Company: OLP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001558370-25-002406
Chunk: 15

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 15
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Item 1A.  Risk Factors.

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Set forth below is a discussion of certain risks affecting our business. The categorization of risks set forth below is meant to help you better understand the risks facing our business and is not intended to limit your consideration of the possible effects of these risks to the listed categories. Any impacts from the realization of any of the risks discussed, including our financial condition and results of operations, may, and likely will, adversely affect many aspects of our business. In addition to the other information contained or incorporated by reference in this Form 10-K, readers should carefully consider the following risk factors:

Risks Related to Our Business

If we are unable to re-rent properties upon the expiration of our leases or if our tenants default or seek bankruptcy protection, our revenues and operating cash flows will be reduced and we would incur additional costs.

Substantially all of our revenue and operating cash flow is derived from rent paid by our tenants pursuant to leases.  From 2025 through 2030, the following leases expire:

​​​​​​​​​​​    ​​    Percentage of​​Number of​2025 Contractual​2025 ContractualLeases Expiring December 31,​Leases​Rental Income​Rental Income2025 - 2027 (1)​57​$ 21,976,000​30.52028 - 2030​58​​ 28,595,000​39.7

(1)Eight leases accounting for 2.1% of contractual rental income expire in 2025, and we believe or have been advised that tenants with respect to $560,000 of 2025 contractual rental income intend to allow their leases to expire.

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If our tenants, and in particular, our significant tenants, (i) do not renew their leases upon lease expiration, (ii) default on their obligations or (iii) seek rent relief, lease renegotiation or other accommodations, our revenues would decline and, in certain cases, co-tenancy provisions (i.e., a tenant’s right to reduce their rent or terminate their lease if certain key tenants vacate a property) may be triggered possibly allowing other tenants at the same property to reduce their rental payments or terminate their leases. At the same time, we would remain responsible for the payment of the mortgage obligations with respect to the related properties, would become responsible for the operating expenses (e.g., real estate taxes, maintenance and insurance) related to these properties, and,