |
| Market (SPY) | 84.7% | 33.5% |
| Sector (XLRE) | 36.0% | 65.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OLP Return | 87% | -32% | 8% | 34% | -20% | 16% | 69% |
| Peers Return | 44% | -23% | 3% | -0% | 11% | 14% | 43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| OLP Win Rate | 83% | 33% | 50% | 67% | 42% | 60% | |
| Peers Win Rate | 73% | 38% | 45% | 47% | 60% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OLP Max Drawdown | -10% | -40% | -23% | -11% | -23% | -12% | |
| Peers Max Drawdown | -10% | -37% | -29% | -17% | -19% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STAG, LXP, GOOD, WPC, BNL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | OLP | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.5% | -9.5% |
| % Gain to Breakeven | 14.3% | 10.5% |
| Time to Breakeven | 58 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.3% | -6.7% |
| % Gain to Breakeven | 19.4% | 7.1% |
| Time to Breakeven | 210 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.0% | -24.5% |
| % Gain to Breakeven | 61.4% | 32.4% |
| Time to Breakeven | 769 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.3% | -33.7% |
| % Gain to Breakeven | 134.2% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.4% | -19.2% |
| % Gain to Breakeven | 11.6% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.0% | -12.2% |
| % Gain to Breakeven | 11.1% | 13.9% |
| Time to Breakeven | 27 days | 62 days |
In The Past
One Liberty Properties's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | OLP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.0% | -24.5% |
| % Gain to Breakeven | 61.4% | 32.4% |
| Time to Breakeven | 769 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.3% | -33.7% |
| % Gain to Breakeven | 134.2% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.6% | -15.4% |
| % Gain to Breakeven | 29.2% | 18.2% |
| Time to Breakeven | 196 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.0% | -53.4% |
| % Gain to Breakeven | 564.7% | 114.4% |
| Time to Breakeven | 384 days | 1085 days |
In The Past
One Liberty Properties's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About One Liberty Properties (OLP)
One Liberty Properties (OLP) is a real estate investment trust (REIT) that specializes in acquiring, owning, and managing a geographically diversified portfolio of commercial properties. As a self-administered and self-managed entity, OLP's core business model revolves around generating rental income from its leased properties, making it an income-focused investment vehicle in the real estate sector.
The company's primary "product" or service is providing commercial real estate for businesses through long-term leases. Its property portfolio is strategically diversified across various segments, including industrial facilities, retail spaces, restaurant venues, health and fitness centers, and theaters. A significant number of these leases are structured as net leases, which place the responsibility for real estate taxes, insurance, and routine maintenance directly on the tenant, thereby providing OLP with a more predictable revenue stream and reduced operating expenses.
OLP's primary customers are businesses operating within these diverse commercial sectors—ranging from manufacturing and logistics companies in the industrial sector to various retailers, restaurant chains, gym operators, and entertainment providers. By catering to a wide array of commercial tenants seeking stable, long-term property solutions, OLP serves a broad market of operational businesses that require dedicated physical spaces to conduct their operations.
AI Analysis | Feedback
Here are a few analogies to describe One Liberty Properties (OLP):
Think of it as a diversified commercial landlord specializing in long-term net leases, much like Realty Income (O).
It's similar to Realty Income (O), owning a variety of commercial properties—from industrial sites to restaurants and theaters—where the tenants cover most of the property's expenses.
AI Analysis | Feedback
- Industrial Properties: One Liberty Properties leases industrial real estate to businesses.
- Retail Properties: The company provides retail spaces for various commercial tenants.
- Restaurant Properties: OLP offers properties specifically for restaurant operations under long-term leases.
- Health and Fitness Properties: The company leases real estate tailored for health and fitness centers.
- Theater Properties: OLP provides properties for use as theaters and entertainment venues.
AI Analysis | Feedback
One Liberty Properties (OLP) is a real estate investment trust (REIT) that acquires, owns, and manages a portfolio of properties which it leases to other companies. Therefore, its major customers are its tenants. Based on recent investor information, the following are some of its major customers:
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- PNC Financial Services Group, Inc. (PNC)
- Deloitte & Touche LLP
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Patrick J. Callan, Jr. President & CEO
Mr. Callan has over 40 years of real estate experience and serves as President and Chief Executive Officer of One Liberty Properties, Inc.. He was appointed CEO in January 2006. Prior to joining OLP, Mr. Callan was Senior Vice President at First Washington Realty Trust, Inc. from 2004 to 2005, and Vice President-Real Estate at Kimco Realty Corp. from 1998 to 2004, indicating a pattern of management in other real estate investment trusts (REITs).
Isaac Kalish Chief Financial Officer
Mr. Kalish is the Chief Financial Officer and Senior Vice President at One Liberty Properties, Inc.. He also holds positions as Senior Vice President and Treasurer of BRT Apartments Corp. and Vice President and Treasurer of Georgetown Partners LLC, suggesting involvement with affiliated real estate entities. Mr. Kalish is a Certified Public Accountant (CPA).
Lawrence G. Ricketts, Jr. Executive Vice President & COO
Mr. Ricketts serves as the Executive Vice President and Chief Operating Officer of One Liberty Properties. Having joined One Liberty in 1999, he oversees all aspects of property acquisitions, dispositions, and financing, including deal negotiations, joint ventures, underwriting, and due diligence, with over $2 billion in transactional experience.
Justin S. Clair Executive Vice President
Mr. Clair is an Executive Vice President of One Liberty Properties.
David W. Kalish Senior Vice President - Financial
Mr. Kalish serves as Senior Vice President - Financial at One Liberty Properties. He also holds positions as Senior Vice President-Finance of BRT Apartments Corp. and Senior Vice President and Chief Financial Officer of Georgetown Partners LLC.
AI Analysis | Feedback
Here are the key risks to One Liberty Properties (OLP):
- Dividend Sustainability and High Payout Ratio: One Liberty Properties faces significant risk regarding the sustainability of its dividend due to a consistently high Adjusted Funds From Operations (AFFO) payout ratio, which was around 96.7% as of Q3 2025. This high payout ratio, coupled with weak or declining AFFO growth per share, raises concerns about the company's ability to maintain its current dividend level, especially if its cash flows were to decline.
- Lease Renewal Uncertainty and Exposure to Challenged Sectors: The company faces ongoing risk from lease renewal uncertainty, particularly given that over 91% of its leases are set to expire in the next eight years, with a substantial portion expiring by 2027. Additionally, despite its strategic shift towards industrial properties, a part of OLP's portfolio remains concentrated in sectors like restaurants, fitness chains, and theaters, which are prone to structural headwinds and greater lease renewal risks and potential tenant defaults.
- Interest Rate Volatility and Cost of Capital: As a real estate investment trust (REIT), OLP is susceptible to fluctuations in interest rates. While a significant portion of its debt is fixed-rate, the cost of new acquisition debt has been higher, affecting its ability to grow and manage its portfolio efficiently. Rising interest rates can increase borrowing costs for future acquisitions and refinancing, potentially depressing valuation multiples across the REIT sector.
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- The proliferation of "ghost kitchens" and virtual restaurant concepts, which reduce the need for traditional customer-facing restaurant real estate.
- The continued advancement and widespread adoption of sophisticated at-home fitness technologies and platforms, diminishing demand for traditional physical health and fitness centers.
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One Liberty Properties (OLP) invests in a diversified portfolio of real estate, primarily consisting of industrial, retail, restaurant, health and fitness, and theater properties across the United States. The addressable markets for their main real estate product types in the U.S. are as follows:
- Industrial Properties: The U.S. industrial real estate market was valued at approximately $2.9 trillion in 2022.
- Retail Properties: The U.S. retail real estate market was valued at approximately $2.4 trillion in 2022.
- Health and Fitness Properties (as part of Health and Wellness Real Estate): The health and wellness real estate market in North America reached $584 billion in 2024. The U.S. accounts for 41% of this market, equating to an addressable market of approximately $239.44 billion in the U.S. in 2024.
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One Liberty Properties (OLP) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered around its transformation into an industrial-focused real estate investment trust.
- Strategic Acquisitions of Industrial Properties: One Liberty Properties is actively pursuing the acquisition of industrial assets to expand its portfolio and increase its revenue base. The company acquired 13 industrial properties in 2025 and an additional 10 industrial properties subsequent to year-end 2025, which has significantly increased its industrial exposure to approximately 81% of its 2026 annual base rent. This ongoing acquisition strategy is a primary driver for future rental income growth.
- Lease Renewals and Rent Escalations: A consistent high occupancy rate, reported at 98.5% as of year-end 2025, coupled with successful lease renewals and contractual rent escalations, will contribute to sustained revenue growth. In 2025, OLP extended or renewed leases for 888,000 square feet, which helps ensure stable and potentially increasing rental income from its existing and newly acquired properties.
- Capital Recycling through Dispositions of Non-Core Assets: The company is strategically selling non-core retail and other properties to recycle capital into higher-yielding industrial investments. This optimization of its portfolio, demonstrated by the sale of 12 non-core assets in 2025, generates proceeds that are then redeployed to fund industrial acquisitions, thereby enhancing the overall quality and revenue-generating potential of the portfolio.
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Share Repurchases
- In 2022, One Liberty Properties repurchased 208,000 shares of common stock for approximately $5.2 million.
- A share repurchase plan was authorized on October 6, 2023, for up to $10 million of common shares, with the authorization replenished on December 5, 2023.
- As of March 31, 2025, the company had completed repurchases of 114,133 shares for $2.11 million under the October 2023 authorization.
Share Issuance
- In 2025, the weighted average number of common shares outstanding increased by approximately 204,000 shares due to stock issuances from non-cash equity incentive and dividend reinvestment programs.
- In Q1 and Q2 of 2025, the weighted average number of shares of common stock outstanding increased by approximately 376,000 and 292,000 shares, respectively, due to equity incentive and dividend reinvestment programs.
- In 2022, the weighted average number of common stock increased by approximately 200,000 shares, net of repurchased shares, due to issuances from equity incentive, dividend reinvestment, and at-the-market equity offering programs.
Outbound Investments
- One Liberty Properties completed acquisitions totaling approximately $189 million in 2025, including 13 industrial properties, as part of its strategy to scale its industrial platform.
- In early 2026, subsequent to year-end 2025, the company acquired ten additional industrial properties for $56.7 million and entered into a contract to acquire 14 acres of land for $800,000, bringing total industrial asset acquisitions over the prior 14 months to $246 million.
- The company engaged in capital recycling by selling non-core assets, including the sale of 10 wholly-owned properties for $58.9 million of net proceeds and two joint venture properties for $2.4 million of net proceeds in 2025. Additionally, in 2024, 12 assets (primarily retail properties) were sold, resulting in an $18 million gain.
Peer Outperformance in Diversified REITs
OLP has outperformed 67% of its 12 Diversified REITs peers over 5Y. Diversified REITs ranks 7th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Diversified REITs constituents that OLP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 14 industry peers · 15.8% return
3Y
83%
of 12 industry peers · 50.3% return
5Y
67%
of 12 industry peers · 1.3% return
No Diversified REITs peer with a comparable growth profile has beaten OLP by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Diversified REITs is OLP's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 14.2% | 62.0% | 55.0% | WELL 218% · CTRE 119% · OHI 116% |
| Retail REITs | 22 | 8.3% | 39.3% | 25.2% | SKT 155% · SPG 85% · MAC 58% |
| Other Specialized REITs | 11 | 5.7% | 24.9% | 12.7% | IRM 202% · LAMR 62% · OUT 59% |
| Real Estate Development | 6 | -18.2% | 15.5% | 10.5% | JOE 62% |
| Hotel & Resort REITs | 16 | 49.6% | 43.1% | 6.0% | HST 82% · RHP 73% · DRH 60% |
| Industrial REITs | 11 | 4.5% | 35.0% | -3.7% | EGP 23% · FR 18% · TRNO 6% |
| Diversified REITs ← | 13 | 5.5% | 33.7% | -16.5% | WPC 15% · EPRT 11% · LXP 8% |
| Single-Family Residential REITs | 4 | -0.8% | 2.2% | -18.3% | AMH -9% · ELS -17% · INVH -20% |
| Multi-Family Residential REITs | 13 | -3.1% | 5.8% | -24.9% | ESS -3% · VMRK -12% · IRT -18% |
| Office REITs | 18 | -10.3% | 26.8% | -35.5% | CDP 46% · HIW -10% · SLG -11% |
| Real Estate Services | 26 | -29.1% | -23.0% | -36.9% | CBRE 30% · JLL 20% · NMRK -15% |
| Telecom Tower REITs | 3 | -2.3% | 12.6% | -37.1% | AMT -19% · SBAC -37% · CCI -37% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.01 |
| Mkt Cap | 3.5 |
| Rev LTM | 412 |
| Op Inc LTM | 151 |
| FCF LTM | 215 |
| FCF 3Y Avg | 218 |
| CFO LTM | 237 |
| CFO 3Y Avg | 241 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 2.9% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 11.0% |
| Op Inc Chg 3Y Avg | 5.2% |
| Op Mgn LTM | 38.0% |
| Op Mgn 3Y Avg | 36.4% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 54.6% |
| CFO/Rev 3Y Avg | 56.5% |
| FCF/Rev LTM | 45.9% |
| FCF/Rev 3Y Avg | 49.4% |
Price Behavior
Price Behavior
| Market Price | $22.13 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -11.2% | |
| 50 Days | 200 Days | |
| DMA Price | $22.85 | $22.34 |
| DMA Trend | down | up |
| Distance from DMA | -3.1% | -0.9% |
| 3M | 1YR | |
| Volatility | 16.4% | 18.5% |
| Downside Capture | 106.48 | 12.90 |
| Upside Capture | 34.40 | 27.71 |
| Correlation (S&P 500) | 26.7% | 5.0% |
OLP Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.38 | 0.50 | 0.22 | 0.14 | 0.06 | 0.47 |
| Up Beta | 0.24 | 0.31 | -0.07 | 0.05 | -0.08 | 0.48 |
| Down Beta | 0.76 | -0.28 | 0.43 | -0.17 | 0.13 | 0.45 |
| Up Capture | 0% | 34% | 6% | 24% | 9% | 20% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 18 | 26 | 63 | 125 | 387 |
| Down Capture | 116% | 123% | 62% | 26% | 6% | 71% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 23 | 37 | 61 | 123 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLP | |
|---|---|---|---|---|
| OLP | 15.6% | 18.5% | 0.63 | - |
| Sector ETF (XLRE) | 3.3% | 14.2% | -0.01 | 54.9% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 4.2% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | -7.2% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -29.0% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 59.1% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | -8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLP | |
|---|---|---|---|---|
| OLP | 0.5% | 23.9% | -0.02 | - |
| Sector ETF (XLRE) | 2.1% | 19.1% | 0.01 | 66.8% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 45.5% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 8.0% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | 5.9% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 70.1% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 18.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OLP | |
|---|---|---|---|---|
| OLP | 7.3% | 31.6% | 0.29 | - |
| Sector ETF (XLRE) | 6.6% | 20.4% | 0.27 | 63.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 48.2% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 4.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 16.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 68.5% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.4% | 0.5% | -0.3% |
| 6/1/2026 | 0.6% | 3.8% | 8.6% |
| 3/5/2026 | 0.1% | -3.2% | -5.2% |
| 11/6/2025 | 2.7% | 2.6% | 1.8% |
| 8/5/2025 | -0.3% | 2.9% | 4.2% |
| 6/12/2025 | -1.8% | -1.7% | -5.4% |
| 3/5/2025 | 2.2% | 0.7% | 0.7% |
| 11/5/2024 | 4.6% | 2.7% | 7.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 9 | 10 | 7 |
| Median Positive | 1.9% | 3.1% | 4.2% |
| Median Negative | -1.7% | -3.1% | -5.2% |
| Max Positive | 6.1% | 10.9% | 23.5% |
| Max Negative | -3.9% | -8.5% | -10.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.4% | 0.5% | -0.3% |
| 6/1/2026 | 0.6% | 3.8% | 8.6% |
| 3/5/2026 | 0.1% | -3.2% | -5.2% |
| 11/6/2025 | 2.7% | 2.6% | 1.8% |
| 8/5/2025 | -0.3% | 2.9% | 4.2% |
| 6/12/2025 | -1.8% | -1.7% | -5.4% |
| 3/5/2025 | 2.2% | 0.7% | 0.7% |
| 11/5/2024 | 4.6% | 2.7% | 7.2% |
| 8/6/2024 | -0.4% | -0.8% | 6.6% |
| 5/7/2024 | 0.2% | 1.2% | 1.2% |
| 3/5/2024 | 4.0% | 10.9% | 11.0% |
| 11/6/2023 | -0.3% | -1.2% | 13.9% |
| 8/3/2023 | -0.6% | -0.1% | -2.7% |
| 5/4/2023 | -3.9% | -8.5% | -5.5% |
| 3/13/2023 | 6.1% | 7.4% | 7.7% |
| 11/3/2022 | 1.9% | 5.1% | 0.4% |
| 8/3/2022 | -2.9% | -2.9% | -10.9% |
| 5/5/2022 | -3.0% | -6.4% | -0.6% |
| 3/10/2022 | 2.2% | 4.6% | 2.2% |
| 11/4/2021 | 5.3% | 4.2% | 2.5% |
| 8/12/2021 | 1.9% | 0.8% | 1.2% |
| 5/5/2021 | 0.5% | -3.2% | 7.6% |
| 3/12/2021 | -1.7% | -6.4% | 1.5% |
| 11/4/2020 | 0.2% | 3.3% | 23.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 9 | 10 | 7 |
| Median Positive | 1.9% | 3.1% | 4.2% |
| Median Negative | -1.7% | -3.1% | -5.2% |
| Max Positive | 6.1% | 10.9% | 23.5% |
| Max Negative | -3.9% | -8.5% | -10.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/06/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Proceeds from Property Sale | Reported | 5.40 Mil | ||||||
| Q3 2026 Net Loss from Property Sale | Reported | -0.28 Mil | -0.28 Mil | |||||
Prior: Q1 2026 Earnings Reported 6/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Acquisition Capacity | Reported | 250.00 Mil | ||||||
Q4 2025 Earnings Reported 3/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Gain on Sale of Real Estate | Reported | 2.50 Mil | ||||||
| Q2 2026 Gain on Sale of Real Estate | Reported | 1.30 Mil | ||||||
| 2026 Rental Income | Reported | 13.30 Mil | ||||||
| 2026 Base Rent | Reported | 3.60 Mil | 5.9% | Raised | Guidance: 3.40 Mil for 2026 | |||
| 2026 Mortgage Interest Expense | Reported | 6.50 Mil | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annual Base Rent | Reported | 3.40 Mil | 126.7% | Higher New | Guidance: 1.50 Mil for 2025 | |||
| 2025 Net Proceeds from Property Sale | Reported | 0.50 Mil | ||||||
| 2025 Gain on Property Sale | Reported | 0.20 Mil | ||||||
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clair, Justin | Executive Vice President | Direct | Sell | 8192026 | 24.06 | 4,500 | 108,270 | 821,721 | Form |
| 2 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 24.50 | 6,000 | 147,027 | 4,056,030 | Form |
| 3 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 24.21 | 3,499 | 84,700 | 4,151,995 | Form |
| 4 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 21.82 | 2,501 | 54,573 | 3,819,025 | Form |
| 5 | Clair, Justin | Executive Vice President | Direct | Sell | 5122026 | 23.36 | 2,676 | 62,511 | 772,602 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clair, Justin | Executive Vice President | Direct | Sell | 8192026 | 24.06 | 4,500 | 108,270 | 821,721 | Form |
| 2 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 24.50 | 6,000 | 147,027 | 4,056,030 | Form |
| 3 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 24.21 | 3,499 | 84,700 | 4,151,995 | Form |
| 4 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 6292026 | 21.82 | 2,501 | 54,573 | 3,819,025 | Form |
| 5 | Clair, Justin | Executive Vice President | Direct | Sell | 5122026 | 23.36 | 2,676 | 62,511 | 772,602 | Form |
| 6 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 4062026 | 21.86 | 2,999 | 65,557 | 3,880,575 | Form |
| 7 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3252026 | 22.33 | 500 | 11,165 | 4,031,031 | Form |
| 8 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3252026 | 23.58 | 2,000 | 47,166 | 4,269,015 | Form |
| 9 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3252026 | 22.64 | 5,000 | 113,210 | 4,143,958 | Form |
| 10 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3182026 | 23.38 | 2,501 | 58,478 | 4,396,285 | Form |
| 11 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3182026 | 23.17 | 1,491 | 34,554 | 4,415,306 | Form |
| 12 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3122026 | 0.00 | 1,000 | Form | ||
| 13 | Clair, Justin | Executive Vice President | Direct | Sell | 3122026 | 23.04 | 3,389 | 78,071 | 823,558 | Form |
| 14 | Ricketts, Lawrence | Exec.Vice President and COO | Direct | Sell | 3122026 | 0.00 | 2,259 | Form | ||
| 15 | Clair, Justin | Executive Vice President | Direct | Sell | 3122026 | 23.34 | 2,611 | 60,941 | 913,504 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/18/2026