OLP · One Liberty Properties, Inc.

One Liberty Properties' Q1 2026 results demonstrate the success of its strategic shift to an industrial-focused REIT, with rental income surging 11.6% year over year to $26.96 million, primarily from acquisition activity including a 637,633 square foot portfolio of 10 industrial properties closed in January 2026. This drove net income up 50% to $6.24 million or $0.28 per diluted share, while FFO rose 14% to $0.50 per share, reflecting full benefits from 2025 acquisitions and lease termination fees replaced by higher-rate leases. AFFO per share held steady at $0.48 despite a 179,000 share increase from equity programs. Operating expenses climbed to $18.7 million from $15.7 million, due to higher depreciation from acquisitions and real estate expenses, with interest expense up $1.5 million from borrowing. Portfolio occupancy hit 98.8%, with industrial properties now generating approximately 84% of base rent. Balance sheet remains solid with $20.4 million cash, $898.6 million total assets, and $561.5 million debt as of March 31, 2026; liquidity stood at $79.8 million as of May 1. Transaction activity included selling two non-core retail properties for $9.8 million net proceeds and $3.9 million gain. Post-quarter, closed two more sales for $9.0 million (expected $7.6 million net, $3.4 million gain) and agreed to sell a retail property for $17.5 million (expected $8.7 million net, $9.8 million gain), shedding lower-performing assets. CEO Patrick J. Callan, Jr. highlighted strong positioning for stockholder value through high occupancy and industrial focus.