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.

• 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.

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:

• LA Fitness International LLC
• FedEx Corporation (FDX)
• CVS Health Corporation (CVS) (through its CVS Pharmacy subsidiaries)
• P.C. Richard & Son
• Haverty Furniture Companies, Inc. (HVT)

• PNC Financial Services Group, Inc. (PNC)
• Deloitte & Touche LLP

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.

Here are the key risks to One Liberty Properties (OLP):

1. 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.
2. 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.
3. 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.

• 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.

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.

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.

1. 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.
2. 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.
3. 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.

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.