Company: OLP
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001558370-25-010447
Chunk: 19

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 19
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NOTE 1 – ORGANIZATION AND BACKGROUNDOne Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland.  OLP is a self-administered and self-managed real estate investment trust (“REIT”).  OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial properties, many of which are subject to long-term net leases. As of June 30, 2025, OLP owns 103 properties, including two properties owned by consolidated joint ventures and two properties owned by unconsolidated joint ventures. The 103 properties are located in 32 states.

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NOTE 2 – SUMMARY ACCOUNTING POLICIESPrinciples of Consolidation/Basis of PreparationThe accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments of a normal recurring nature necessary for fair presentation have been included. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2024.The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary.  OLP and its consolidated subsidiaries are referred to herein as the “Company”.   Material intercompany items and transactions have been eliminated in consolidation.​Purchase Accounting for Acquisition of Real EstateIn acquiring real estate, the Company evaluates whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination.  Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the