OLP News & Events

One Liberty Properties announced it has acquired a 637,633 square foot portfolio of ten industrial properties, below replacement cost. The ten-property portfolio is 100% leased to six tenants. The average in place rent is below market. OLP financed the acquisition with a $17M mortgage on six properties, and an approximately $30M borrowing under its $100M credit facility. The 7.5-year mortgage bears interest at a fixed rate of 5.53%. The credit facility bears a current floating interest rate of 5.45%. OLP anticipates obtaining additional financing on two other properties in the portfolio and using the net proceeds to pay down the credit facility. The properties are situated in seven distribution markets of Greensboro, North Carolina, Columbia, South Carolina, Birmingham, Alabama, Omaha, Nebraska, Oklahoma City, Oklahoma, Salt Lake City, Utah and Jackson, Mississippi. The single-tenant buildings have an average size of 64,000 square feet, average construction year of 2004, average clear height exceeding 24 feet.

Reports Q3 revenue $22.2M, consensus $21.89M. "We continue to evolve the portfolio towards industrial assets, with approximately 70% of our base rent being derived from this property sector. Our recent $33 million purchase of an industrial property further strengthens our industrial platform and provides greater stability of cashflow over the longer term," stated Patrick J. Callan, Jr., President and Chief Executive. Officer of One Liberty. "While our current results were pressured relative to the prior year, we believe that our efforts to further expand our industrial portfolio will result in a stronger company in the coming years."