One Liberty Properties, Inc. · NYSE:OLP

One Liberty Properties — Investor Presentation (January 2014)

29 slides from One Liberty Properties's investor presentation, January 2014

1. Slide 1: One Liberty Properties

   One Liberty Properties January 2014 onelibertyproperties.com

2. Slide 2: Safe Harbor Statement

   Safe Harbor Statement Certain information contained in this presentation, together with other statements and information publicly disseminated by One Liberty Properties, Inc. (the “Company”), constitute forward looking statements within the meaning of Section 27A of Securities Act of 1933, as amende

3. Slide 3: One Liberty Highlights

   One Liberty Highlights  High quality portfolio primarily of net leased properties with stable occupancy and diversified tenants  Disciplined acquisition and disposition track record through economic cycles  Deep management team with extensive real estate and finance experience  Insider ownership

4. Slide 4: Financial & Portfolio Summary

   Financial & Portfolio Summary Number of Properties (1): 109 Current Occupancy (12/31/13): 99% + Current Market Cap: $316 million Total Enterprise Value (2): $608 million Shares Outstanding: 15.7 million Dividend Yield (3): 7.35% (1) Includes five properties owned by unconsolidated joint ventures (2)

5. 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 Patrick J. Callan, Jr. CalPERS that controlled 100 shopping centers (13 million square feet) whi

6. Slide 6: Properties By Sector

   Properties By Sector Amount of 2014 Percentage of 2014 Number of Contractual Rental Contractual Type of Property Properties Income (1) Rental Income Retail 84 $31,381,156 57.5% Industrial 13 $9,863,982 18.1% Flex 3 $3,706,785 6.8% Office 2 $3,423,441 6.3% Health & Fitness 5 $2,961,524 5.4% Other 2 $

7. Slide 7: Diversified Geographic Footprint

   Diversified Geographic Footprint 109 properties in 29 states (6.6 million square feet) Highest State Concentration by Square Footage Number of Square % of Total State Properties Footage Square Footage South Carolina 4 1,046,528 15.9% Wisconsin 2 991,604 15.0% Texas 12 532,784 8.1% Georgia 13 473,948

8. Slide 8: Diversified Tenant Base

   Diversified Tenant Base Top Tenants 2014 Number of Contractual Percent of Contractual Tenant Properties Rental Income Rental Income S&P Credit Rating (1) Haverty Furniture Companies, Inc. (NYSE: HVT) 11 $4,568,723 8.4% Not Rated Office Depot, Inc. (NYSE: ODP) 9 $3,623,175 6.6% B-, Outlook Stable LA

9. Slide 9: Well-Balanced Lease Expirations

   Well-Balanced Lease Expirations 2014 Contractual % of 2014 Contractual Rental Approximate Square % of Square Feet Year Ending Number of Rental Income Under Income Represented by Feet Subject To Expiring Represented by December 31, Expiring Leases Expiring Leases Expiring Leases Leases Expiring Lease

10. Slide 10: Solid Revenue Growth and Acquisition Track Record

    Solid Revenue Growth and Acquisition Track Record  Acquired $107.5 million properties in 2013  Current pipeline of diverse opportunities in excess of $250 million  Transactions sourced through relationships, developers, partners and brokers (1) 2013 total revenue is calculated by annualizing reve

11. Slide 11: 2013 Acquisitions

    2013 Acquisitions Financing Information Mortgage Date Property Lease Purchase GAAP (at the time of Loan Interest Acquired Type Tenant City State Expiration Price Yield (1) purchase) Expiration Rate 3/22/2013 Retail Kmart Clemmons NC 4/30/2018 $4,640,000 11.2% (2) All Cash 7/1/2013 Flex Shutterfly Fo

12. Slide 12: Acquisition Case Study – Flex

    Acquisition Case Study – Flex  Acquired a production & distribution facility Purchase Price $15,500,000 in Fort Mill, SC in July 2013 net leased to Mortgage (at the time of purchase) ($9,300,000) Shutterfly, Inc. (NASDAQ: SLFY) Net Equity Invested $6,200,000  14 miles southwest of downtown Charlot

13. Slide 13: Acquisition Case Study – Retail

    Acquisition Case Study – Retail  A 90% OLP controlled joint venture Below represents the purchase price and yields for the venture acquired a Kmart retail store in Purchase Price $4,640,000 Clemmons, NC in March 2013 net leased Mortgage(closed subsequent to purchase) ($2,552,000) Net Equity Investe

14. Slide 14: Acquisition Case Study – Industrial

    Acquisition Case Study – Industrial  Acquired a distribution facility in Fort Mill, SC in September 2013 net leased to Purchase Price $39,195,000 Mortgage (at the time of purchase) ($27,300,000) Northern Tool & Equipment (S&P rated B+) Net Equity Invested $11,895,000  18 miles south of downtown Ch

15. Slide 15: Strong Balance Sheet

    Strong Balance Sheet Gross Assets(1): $639.7 million Total Debt/Gross Assets(2): 48.3% Fixed Rate Debt: 92.4% Debt Service Coverage Ratio(3): 2.27 Fixed Charge Coverage Ratio(3): 1.84 FFO Payout: 88.75% Return on Equity(4): 7.90% Return on Invested Capital(5): 6.67% • Liquidity available to acquire

16. Slide 16: Laddered Debt Maturities

    Laddered Debt Maturities  Weighted average interest rate of 5.2% on fixed rate debt  There is approximately $8.1 million ($0.52 per share) of scheduled amortization of mortgages for the 12 months ending December 31, 2014 16

17. Slide 17: Stable Operations and Well Covered Dividend

    Stable Operations and Well Covered Dividend (1) A reconciliation of net income per share, as determined in accordance with GAAP, to FFO per share and AFFO per share may be found at the end of this presentation. FFO and 17 AFFO for 2013 represents the annualized results based on the nine months ended

18. Slide 18: Top Tenants Profiles

    Top Tenants Profiles 18

19. Slide 19: Havertys Furniture – Tenant Profile

    Havertys Furniture – Tenant Profile  Tenant: Haverty Furniture Companies, Inc. (NYSE: HVT)  11 properties aggregating 612,130 square feet  Represents 8.4% of 2014 contractual rental income – Duluth (Atlanta), GA  Full service home furnishings retailer founded in 1885 – Fayetteville (Atlanta), GA

20. Slide 20: Representative Havertys – Cedar Park (Austin), TX

    Representative Havertys – Cedar Park (Austin), TX  Building: 50,810 SF on 5.27 acres. Built in 2001. Havertys has operated at this location for more than 9 years.  3 Mile Demographics (Source: Sites USA, 2013) – Population: 85,503 – Average HH Income: $82,293  Location: 11091 Pecan Park Blvd, Ced

21. Slide 21: Representative Havertys – Richmond, VA

    Representative Havertys – Richmond, VA  Building: 38,788 SF on 2.16 acres. Built in 1979 and renovated and expanded in 2001. Havertys has operated at this location for more than 9 years.  3 Mile Demographics (Source: Sites USA, 2013) – Population: 55,806 – Average HH Income: $98,991  Location: 11

22. Slide 22: Office Depot – Tenant Profile

    Office Depot – Tenant Profile  Tenant: Office Depot, Inc. (NYSE: ODP)  9 properties representing 222,395 square feet  Represents 6.6% of 2014 contractual rental income. % of 2014 Contractual Rental Income  Leading global provider of office products and services – Chicago, IL: 1.1%  On November

23. Slide 23: Representative Office Depot – Chicago, IL

    Representative Office Depot – Chicago, IL  Building: 23,939 SF on 2.62 acres. Built in 1994. Office Depot has operated at this location for more than 19 years.  3 Mile Demographics (Source: Sites USA, 2013) – Population: 533,545 – Average HH Income: $90,264  Location: 2928 N. Ashland Ave, Chicago

24. Slide 24: Representative Office Depot – Cary, NC

    Representative Office Depot – Cary, NC  Building: 33,490 SF on 2.68 acres. Built in 1995. Office Depot has operated at this location for more than 18 years.  3 Mile Demographics (Source: Sites USA, 2013) – Population: 66,227 – Average HH Income: $74,987  Location: 2011 Walnut Street, Cary, NC; 5

25. Slide 25: LA Fitness – Tenant Profile

    LA Fitness – Tenant Profile Representative LA Fitness – Secaucus, NJ  Tenant: LA Fitness International LLC  Building: 44,863 SF on 1.229 acres  Represents 5.3% of 2014 contractual rental income.  3 Mile Demographics (Source: Sites USA 2013)  LA Fitness currently operates over 500 clubs in 21 st

26. Slide 26: Northern Tool – Fort Mill, SC

    Northern Tool – Fort Mill, SC  Tenant: Northern Tool & Equipment  Location: 1850 Banks Road, Fort Mill, SC  Represents 4.9% of 2014 contractual rental income  Building: 701,595 square feet on 40 acres of land  A large United States distributor of industrial grade and  3 Mile Demographics (Sour

27. Slide 27: Ferguson Enterprises – Baltimore, MD

    Ferguson Enterprises – Baltimore, MD  Tenant: Ferguson Enterprises, Inc.  Location: 4501 Hollins Ferry Rd, Baltimore MD  Represents 4.5% of 2014 contractual rental income  5 miles south of downtown Baltimore  One of the largest United States distributors of plumbing  Building: 367,000 square f

28. Slide 28: DSM Nutritional – Parsippany, NJ

    DSM Nutritional – Parsippany, NJ  Tenant: DSM Nutritional Products, Inc.  Location: 45 Waterview Plaza, Parsippany, NJ  Represents 4.1% of 2014 contractual rental income  Building: 106,6850 square foot Class A office building on 10.5 acres of land. Built in 1997  Worldwide leading supplier of v

29. Slide 29: GAAP Reconciliation

    GAAP Reconciliation The following table provides a reconciliation of net income in accordance with GAAP to recurring EBITDA: QE 9/13 QE 6/13 QE 3/13 QE 12/12 Net income $ 3,211,000 $ 7,736,000 $ 3,450,000 $ 4,933,000 Add: depreciation of properties 3,077,000 2,797,000 2,854,000 2,725,000 Add: intere

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