One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (April 2024)
36 slides from One Liberty Properties's investor presentation, April 2024
Slide 1: Investor Presentation April 2024
INVESTOR PRESENTATION APRIL 2024
Slide 2: Table of Contents
TABLE OF CONTENTS DESCRIPTION PAGE DESCRIPTION PAGE Table of Contents 2 Recent Mortgages 20 Safe Harbor Disclosure 3 Case Studies: Company Overview 4 Acquisition – Blythewood, SC 21 Experienced Management Team 5 Acquisition – Northwood, OH 22 Attractive Portfolio Fundamentals 6 Disposition – Applebe
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. Disciplined track record through economic cycles 3. Strong emphasis on industrial properties 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 10.9 M Number of Properties 110 Current Occupancy 98.8% Contractual Rental income (2) $71.5 M Cosentino North America – Savannah, GA Average Lease Term Remaining 5.5 Years (1) Information presented as of December 31, 2023, including two pro
Slide 7: Portfolio Detail
PORTFOLIO DETAIL Number of 2024 Contractual % of 2024 Contractual Type of Property 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
Slide 8: Industrial Focused Portfolio
INDUSTRIAL FOCUSED PORTFOLIO (1 ) % 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 2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023 (1) For the years ended Decembe
Slide 9: Diversified Portfolio
DIVERSIFIED PORTFOLIO PROPERTY LISTINGS Geographically diverse footprint INDUSTRIAL R E TA I L O T H E R (1) 55 Properties 43 Properties 12 Properties Own 110 properties in 31 states 20 States 8 States 25 States 8,523,115 SF 1,658,895 SF 715,644 SF Strong markets drive value (1)Other consists
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) 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
Slide 11: Financial Summary
FINANCIAL SUMMARY Market Cap(1) $475.4 M Shares Outstanding(1) 21.3 M Insider Ownership(2) 25.4% Applied Control Equipment – Denver, CO Current Annualized Dividend $1.80 Dividend Yield(3) 8.0% (1) Market cap is calculated using the shares outstanding and the closing OLP stock price of Campania Inter
Slide 12: Operational Metrics
OPERATIONAL METRICS (1)(2) Historical AFFO Per Share $2.00 $1.99 $1.98 (3) $1.95 AFFO Payout 2020 95% $1.90 2021 92% 2022 91% 2023 90% $1.80 2020 2021 2022 2023 (1) For the years ended December 31 (2) A reconciliation of net income per diluted share, as determined in accordance with GAAP, to AFFO pe
Slide 13: Balance Sheet – Positioned for Growth
BALANCE SHEET – POSITIONED FOR GROWTH AS AT DECEMBER 31,2023 Gross Assets(1) $944.3 M Total Debt/Gross Assets(2) 44.7% Fixed Rate Debt 100.0% (3) Debt Service Coverage Ratio 1.7 to 1.0 (3) Fixed Charge Coverage Ratio 1.5 to 1.0 AFFO Payout Ratio 90.0% Liquidity available to acquire in excess of an
Slide 14: Mortgage Debt Maturities
MORTGAGE DEBT MATURITIES AS AT DECEMBER 31, 2023 Weighted average interest rate of 4.31% on fixed rate debt There is approximately $11.9 million ($0.56 per share) of scheduled amortization of mortgages for the year ending December 31, 2024 $200 BALLOON PAYMENTS DUE FOR THE YEAR ENDING DECEMBER 3
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 Year Ending Expiring Rental Income Under Income Represented Square Feet Subject to December 31, Leases Expiring Leases by Expiring Leases Expiring Leases (1) 2024 15 $ 2,5
Slide 16: Stable Occupancy
STABLE OCCUPANCY (1)(2) At March 31, 2024: Occupancy – 98.4% 100.0% 99.3% 98.6% 98.8% 98.3% 97.9% 98.4% 97.3% 97.8% 96.8% 97.0% 90.0% 80.0% 2014 2015 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 LIB
Slide 17: Acquisition Track Record
ACQUISITION TRACK RECORD ACQUISITIONS PER YEAR $120 $118.6 $100 $79.5 $80 ($ in millions) $60 $56.5 $49.3 $43.2 $40 $28.3 $24.3 $20 $13.4 $0 2016 2017 2018 2019 2020 2021 2022 2023 ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION 17
Slide 18: Recent Acquisitions
L EA S E M AT U R I T Y P R O F I L E RECENT ACQUISITIONS (1) Current Purchase Date Property Lease Price Acquired Type Tenant (or d/b/a) MSA State Expiration (in ‘000s) Yield(2) 07/13/23 Industrial Constantia Flexibles/Belk, Inc. Columbia SC 01/31/25 $13,400 6.0% 12/31/26 - 11/15/22 Industrial Oakle
Slide 19: Opportunistic Dispositions
L EA S E M AT U R I T Y P R O F I L E OPPORTUNISTIC DISPOSITIONS Gross Sales Net Date Property Price Gain/(Loss) Date Sold Acquired Type Tenant (or d/b/a) MSA State (in ‘000s) (in ‘000s) 2024 SALE TO DATE 03/06/24 02/25/15 Retail Hacienda Colorado Lakewood CO $ 2,900 $ 1,800(1) 2023 SALES 12/21/23 1
Slide 20: 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 07/13/23 Industrial Constantia Flexibles/Belk, Inc. Columbia SC $ 4,280 N/A 06/01/2
Slide 21: Acquisition Case Study – Carolina Pines II
ACQUISITION CASE STUDY – INDUSTRIAL CAROLINA PINES II ◆ In 2023, acquired an industrial building in Purchase Price $ 13,400,000 Blythewood, SC (Columbia MSA). Mortgage (4,280,000) Net Equity Invested $ 9,120,000 ◆ The 177,040 SF building is net leased to Constantia Flexibles and Belk, Inc. Year 1 Ba
Slide 22: Acquisition Case Study – Multi-Tenant Warehouse
ACQUISITION CASE STUDY – INDUSTRIAL MULTI-TENANT WAREHOUSE PORTFOLIO ◆ In 2022, acquired two warehouses in Northwood, Purchase Price $ 17,190,000 OH (Toledo MSA). Mortgage (6,034,000) ◆ The concrete tilt buildings were constructed in Net Equity Invested $ 11,156,000 1999 and 2001, features 24’-26’ c
Slide 23: Disposition Case Study – Applebee's Portfolio
DISPOSITION CASE STUDY – RESTAURANTS APPLEBEE’S PORTFOLIO ◆ In 2012, acquired a portfolio of four casual dining Purchase Price $ 10,908,000 restaurants in the Atlanta MSA. ◆ The four properties total 19,723 SF and are net leased to a franchise operator of Applebee’s Gross Sales Price(1) $ 13,037,000
Slide 24: Leasing Case Study – HD Supply Facilities
LEASING CASE STUDY – INDUSTRIAL HD SUPPLY FACILITIES MAINTENANCE, LTD. ◆ Industrial building in Louisville, KY acquired in Purchase Price $ 4,400,000 2015. ◆ The functional warehouse was constructed in 1974, features 16’-20’ clear and has 18 loading Current Base Rent $ 621,000 doors. ◆ The 125,370 S
Slide 25: Leasing Case Study – Federal Express
LEASING CASE STUDY – INDUSTRIAL FEDERAL EXPRESS CORPORATION ◆ Industrial building in Indianapolis, IN acquired in Purchase Price $ 9,270,000 2013. Mortgage (8,750,000) ◆ The 125,622 SF building is net leased to Federal Net Equity Invested $ 520,000 Express Corporation. ◆ The building was constructed
Slide 26: Summary – Why OLP?
SUMMARY – WHY OLP? 1. Real Estate fundamentals focused company 2. Disciplined track record through economic cycles 3. Strong emphasis on industrial properties 4. Alignment of interest – significant insider ownership ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION 26 26
Slide 27: Appendices
APPENDICES ONE LIBERTY PROPERTIES, INC.
Slide 28: Top Tenants' Profiles
TOP TENANTS’ PROFILES
Slide 29: FedEx – Tenant Profile
FEDEX– TENANT PROFILE ◆ Tenant: Operating Subsidiaries of FedEx ◆ 6 properties represents 5.5% of 2024 Corporation (NYSE: FDX)(Source: Tenant’s website) contractual rental income and 678,595 SF ➢ World’s largest express transportation % of Contractual Rental Income company with service to more than
Slide 30: Havertys Furniture – Tenant Profile
HAVERTYS FURNITURE – TENANT PROFILE ◆ Tenant: Havertys Furniture Companies, Inc. ◆ Represents 4.7% of 2024 contractual rental (NYSE: HVT) (Source: Tenant’s website) income ➢ Full-service home furnishing retailer founded in 1885 ◆ 8 properties aggregating 436,782 SF ➢ Public company since 1929 Wich
Slide 31: Northern Tool & Equipment – Tenant Profile
NORTHERN TOOL & EQUIPMENT – TENANT PROFILE ◆ Tenant: Northern Tool & Equipment ◆ Represents 4.3% 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 32: NARDA Holdings, Inc. – Tenant Profile
NARDA HOLDINGS, INC. – TENANT PROFILE ◆ Tenant: NARDA Holdings, Inc. ◆ Represents 4.1% 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 33: 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 550 clubs in 23 states and Canada Secaucus, NJ; 4 miles west of Manhattan; ➢ Founded in 1984 and is headquart
Slide 34: GAAP Reconciliation
GAAP RECONCILIATION ONE LIBERTY PROPERTIES, INC.
Slide 35: 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 YEARS ENDED DECEMBER 31, 2023 2022 2021 2020 GAAP net income attributable to One Liberty Properties
Slide 36: 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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