One Liberty Properties Inc 2024年度报告

ABOUTUS One Liberty Properties, Inc.is a self-administered and self-managedreal estate investment trust incorporated under the laws of Maryland inDecember 1982. The Company acquires, owns and manages a geographicallydiversified portfolio consisting primarily of industrial and, to a lesser extent,retail properties, many of which are subject to long-term leases. Many of ourleases are “net leases,” under which the tenant is typically responsible forreal estate taxes, insurance and ordinary maintenance and repairs. We acquired our portfolio of properties by balancing fundamental realestate analysis with tenant credit evaluation. Our analysis focuses on thevalue of a property, determined primarily by its location, use and localdemographics. We also evaluate a tenant’s financial ability to meetoperational needs and lease obligations. We believe that our emphasison property value enables us to achieve better returns on our acquiredproperties and also enhances our ability to re-rent or dispose of a propertyon favorable terms upon the expiration or early termination of a lease.Consequently, we believe that the weighing of these factors in our analysisenables us to achieve attractive current returns with potential growththrough contractual rent increases and property appreciation. LETTERTO STOCKHOLDERS Dear Stockholders, and restaurant properties, respectively,resulting in a gain of $94.5 million. Theseprofitable sales exemplify our prowess as a realestate team. We are proud of the team’s effortsto transform our company amid uncertaininterest rates and an economy marked byinflation over the past few years. We are pleased to report that our position asan owner of industrial properties has grownsignificantly. Since the start of 2024 throughthe end of the first quarter of 2025, we haveadded seven industrial properties for anaggregate purchase price of $133 million,reaffirming our strong belief in the value of thisasset class. Our successful efforts to grow ourindustrial asset base demonstrate our ability toenhance the quality and sustainability of ourlong-term cash flows and create value forstockholders. Our industrial portfolio representsalmost 75% of our base rent. Given the demandfor our industrial properties that are welllocated and near key transportation hubs, webelieve One Liberty will benefit over time fromhaving a large and meaningful ownershippresence in this real estate sector. Even with all of the asset sales, we were able tosustain 2024 revenues at approximately $90.6million, 2023’s number. We also declared our129th consecutive quarterly dividend paymentin March of this year. Our leasing activity during the year reachedover one million square feet as we amended,extended and renewed 27 leases, whichresulted in occupancy increasing by 40 basispoints year-over-year, reaching 99%. We endedthe year owning 100 properties with a net bookvalue of $672 million. During 2024, we completed the sale of 12 assets(primarily retail properties), resulting in a gain of$18 million. And over the past five years, wehave sold 39 assets, including 18 and 15 retail We now have a presence in 31 states, with 11.6million square feet in our portfolio, including 9.6million square feet in our industrial portfolio. As we step into 2025, we will continue tomaintain strong occupancy and rental rategrowth upon lease renewal while pursuingadditional growth opportunities in part byusing the $95 million available to us underour credit facility. We remain open to sellingproperties as they reach their maximumpotential, keeping a focus on continuingto build a solid industrial asset base. Weremain aligned with stockholders, givenmanagement’s approximate 25% ownershipstake, and are committed to maximizingvalue for stockholders for years to come.We thank our Board of Directors for theirguidance and our entire organization fortheir ongoing contributions in making thecompany stand out. 42%2 0 2 4T O T A L D E B T T OT O T A LM A R K E T C A P(1) Our properties span key locations, fromAlabama to Arizona. We have maintained anacquisition approach that is methodical with anemphasis on long-term value. While we targetgrowth markets, we appreciate the importanceof local, in-depth knowledge of a specificmarket within a targeted region. We seek toown properties that have favorablecharacteristics such as: Sincerely yours, ▶barriers to entry,▶fundamental growth demographics,▶tenants with appropriate credit profiles,▶proven history of providing positivecash flows, and▶potential for future value creation. PATRICK J. CALLAN, JR. President and Chief Executive OfficerMarch 31, 2025 This strategy has served us well for over fourdecades, enabling us to maximize value bothwhile the property is leased and upon exitthrough a timely sale. MATTHEW J. GOULDChairman of the BoardMarch 31, 2025 Market cap is calculated using the shares outstanding and the closing OLP stock price of $27.24 at December 31, 2024. 129C O N S E C U T I V EQ U A R T E R L YD I