One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (September 2024)
35 slides from One Liberty Properties's investor presentation, September 2024
Slide 1: Investor Presentation September 2024
INVESTOR PRESENTATION SEPTEMBER 2024
Slide 2: Table of Contents
TABLE OF CONTENTS DESCRIPTION PAGE DESCRIPTION PAGE Table of Contents 2 Opportunistic Dispositions 19-20 Safe Harbor Disclosure 3 Recent Mortgages 21 Company Overview 4 Case Studies: Experienced Management Team 5 Acquisition – Council Bluffs, IA 22 Attractive Portfolio Fundamentals 6 Leasing & Finan
Slide 3: Safe Harbor
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 provis
Slide 4: Company Overview
COMPANY OVERVIEW 1. Real Estate fundamentals focused company 2. Focused on industrial properties 3. Disciplined track record through economic cycles 4. Alignment of interest – significant insider ownership ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION 44
Slide 5: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM 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 Patrick J. Callan, Jr. controlled 100 shopping centers (13 million square feet) whi
Slide 6: Attractive Portfolio Fundamentals
ATTRACTIVE PORTFOLIO FUNDAMENTALS (1 ) Total Square Footage 10.8 M Number of Properties 106 Occupancy 98.2% Contractual Rental income (2) $71.1 M Multi-tenant – Council Bluffs, IA Average Lease Term Remaining 5.5 Years (1) Information presented as of June 30, 2024, including two properties owned by
Slide 7: Portfolio Detail
PORTFOLIO DETAIL Number of 2024 Contractual % of 2024 Contractual Type of Property Properties Rental Income(1) Rental Income Industrial 56 $48,096,061 67.7% Retail – General 25 11,076,980 15.6 Retail – Furniture 9 3,496,357 4.9 Retail – Office Supply 5 1,965,195 2.8 Other(2) 11 6,444,883 9.0 Total:
Slide 8: Industrial Focused Portfolio
INDUSTRIAL FOCUSED PORTFOLIO (1 ) As of June 30, 2024: % of Industrial Rental Income, Net (2) – 66.1% Industrial Properties Owned - 56 % of Industrial Rental Income, Net (2) Industrial Properties Owned 60 63.3% 55 54 60% 57.0% 57.3% 49 55.4% 50 46 44 48.7% 40 40.1% 36 40% 35.1% 30 28 20 20% 10 0% 0
Slide 9: Geographically Diversified Portfolio
GEOGRAPHICALLY DIVERSIFIED PORTFOLIO PROPERTY LISTINGS INDUSTRIAL R E TA I L O T H E R (1) 56 Properties 39 Properties 11 Properties Own 106 properties in 31 states 26 States 18 States 8 States Strong markets drive value 8,586,078 SF 1,509,095 SF 711,593 SF (1)Other consists of the following pro
Slide 10: Diversified Tenant Base
DIVERSIFIED TENANT BASE 2024 % of 2024 Number of Contractual Contractual Top Tenants Locations Rental Income Rental Income FedEx (NYSE: FDX) 5 $3,735,618 5.3% Northern Tool & Equipment 1 3,106,909 4.4 NARDA Holdings, Inc. 1 2,982,908 4.2 Havertys Furniture Companies, Inc. (NYSE: HVT) 7 2,815,962 4.0
Slide 11: Financial Summary
FINANCIAL SUMMARY Market Cap(1) $588.8 M Shares Outstanding(1) 21.4 M Insider Ownership(2) 25.5 % Applied Control Equipment – Denver, CO Current Annualized Dividend $1.80 Dividend Yield(3) 6.5 % (1) Market cap is calculated using the shares outstanding and the closing OLP stock price of Campania Int
Slide 12: Operational Metrics
OPERATIONAL METRICS (1) Historical AFFO Per Share (2) Six Months Ended $2.00 $1.99 June 30, 2024: $1.98 AFFO per share - $0.95 AFFO Payout (3) - 95% $1.95 (3) AFFO Payout $1.90 2023 90% 2022 91% 2021 92% $1.80 2020 95% 2020 2021 2022 2023 (1) A reconciliation of net income per diluted share, as dete
Slide 13: Balance Sheet – Positioned for Growth
BALANCE SHEET – POSITIONED FOR GROWTH AS AT JUNE 30,2024 Gross Assets(1) $944.5 M Total Debt/Gross Assets(2) 44.4% Fixed Rate Debt 100.0% (3) Debt Service Coverage Ratio 2.3 to 1.0 (3) Fixed Charge Coverage Ratio 2.7 to 1.0 Liquidity available to acquire in excess of an estimated $250 million of p
Slide 14: Mortgage Debt Maturities
MORTGAGE DEBT MATURITIES AS AT JUNE 30, 2024 Weighted average interest rate of 4.41% on fixed rate debt There is approximately $11.3 million of scheduled amortization of mortgages for the twelve months ending June 30, 2025 BALLOON PAYMENTS DUE FOR THE TWELVE MONTHS ENDING JUNE 30, $200 $172.5 $1
Slide 15: Lease Maturity Profile
L EA S E M AT U R I T Y P R O F I L E LEASE MATURITY PROFILE % of 2024 Number of 2024 Contractual Contractual Rental Approximate Twelve Months Ending Expiring Rental Income Under Income Represented Square Feet Subject June 30, Leases Expiring Leases by Expiring Leases to Expiring Leases (1) 2025 14
Slide 16: Stable Occupancy
STABLE OCCUPANCY (1)(2) At September 30, 2024: Occupancy – 99.1% 100.0% 99.3% 98.8% 97.9% 98.4% 97.3% 97.8% 96.8% 97.0% 90.0% 80.0% 2016 2017 2018 2019 2020 2021 2022 2023 (1) As at December 31 (2) Based on square footage, including 100% of our unconsolidated joint ventures ONE LIBERTY PROPERTIES, I
Slide 17: Acquisition Track Record
ACQUISITION TRACK RECORD ACQUISITIONS PER YEAR $120 $100 $80 $79.5 ($ in millions) $60 $56.5 $49.3 $44.7(1) $40 $28.3 $24.3 $20 $13.4 $0 2018 2019 2020 2021 2022 2023 2024 (1) Represents acquisitions completed through September 30, 2024. ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION 17
Slide 18: Recent Industrial Acquisitions
L EA S E M AT U R I T Y P R O F I L E RECENT INDUSTRIAL ACQUISITIONS (1) Purchase Date Current Lease Price Acquired Tenant (or d/b/a) MSA State Expiration (in ‘000s) Yield(2) 08/19/24 Multi-tenant Council Bluffs IA 03/31/28 - 02/28/31 $33,000 6.8% 05/23/24 Russell Equipment, Inc. Savannah GA 06/30/3
Slide 19: Opportunistic Dispositions
L EA S E M AT U R I T Y P R O F I L E OPPORTUNISTIC DISPOSITIONS 2024 SALES TO DATE Gross Sales Net Date Date Price Gain/(Loss) Sold Acquired Property Type Tenant (or d/b/a) MSA State (in ‘000s) (in ‘000s) 09/23/24 05/21/14 Retail Hobby Lobby Minneapolis MN $ 4,750 $ 921 08/29/24 05/30/19 Industrial
Slide 20: Opportunistic Dispositions (Continued)
L EA S E M AT U R I T Y P R O F I L E OPPORTUNISTIC DISPOSITIONS (C on t in u e d) 2023 SALES Gross Sales Net Date Date Property Price Gain/(Loss) Sold Acquired Type Tenant (or d/b/a) MSA State (in ‘000s) (in ‘000s) 12/21/23 11/07/96 Retail Barnes & Noble Fort Myers FL $ 7,300 $ 3,997 12/15/23 04/07
Slide 21: Recent Mortgages
L EA S E M AT U R I T Y P R O F I L E RECENT MORTGAGES Date Mortgage New Financed/ Property Amount Money Mortgage Interest Refinanced Type Tenant (or d/b/a) MSA State (in ‘000s) (in ‘000s) Maturity Rate NEW MORTGAGES 08/19/24 Industrial Multi-tenant Council Bluffs IA $18,425 N/A 09/01/34 6.08% 06/07
Slide 22: Acquisition Case Study – Industrial River Road Logistics Building I
ACQUISITION CASE STUDY – INDUSTRIAL RIVER ROAD LOGISTICS BUILDING I ◆ Industrial building in Council Bluffs, IA (Omaha Purchase Price $ 33,000,000 MSA) – acquired in 2024. Mortgage (18,425,000) Net Equity Invested $ 14,575,000 ◆ The 302,347 SF building is net leased to three tenants. Year 1 Base Ren
Slide 23: Leasing & Finance Case Study – Industrial St. Louis, MO
LEASING & FINANCE CASE STUDY – INDUSTRIAL ST. LOUIS, MO ◆ Industrial building in St. Louis, MO – acquired in Base Rent Upon Acquisition $ 1,373,000 2015. Rent per Square Foot $ 4.05/SF ◆ The 339,094 SF building is net leased to CHEP USA and FedEx Ground Package System, Inc. Current Base Rent $ 1,730
Slide 24: Leasing Case Study – Industrial Bensalem, PA
LEASING CASE STUDY – INDUSTRIAL BENSALEM, PA ◆ Industrial building in Bensalem, PA (Philadelphia Base Rent Upon Acquisition $ 395,000 MSA) - acquired in 2019. Rent per Square Foot $ 4.80/SF ◆ The 82,177 SF building is net leased to two tenants. Current Base Rent $ 583,000 Current Rent per Square Foo
Slide 25: Summary – Why OLP?
SUMMARY – WHY OLP? 1. Real Estate fundamentals focused company 2. Focused on industrial properties 3. Disciplined track record through economic cycles 4. Alignment of interest – significant insider ownership ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION 25 25
Slide 26: Appendices
APPENDICES ONE LIBERTY PROPERTIES, INC.
Slide 27: Top Tenants' Profiles
TOP TENANTS’ PROFILES Havertys Furniture
Slide 28: FedEx – Tenant Profile
FEDEX– TENANT PROFILE ◆ Tenant: Operating Subsidiaries of FedEx ◆ 5 properties represents 5.3% of 2024 Corporation (NYSE: FDX)(Source: Tenant’s website) contractual rental income and 642,888 SF ➢ World’s largest express transportation % of Contractual Rental Income company with service to more than
Slide 29: Northern Tool & Equipment – Tenant Profile
NORTHERN TOOL & EQUIPMENT – TENANT PROFILE ◆ Tenant: Northern Tool & Equipment ◆ Represents 4.4% of 2024 contractual rental (Source: Tenant’s website) income ➢ Distributor and retailer of industrial grade and ◆ Location: 1850 Banks Road, Fort Mill, SC personal use power tools and equipment ➢ Buildin
Slide 30: NARDA Holdings, Inc. – Tenant Profile
NARDA HOLDINGS, INC. – TENANT PROFILE ◆ Tenant: NARDA Holdings, Inc. ◆ Represents 4.2% of 2024 contractual rental (Source: Tenant’s website) income ➢ L3 Technologies, Inc., (a wholly owned subsidiary of L3 Harris Technologies, Inc. (NYSE: LHX)) ◆ Location: 435 Moreland Road, Hauppauge, NY assigned t
Slide 31: Havertys Furniture – Tenant Profile
HAVERTYS FURNITURE – TENANT PROFILE ◆ Tenant: Havertys Furniture Companies, Inc. ◆ Represents 4.0% of 2024 contractual rental (NYSE: HVT) (Source: Tenant’s website) income ➢ Full-service home furnishing retailer founded in 1885 ◆ 7 properties aggregating 348,674 SF ➢ Public company since 1929 Lexi
Slide 32: LA Fitness – Tenant Profile
LA FITNESS – TENANT PROFILE ◆ Tenant: LA Fitness International, LLC ◆ Representative: LA Fitness – Secaucus, NJ (Source: Tenant’s website) ➢ Location: 485 Harmon Meadow Blvd, ➢ Operates over 570 clubs in 22 states and Canada Secaucus, NJ; 4 miles west of Manhattan; ➢ Founded in 1984 and is headquart
Slide 33: GAAP Reconciliation
GAAP RECONCILIATION ONE LIBERTY PROPERTIES, INC.
Slide 34: GAAP Reconciliation
GAAP RECONCILIATION G A A P R EC O N C I L I AT I O N The following table provides a reconciliation of net income per share of common stock (on a diluted basis) in accordance with GAAP to FFO and AFFO 6 MONTHS YEARS ENDED DECEMBER 31, ENDED JUNE 30, 2024 2023 2022 2021 2020 GAAP net income attributa
Slide 35: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES One Liberty compute funds from operations, or FFO, in accordance with the “White Paper on Funds From Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT’s related guidance. FFO is defined in the White Paper as net income (
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