ONE LIBERTY PROPERTIES, INC. INVESTOR
PRESENTATION
APRIL 2024
TABLE OF CONTENTS
DESCRIPTION | PAGE |
Table of Contents | 2 |
Safe Harbor Disclosure | 3 |
Company Overview | 4 |
Experienced Management Team | 5 |
Attractive Portfolio Fundamentals | 6 |
Portfolio Detail | 7 |
Industrial Focused Portfolio | 8 |
Diversified Portfolio | 9 |
Diversified Tenant Base | 10 |
Financial Summary | 11 |
Operational Metrics | 12 |
Growth Positioned Balance Sheet | 13 |
Mortgage Debt Maturities | 14 |
Lease Maturity Profile | 15 |
Stable Occupancy | 16 |
Acquisition Track Record | 17 |
Recent Acquisitions | 18 |
Opportunistic Dispositions | 19 |
DESCRIPTION | PAGE |
Recent Mortgages | 20 |
Case Studies: | |
Acquisition - Blythewood, SC | 21 |
Acquisition - Northwood, OH | 22 |
Disposition - Applebee's Portfolio | 23 |
Leasing - Louisville, KY | 24 |
Leasing - Indianapolis, IN | 25 |
Summary | 26 |
APPENDICES | |
Top Tenant Profiles: | |
FedEx | 29 |
Havertys Furniture | 30 |
Northern Tool & Equipment | 31 |
NARDA Holdings, Inc. | 32 |
LA Fitness | 33 |
GAAP Reconciliation to FFO & AFFO | 35 |
Non-GAAP Financial Measures | 36 |
2
SAFE HARBOR
This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements,
which are based on certain assumptions and describe our future plans, strategies and expectations, are
generally identifiable by use of the words "may," "will," "could," "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions or variations thereof and include, without limitations, statements regarding our future estimated rental income, funds from operations, adjusted funds from operations and our dividend. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect our results of operations, financial condition, cash flows,
performance or achievements. Uncertainties, risks and factors which may cause actual results to differ
materially from current expectations are contained in our SEC filings, and, in particular, the sections of our Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Reports on Form 10-Q filed thereafter captioned "Risk Factors", "Cautionary Note Regarding Forward Looking Statements", and "Management's Discussion and Analysis of Financial Condition and Results of Operations". Copies of the SEC filings may be obtained from us or the SEC. We do not undertake to publicly update or revise any forward-looking statements included in this presentation, whether as a
result of new information, future events or otherwise.
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N 3 | 3 |
COMPANY OVERVIEW
- Real Estate fundamentals focused company
- Disciplined track record through economic cycles
- Strong emphasis on industrial properties
- Alignment of interest - significant insider ownership
4
EXPERIENCED MANAGEMENT TEAM
Patrick J. Callan, Jr.
President & CEO
- Chief Executive Officer since 2008, President since 2006, Director since 2002
- Senior Vice President of First Washington Realty Inc. from 2004 to 2005. A joint venture with CalPERS that controlled 100 shopping centers (13 million square feet) which was sold for $2.6 billion to Regency Centers/Macquarie
- Vice President of Kimco Realty Corporation (NYSE: KIM) from 1998 to 2004, joined in 1987. Responsible for a $3 billion, 200+ shopping center portfolio
Lawrence G. Ricketts, Jr.
EVP & COO
- Chief Operating Officer since 2008 and Executive Vice President since 2006 (Vice President since 1999)
- Over $3 billion of transaction experience in acquisitions, dispositions and financings
Isaac Kalish, CPA
SVP & CFO
- Chief Financial Officer since 2023 and Senior Vice President since 2022 and Vice President from 2013 through 2022
- Vice President and Treasurer of BRT Apartments Corp. (NYSE: BRT) since 2013 and 2014, respectively, and Senior Vice President since 2022
- Treasurer of the managing general partner of Gould Investors L.P. since 2013
David W. Kalish, CPA
SVP - Financial
- Senior Vice President - Finance since 2023
- Senior Vice President and Chief Financial Officer from 1990 through 2023.
- Senior Vice President, Finance of BRT Apartments Corp. (NYSE: BRT) since 1998 and Senior Vice President and Chief Financial Officer of the managing general partner of Gould Investors L.P. since 1990
Matthew J. Gould
Chairman
- Chairman of the Board since June 2013 and Vice Chairman from 2011 through 2013. President and Chief Executive Officer from 1989 to 1999; Senior Vice President from 1999 to 2011
- Senior Vice President of BRT Apartments Corp. (NYSE: BRT) since 1993 and Director since 2004
- Chairman/Manager of the managing general partner of Gould Investors L.P. since January 2013 and President and CEO from 1997 to 2012
- Vice Chairman of the Board since June 2013. Chairman of the Board from 1989 to 2013
Fredric H. Gould
Vice Chairman
- Chairman of BRT Apartments Corp. (NYSE: BRT) from 1984 to April 2013 and Director since 1984
- Chairman Emeritus of the managing general partner of Gould Investors L.P. since January 2013 and Chairman from 1997 to 2013
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N | 5 |
ATTRACTIVE PORTFOLIO FUNDAMENTALS(1 )
Total Square Footage
Number of Properties
Current Occupancy
10.9 M 110
98.8%
Contractual Rental income | (2) | $71.5 M | |
Cosentino North America - Savannah, GA | |||
Average Lease Term Remaining 5.5 Years
- Information presented as of December 31, 2023, including two properties owned by unconsolidated joint ventures.
- Our 2024 contractual rental income represents, after giving effect to any abatements, concessions, deferrals or adjustments, the base rent payable to us in 2024 through the stated expiration of such leases, under leases in effect at December 31, 2023. Our 2024 contractual rental income includes an aggregate of $2.9 million comprised of: (i) $1.3 million based on a negotiated but unsigned lease amendment from a tenant at our Brooklyn, New York office property, (ii) $1.2 million from Regal Cinemas, as to which there is uncertainty as to its collectability, (iii) $325,000 representing the base rent payable by Dick's Sporting Goods (Champaign, Illinois) in the twelve months ending December 31, 2024, although such lease is subject to termination by the landlord or tenant upon 90 days' notice and (iv) $120,000 from the LA Fitness lease in Hamilton, Ohio which terminates May 1, 2024. Our 2024 contractual rental income excludes, subject to the property generating specified levels of positive operating cash flow, $1.3 million of estimated variable lease payments from The Vue, a multi-family complex which ground leases the underlying land from us and as to which there is uncertainty as to when and whether the tenant will resume paying rent
O N E L I B E R T Y P R O P E R T I E S , I N C .
FedEx Ground - Lowell, AR (Northwest Arkansas MSA)
I N V E S T O R P R E S E N T A T I O N | 6 |
PORTFOLIO DETAIL
Type of Property | Number of | 2024 Contractual | % of 2024 Contractual | ||
Properties | Rental Income(1) | Rental Income | |||
Industrial | 55 | $47,114,698 | 65.9% | ||
Retail - General | 28 | 11,308,659 | 15.8 | ||
Retail - Furniture | 10 | 4,039,571 | 5.7 | ||
Retail - Office Supply | 5 | 2,085,527 | 2.9 | ||
Health & Fitness | 3 | 2,645,989 | 3.7 | ||
Other(2) | 3 | 1,908,522 | 2.7 | ||
Restaurants | 4 | 1,211,161 | 1.7 | ||
Theater | 2 | 1,176,619 | 1.6 | ||
Total: | 110 | $71,490,746 | 100.0% | ||
- See "-Attractive Portfolio Fundamentals" for explanation of 2024 Contractual Rental Income
- Other is comprised of a veterinary hospital, an office and a ground lease for The Vue, an apartment complex
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N | 7 |
INDUSTRIAL FOCUSED PORTFOLIO(1 )
60%
40%
20%
0%
% of Industrial Rental Income, Net (2)
63.3%
55.4% 57.0% 57.3%
48.7%
40.1%
35.1%
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
60
50
40
30
20
10
0
Industrial Properties Owned
54 55
49
44 46
36
28
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
- For the years ended December 31
- Rental Income, net in accordance with Financial Accounting Standards Board Accounting Standards Codification 842
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N | 8 |
DIVERSIFIED PORTFOLIO
- Geographically diverse footprint
- Own 110 properties in 31 states
- Strong markets drive value
P R O P E R T Y L I S T I N G S
I N D U S T R I A L | R E TA I L | O T H E R (1) | |
55 Properties | 43 Properties | 12 Properties | |
25 States | 20 States | 8 States | |
8,523,115 SF | 1,658,895 SF | 715,644 SF |
(1)Other consists of the following property types: Restaurant, Health & Fitness, Theater, Apartments, Office and Other.
HIGHEST STATE CONCENTRATION BY 2024 CONTRACTUAL RENTAL INCOME
State | Number of | 2024 Contractual Rental | % 2024 Contractual | ||||
Properties | Income | Rental Income | |||||
South Carolina | 8 | $ | 8,543,490 | 12.0% | |||
New York | 7 | 6,558,674 | 9.2 | ||||
Texas | 7 | 5,623,532 | 7.9 | ||||
Pennsylvania | 5 | 5,394,302 | 7.5 | ||||
New Jersey | 4 | 3,763,401 | 5.3 | ||||
31 | $29,883,399 | 41.9% | |||||
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N | 9 |
DIVERSIFIED TENANT BASE
2024 | % of 2024 | ||
Number of | Contractual | Contractual | |
Top Tenants | Locations | Rental Income | Rental Income |
FedEx (NYSE: FDX) | 6 | $3,920,264 | 5.5% |
Havertys Furniture Companies, Inc. (NYSE: HVT) | 8 | 3,375,585 | 4.7 |
Northern Tool & Equipment | 1 | 3,083,895 | 4.3 |
NARDA Holdings, Inc. | 1 | 2,946,308 | 4.1 |
LA Fitness International, LLC | 3 | 2,645,989 | 3.7 |
Total: | 19 | $15,972,041 | 22.3% |
O N E L I B E R T Y P R O P E R T I E S , I N C . | I N V E S T O R P R E S E N T A T I O N | 10 |
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Disclaimer
One Liberty Properties Inc. published this content on 04 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2024 18:13:07 UTC.
