Company: OLP
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001140361-25-013961
Chunk: 44

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 44
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 reinvested): 33

TABLE OF CONTENTS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Background In 2024 and 2023,

| • | Fredric H. Gould, Vice Chairman of our Board of Directors, served as a director of BRT Apartments, and as a sole stockholder of Majestic; and |

| • | Jeffrey A. Gould, a Director and Senior Vice President of our company, served as a Director, President and Chief Executive Officer of BRT Apartments, and as a Senior Vice President and Director (or Manager) of the managing general partner of Gould Investors. |

Matthew J. Gould and Jeffrey A. Gould are brothers and the sons of Fredric H. Gould. In addition, David W. Kalish, Mark H. Lundy, Israel Rosenzweig and Isaac Kalish, each of whom is an executive officer of our company, are officers of BRT Apartments and of the corporate managing general partner of Gould Investors. Isaac Kalish, David Kalish’s son, and Steven Rosenzweig, Israel Rosenzweig’s son, are employed by our affiliates. Related Party Transactions Pursuant to the C&SA, Majestic provides us with the Services. In accordance with such agreement, we paid Majestic $3,322,000 and $3,317,000 in 2024 and 2023, respectively, which included $1,444,000 and $1,510,000 for property management services, respectively. In 2025, we will pay Majestic $1,991,000 and in addition, for its property management services, will pay it 1.5% and 2.0% of the rental payments (including tenant reimbursements and deferred rent) actually received by us from net lease tenants and operating lease tenants, respectively. We do not pay Majestic for property management services with respect to properties managed by third parties. Based on our property portfolio at December 31, 2024, we estimate that the property management fee in 2025 will be approximately $1,400,000. Majestic may earn a profit from payments made to it under such agreement. In addition, under this agreement, we also paid Majestic $336,000 and $317,000 in 2024 and 2023, respectively, and will pay Majestic $350,000 in 2025, as reimbursement for our share of direct office expenses, including rent, telephone, postage, computer services, internet usage and