Company: OLP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0001558370-25-002406
Chunk: 19

Company: ONE LIBERTY PROPERTIES INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 19
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Item 1.  Business.

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General

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We are a self-administered and self-managed real estate investment trust, also known as a REIT. We acquire, own and manage a geographically diversified portfolio consisting of industrial and, to a lesser extent, retail properties, many of which are subject to long-term leases. Most of our leases are “net leases” under which the tenant, directly or indirectly, is responsible for paying the real estate taxes, insurance and ordinary maintenance and repairs of the property. As of December 31, 2024, we own 100 properties and participate in joint ventures that own two properties. These 102 properties are located in 31 states and have an aggregate of approximately 10.9 million square feet (including an aggregate of approximately 46,000 ­square feet at properties owned by our joint ventures).

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As of December 31, 2024:

●our 2025 contractual rental income (as described in “— Our Tenants”) is $72.0 million;

●the occupancy rate of our properties is 99.2% based on square footage;

●the weighted average remaining term of our mortgage debt is 6.1 years and the weighted average interest rate thereon is 4.56%; and

●the weighted average remaining term of the leases generating our 2025 contractual rental income is five years.

We maintain a website at www.1liberty.com. The reports and other documents that we electronically file with, or furnish to, the SEC pursuant to Section 13 or 15(d) of the Exchange Act can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC’s website at www.sec.gov. The information on our website is not part of this report.

2024 and Recent Developments

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In 2024:

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●we acquired three industrial properties for an aggregate purchase price of $44.7 million. These properties account for $3.0 million, or 4.1%, of our 2025 contractual rental income.

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●we sold 11 properties (i.e., six retail, two industrial, two health and fitness, and one restaurant) and one parcel at a multi-tenant retail property, for an aggregate net sales proceeds of $38.2 million and an aggregate net gain on sale of real estate of $18.0 million. The properties sold accounted for $2.7 million, or