One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (June 2026)
31 slides from One Liberty Properties's investor presentation, June 2026
Slide 1: One Liberty Properties, Inc. June 2026 Investor Presentation
ONE LIBERTY PROPERTIES, INC. JUNE 2026 INVESTOR PRESENTATION
Slide 2: Cautionary Note
CAUTIONARY NOTE 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 PR
Slide 3: Company Overview
COMPANY OVERVIEW (1) Base Rent by Property Type ❖ Owner of well positioned industrial assets generating strong cash flow Other 5% Retail 11% ❖ Proven ability to evolve portfolio to maximize cash flow over many decades Industrial ❖ Geographically diverse industrial 84% portfolio ❖ Highly diverse tena
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Well-positioned industrial portfolio Transformed portfolio to primarily distribution-focused industrial assets, acquiring 38 of such properties since 2020 Deep real estate expertise Focused on submarket fundamentals Proven acquisitions team driving Acquired $246M of industrial
Slide 5: Attractive Industrial Portfolio
ATTRACTIVE INDUSTRIAL PORTFOLIO (1 ) High quality, barrier to entry industrial portfolio with strong internal growth profile Over 98.6% occupancy(2) for the past 7 years Mobile MSA Columbia MSA (1) Information presented as of March 31, 2026 and represents our entire portfolio, including non-industri
Slide 6: Highly Experienced Management Team
HIGHLY EXPERIENCED MANAGEMENT TEAM Patrick J. Callan, Jr. Chief Executive Officer since 2008, President since 2006, Director since 2002 President & CEO Senior Vice President from 2004 to 2005 of First Washington Realty Inc. - a joint venture with CalPERS that controlled 100 shopping centers (13
Slide 7: Repositioned to Focused Industrial Portfolio
REPOSITIONED TO FOCUSED INDUSTRIAL PORTFOLIO Base Rent by Property Type Industrial Properties Owned(3) 90 2018(1) 2026(2) 80 79 70 69 46% 60 55 56 Industrial 54 84% 49 50 Retail 46 44 Other 40 37% 36 30 17% 11% 20 2018 2019 2020 2021 2022 2023 2024 2025 2026 5% (1) Represents the base rent payable t
Slide 8: Geographically Diverse Portfolio
GEOGRAPHICALLY DIVERSE PORTFOLIO Created through in-depth submarket analysis 79 INDUSTRIAL PROPERTIES 30 STATES PROPERTY LISTINGS HIGHEST STATE CONCENTRATION BY BASE RENT INDUSTRIAL RETAIL OTHER (1) Number of State Properties Base Rent % Base Rent 79 27 5 South Carolina 10 $ 11,068,000 13.3% Total P
Slide 9: Well-Diversified Tenant Base
WELL-DIVERSIFIED TENANT BASE Number of % of Top Tenants Properties Base Rent Base Rent FedEx (NYSE: FDX) 4 $ 3,698,000 4.4% Northern Tool & Equipment 1 3,189,000 3.8 NARDA Holdings, Inc. 1 3,115,000 3.7 Ferguson (NYSE: FERG) 1 2,523,000 3.0 Toro Company (NYSE: TTC) 1 2,491,000 3.0 Total: 8 $15,016,0
Slide 10: Meaningful Pillars of Growth
MEANINGFUL PILLARS OF GROWTH TARGETED & ORGANIC OPPORTUNISTIC DISCIPLINED GROWTH RECYCLING ACQUISITIONS • Rent escalators • Continue targeted • Seek to maximize • Mark to market acquisition strategy value on remaining opportunities focused on the right non-industrial assets • Embedded NOI submarkets
Slide 11: Balance Sheet – Positioned to Support Growth
BALANCE SHEET – POSITIONED TO SUPPORT GROWTH (1) Mobile Omaha-Council Bluffs, NE-IA MSA MSA Pittsburgh MobileMSA MSA As of June 1, 2026, approximately $92 million available on our Line of Credit, subject to borrowing base requirements, giving the availability to acquire in excess of an estimated $
Slide 12: Well Laddered Mortgage Debt Maturities
WELL LADDERED MORTGAGE DEBT MATURITIES ( 1 ) Weighted average interest rate of 4.91% on fixed rate debt $11.0 million of scheduled amortization of mortgages through 2027 BALLOON PAYMENTS DUE $240.0 FOR THE TWELVE MONTHS ENDING MARCH 31, $218.7 $200.0 ($ in millions) $160.0 $120.0 $87.8 $80.0 $68
Slide 13: Dividend Coverage
DIVIDEND COVERAGE Dividend Yield (1)(2) 10.0% 8.9% 133 8.1% 8.2% 8.0% 6.6% 6.0% CONSECUTIVE 4.0% QUARTERLY 2.0% DIVIDENDS 0.0% 2022 2023 2024 2025 AFFO Payout 91% 90% 94% 94% Ratio(3)(4) (1) For the years ended December 31 (2) Calculated based on (i) annual cash distributions of $1.80 per share of c
Slide 14: Tenant Profiles & Case Studies
ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION TENANT PROFILES & CASE STUDIES
Slide 15: Tenant Profile: FedEx – Top Tenant with Solid Credit
TENANT PROFILE FEDEX – TOP TENANT WITH SOLID CREDIT ❖ Tenant: Operating Subsidiaries of FedEx ❖ 4 properties represent 4.4% of Base Rent and Corporation (NYSE: FDX)(Source: FedEx’s website) 596,707 SF ➢ Federal Express is the largest express % of Base Rent transportation company in the world with se
Slide 16: Tenant Profile: Ferguson – Top Tenant
TENANT PROFILE FERGUSON – TOP TENANT ❖ Tenant: Ferguson Enterprises, Inc. (NYSE: FERG) ❖ Represents 3.0% of Base Rent (Source: Tenant’s website) ➢ North America’s largest distributor and ❖ Location: 4501 Hollins Avenue, Halethorpe, MD wholesale supplier of commercial and (Baltimore MSA) residential
Slide 17: Leasing Case Study: Bakersfield, CA
LEASING CASE STUDY B AK E RSFI ELD, C A – A C H I E V E D S T R O N G R E N E W A L A N D R E N T S P R E A D ◆ Acquired an industrial building in Year 1 base rent upon acquisition $ 733,000 Bakersfield, CA for $10,850,000 ($50/SF) in 2018 Year 1base rent per SF $ 3.36/SF ◆ The 218,116 SF building i
Slide 18: Leasing Case Study: Blythewood, SC
LEASING CASE STUDY B LY THEWOOD, SC – A C H I E V E D S T R O N G R E N E W A L A N D R E N T S P R E A D ◆ Acquired an industrial building in Year 1 base rent upon acquisition $ 928,000 Blythewood, SC (Columbia MSA) for Year 1 base rent per SF $ 5.03/SF $15,500,000 ($84/SF) in January 2026 ◆ The 18
Slide 19: Leasing Case Study: Greenville, SC
LEASING CASE STUDY G RE E NVI LLE , SC – S I G N I F I C A N T R E N T G R O W T H W I T H A D D I T I O N A L U P S I D E ◆ Acquired two industrial buildings in Year 1 base rent upon acquisition $1,240,000 Greenville, SC for $17,050,000 ($63/SF) in 2016 Year 1 base rent per SF $ 4.59/SF ◆ The build
Slide 20: Acquisition Case Study: Pittsburgh, PA
ACQUISITION CASE STUDY P I TT S BURG H, P A – T A R G E T E D S U B M A R K E T W I T H A T T R A C T I V E F U N D A M E N T A L S ◆ In December 2025, acquired six industrial Purchase Price $ 53,500,000 buildings totaling 397,440 SF in Sewickley, PA Mortgage (32,400,000) (Pittsburgh MSA) for $53,50
Slide 21: Acquisition Case Study: Multi-Market
ACQUISITION CASE STUDY MUL T I -MARK ET – E X E C U T E D O N P O R T F O L I O O P P O R T U N I T Y ◆ In January 2026, acquired ten industrial Purchase Price $ 56,700,000 buildings totaling 637,633 SF across seven Mortgage (17,002,000) markets for $56,700,000 ($89/SF) Net Equity Invested $ 39,698,
Slide 22: Investment Highlights
INVESTMENT HIGHLIGHTS Well-positioned industrial portfolio Transformed portfolio to primarily distribution-focused industrial assets, acquiring 38 of such properties since 2020 Deep real estate expertise Focused on submarket fundamentals Proven acquisitions team driving Acquired $246M of industrial
Slide 23: Appendices
ONE LIBERTY PROPERTIES, INC. INVESTOR PRESENTATION APPENDICES
Slide 24: Lease Maturity Profile
LEASE MATURITY PROFILE Number of Base Rent % of Base Rent Building Square Feet Twelve Months Ending Expiring Represented by Represented by Subject to March 31, Leases Expiring Leases Expiring Leases Expiring Leases (1) 2027 18 $ 3,976,000 4.8 892,765 2028 31 15,213,000 18.3 2,428,486 2029 22 10,077,
Slide 25: Recent Industrial Acquisitions
(1) RECENT INDUSTRIAL ACQUISITIONS Purchase Date Current Lease Price Acquired Tenant (or d/b/a) MSA State Expiration (in ‘000s) Yield(2) 01/29/26 Mondelez Global LLC Greensboro NC 08/31/30 $ 7,700 6.0% 01/29/26 Mondelez Global LLC West Columbia SC 07/31/32 $ 6,600 6.8% 01/29/26 Mondelez Global LLC O
Slide 26: Recent Mortgages
RECENT MORTGAGES Date Mortgage New Financed/ Property Amount Money Year of Interest Refinanced Type Tenant (or d/b/a) MSA State (in ‘000s) (in ‘000s) Maturity Rate NEW MORTGAGES (1) 01/29/26 Industrial Multi-tenant (6 Properties) Various $ 17,002 N/A 2033 5.53% (2) 12/19/25 Industrial Multi-tenant (
Slide 27: Opportunistic Dispositions
OPPORTUNISTIC DISPOSITIONS 2026 SALES ($ in thousands) Gross Sales Net Sold Acquired Type Tenant (or d/b/a) MSA State Price Proceeds Net Gain 06/01/26 03/29/00 Retail Multi-tenant El Paso TX $ 17,500 $ 8,900 $10,000 05/05/26 03/04/99 Retail Multi-tenant Champaign IL $ 7,498 $ 6,820 $ 3,328 04/16/26
Slide 28: 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 (
Slide 29: 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 3 MONTHS ENDED YEARS ENDED DECEMBER 31, MARCH 31, 2026 2025 2024 2023 2022 GAAP net income attribut
Slide 30: GAAP Reconciliation
GAAP G A A P R ECRECONCILIATION O N C I L I AT I O N The following table provides a reconciliation of GAAP net income to Same Store Net Operating Income (NOI) (amounts in thousands) 3 MONTHS ENDED MARCH 31, 2026 2025 GAAP net income attributable to One Liberty Properties, Inc. $ 6,237 $ 4,155 Add: d
Slide 31: One Liberty Properties, Inc.
ONE LIBERTY PROPERTIES, INC.
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