One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (January 2021)
36 slides from One Liberty Properties's investor presentation, Jan 8, 2021
Slide 1: Investor Presentation January 2021
ڏ 1 INVESTOR PRESENTATION JANUARY 2021 onelibertyproperties.com
Slide 2: Table of Contents
DESCRIPTION ڏ 2 PAGE Table of Contents Safe Harbor Disclosure Company Overview Experienced Management Team Attractive Portfolio Fundamentals Portfolio Detail COVID - 19 Impact on Rent Collections Diversified Portfolio Diversified Tenant Base Financial Summary Operational Metrics Steady Dividend Grow
Slide 3: Safe Harbor Disclosure
This presentation contains certain forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . We intend such forward - looking statements to be covered by the safe harbor provision
Slide 4: Company Overview
Fundamentals – focused real estate company Disciplined track record over various economic cycles Active net lease strategy - emphasis on industrial properties Experienced management team Alignment of interests - significant insider ownership ڏ 4 COMPANY OVERVIEW
Slide 5: 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
Slide 6: Attractive Portfolio Fundamentals
Total Square Footage 10.7 M Number of Properties 125 Current Occupancy 9 6 . 9 % Con t ract u a l Ren t a l inc o m e ( 2) $76.0 M Lease Term Remaining 6.0 Years Cosentino North America – Savannah, GA (1) Information presented as of September 30, 2020, including three properties owned by unconsolida
Slide 7: Portfolio Detail
(1) Though we have three theaters, one is part of a multi - tenant shopping center property in Manahawkin, NJ and is therefore excluded from this column (2) The contractual rental income associated with the theater in Manahawkin, NJ is included (3) Other is comprised of a ground lease for an apartme
Slide 8: Impact of COVID-19 on Rent Collections
IMPACT OF COVID - 19 ON RENT COLLECTIONS October 2020 (1) 5% 95% Collected Uncollected De c emb e r 202 0 (1) 4% 96% Collected Uncollected N o v emb e r 202 0 (1) 4% 96% Collected Uncollected ڏ 8 (1) Represents the percentage of base rent due each month, before giving effect to COVID - 19 related le
Slide 9: Diversified Portfolio
DIVERSIFIED PORTFOLIO Highest State Concentration by Contractual Rental Income Geographically diverse footprint State Number of Properties Contractual Rental Income % Contractual Rental Income New York 8 $ 6 , 3 9 9 , 7 7 0 8 . 4% Own 125 properties in 31 states Texas 9 6 , 2 4 0 , 8 12 8.2 South Ca
Slide 10: Diversified Tenant Base
DIVERSIFIED TENANT BASE Top Tenants Number of Locations Contractual Rental Income % of Contractual Rental Income Haverty Furniture Companies, Inc. (NYSE: HVT) 11 $ 5,435,267 7 . 2% FedEx (NYSE: FDX) 6 3 , 5 6 7 , 0 49 4.7 LA Fitness International, LLC 3 3 , 3 3 5 , 0 73 4.4 Northern Tool & Equipment
Slide 11: Financial Summary
M a rket Ca p ( 1) $408.9 M Share s Ou t s t a nd i ng ( 1) 20.6 M I nsider Own e rshi p ( 2) 2 2 . 1 % C u r r ent A nn u a l ize d D i v i d en d ( 3) $1 . 8 0 D i v i d end Y iel d ( 4) 9. 1 % Applied Control Equipment – Denver, CO Campania International / U.S. Tape – Philadelphia, PA (1) Market
Slide 12: Operational Metrics
OPERATIONAL METRICS (1)(2) $1. 9 0 $1. 9 4 $2.02 (3) $1.84 (3) $ 1 . 6 0 $ 1 . 8 0 $ 2 . 0 0 $ 2 . 2 0 2 0 1 6 20 1 7 20 1 8 20 1 9 Historical FFO Per Share $1. 9 9 $2. 0 9 $2. 1 3 $1. 9 8 $ 1 . 6 0 $ 1 . 8 0 $ 2 . 0 0 $ 2 . 2 0 20 1 6 20 1 7 20 1 8 20 1 9 Historical AFFO Per Share FFO Payout (4) 20
Slide 13: Steady Dividend
STEADY DIVIDEND (1) $1.66 ڏ 13 $1.74 $1.80 $1.80 $1.80 (2) $1 . 00 $1 . 20 $1 . 40 $1 . 60 $1 . 80 2016 2017 2018 (1) For the years ended December 31 (2) During 2020, approximately 18.75% of the dividend was paid in shares of our common stock 20 1 9 20 2 0 DIVIDEND PER SHARE
Slide 14: Growth Oriented Balance Sheet
GROWTH ORIENTED BALANCE SHEET AS AT SEPTEMBER 30, 2020 (1) Gross assets represent total assets plus accumulated depreciation of $143.7 million (2) Total debt includes our share of debt of our unconsolidated joint venture ( i.e. $11.5 million) and excludes unamortized deferred financing costs (i.e .
Slide 15: Mortgage Debt Maturities
MORTGAGE DEBT MATURITIES AS AT SEPTEMBER 30, 2020 (1) $23.4 ڏ 15 $25.1 $49.5 $45.3 $2.1 20 2 1 20 2 2 20 2 3 20 2 4 BALLOON PAYMENTS DUE FOR THE TWELVE MONTHS ENDING SEPTEMBER 30, $ 1 7 1 .9 $0 $40 $80 $1 2 0 $1 6 0 $2 0 0 20 2 5 2026 & Beyond ($ in millions) Weighted average interest rate of 4.18%
Slide 16: Lease Maturity Profile
LEASE MATURITY PROFILE 12 Months Ending September 30, Number of Expiring Leases Contractual Rental Income Under Expiring Leases % of Contractual Rental Income Represented by Expiring Leases Approximate Square Feet Subject to Expiring Leases 2021 13 $ 914, 5 20 1. 2 % 203, 6 47 2022 26 14, 7 32,145 1
Slide 17: Stable Occupancy
STABLE OCCUPANCY (1)(2) 98. 9 % 98. 1 % 98. 8 % 99 . 6 % 98. 6% 98. 3 % 97. 3 % 99 . 3% 97. 8 % 96. 8 % 80.0% 9 0 . 0% 100.0% 2010 2011 2012 2013 2014 (1) As at December 31 (2) Based on square footage, including 100% of our unconsolidated joint ventures 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 At Septembe
Slide 18: Strong Rental Income Growth
STRONG RENTAL INCOME GROWTH (1)(2)(3) $51.0 $59.2 $62.8 $70.6 $78.8 $75.9 $83.8 $35 $45 $55 $65 $75 $85 2013 2014 2015 (1) As at December 31 (2) Includes straight - line rent accruals and amortization of intangibles 20 1 6 20 1 7 20 1 8 20 1 9 ($ in millions) For the Nine Months Ended September 30,
Slide 19: Acquisition Track Record
ACQUISITION TRACK RECORD $107.5 (1) Includes our 50% share of an unconsolidated joint venture property in Manahawkin, NJ ڏ 19 $56.8 $95.2 (1) $118.6 $43.2 $79.5 $49.3 $28.3 $0 $20 $40 $60 $80 $1 0 0 $1 2 0 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 ($ in millions) ACQUISITIONS PER YEAR
Slide 20: Recent Acquisitions
RECENT ACQUISITIONS (1) Date A c q u i r ed Pr o p e r ty Type Tenant (or d/b/a) MSA State Current Lease E xpirati o n Pur c hase Price (in ‘000s) Yield (2) 02/24/20 Industrial FedEx Northwest Arkansas AR 07/23/27 $19,150 6.4% 02/20/20 Industrial Creative Office Environments Richmond VA 09/30/34 $ 9
Slide 21: Recent Dispositions
RECENT DISPOSITIONS D ate Sold Date Acq ui r ed P r o p er ty Type Tenant (or d/b/a) MSA State Gross Sales Price (in ‘000s) Net Gain (in ‘000s) 12/15/20 11/17/10 Retail PetSmart Houston TX $ 4,013 $ 1,068 12/15/20 11/17/10 Retail Guitar Center Houston TX $ 5,212 $ 1,645 07/01/20 03/31/04 Retail CarM
Slide 22: Recent Mortgages
RECENT MORTGAGES Date Fi na n ced Pr o p e r ty Type Tenant (or d/b/a) MSA State Amount (in ‘000s) M o r t gage Maturity I n te r est Rate 03/16/20 Industrial FedEx Northwest Arkansas AR $12,500 07/01/27 3.63% 03/13/20 Industrial Creative Office Environments Richmond VA $ 5,700 04/01/35 3.54% 12/11/
Slide 23: Acquisition Case Study – Industrial Creative Office Environments
ACQUISITION CASE STUDY – INDUSTRIAL CREATIVE OFFICE ENVIRONMENTS ڏ 23 In February 2020, acquired via sale - leaseback, an industrial warehouse facility in Ashland, VA (Richmond MSA). The 88,003 SF Class A building is net leased to Creative Office Environments of Richmond LLC. The property is well lo
Slide 24: Acquisition Case Study – Industrial FedEx
FedEx – Lowell, AR (Northwest Arkansas MSA) (1) Mortgage with an interest rate of 3.63% closed in March 2020 ڏ 24 ACQUISITION CASE STUDY – INDUSTRIAL FEDEX Purchase Price $ 19,150,000 Mortgage (1) ( 1 2 , 5 0 0 , 0 0 0) Net Equity Invested $ 6 , 6 5 0 , 0 00 Year 1 Base Rent $ 1 , 2 3 0 , 4 98 Inter
Slide 25: Acquisition Case Study – Zwanenberg Food & Metro Carpet
Zwanenberg Food & Metro Carpet – Nashville, TN (1) Mortgage with an interest rate of 3.95% closed in July 2019 ACQUISITION CASE STUDY – INDUSTRIAL ZWANENBERG FOOD & METRO CARPET In May 2019, acquired a two - tenant industrial warehouse facility in Nashville, TN. The 99,500 SF property is net leased
Slide 26: Summary - Why OLP?
SUMMARY - WHY OLP? ڏ 26 Fundamentals – focused real estate company Disciplined track record over various economic cycles Active net lease strategy - emphasis on industrial properties Experienced management team Alignment of interests - significant insider ownership
Slide 27: Appendix
ONE LIBERTY PROPERTIES, INC. APPENDIX
Slide 28: Top Tenants' Profiles
ONE LIBERTY PROPERTIES, INC. ; | TOP TENANTS’ PROFILES
Slide 29: Havertys Furniture – Tenant Profile
Haverty – Cedar Park, TX (Austin MSA) HAVERTYS FURNITURE – TENANT PROFILE Tenant: Haverty Furniture Companies, Inc . (NYSE: HVT) (Source: Tenant’s website) » Full - service home furnishing retailer founded in 1885 » Public company since 1929 » 100 showrooms in 16 states in the Southern and Midwester
Slide 30: FedEx – Tenant Profile
FEDEX – TENANT PROFILE 6 properties represents 4.7% of contractual rental income and 678,595 SF % of Contractual Rental Income Tenant: FedEx Corporation (NYSE: FDX) (Source: Tenant’s website) » World’s largest express transportation company with service to more than 220 countries » FedEx Corporation
Slide 31: LA Fitness – Tenant Profile
LA Fitness – Secaucus, NJ LA FITNESS – TENANT PROFILE Tenant: LA Fitness International LLC (Source: Tenant’s website) » Operates over 700 clubs in 21 states » Founded in 1984 and is headquartered in Irvine, CA 3 properties represents 4.4% of contractual rental income and 141,663 SF % of Contractual
Slide 32: Northern Tool & Equipment – Tenant Profile
Northern Tool & Equipment – Fort Mill, SC NORTHERN TOOL & EQUIPMENT – TENANT PROFILE Tenant: Northern Tool & Equipment (Source: Tenant’s website) » Distributor and retailer of industrial grade and personal use power tools and equipment » Over 100 retail stores in the U.S. » Acquired The Sportsman’s
Slide 33: L3 Harris Technologies – Tenant Profile
L3 Harris Technologies, Inc. – Hauppauge, NY L3 HARRIS TECHNOLOGIES – TENANT PROFILE Tenant: L3 Harris Technologies, Inc. (NYSE: LHX) (Source: Tenant’s website) » US based defense technology company » In June 2019, L3 Technologies and Harris Corporation merged to form L3 Harris Technologies - the 6
Slide 34: GAAP Reconciliation
ONE LIBERTY PROPERTIES, INC. ; | GAAP RECONCILIATION
Slide 35: GAAP Reconciliation
GAAP RECONCILIATION 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 9 Months Ended September 30, Years Ended December 31, 2020 2019 2018 2017 2016 GAAP net income attributable to One Liberty Properties
Slide 36: Non-GAAP Financial Measures
NON - GAAP FINANCIAL MEASURES ڏ 36 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 i
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