One Liberty Properties Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>One Liberty Properties Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

ONE LIBERTY PROPERTIES INC (OLP) filed a Annual Report (10-K) with the SEC on March 6, 2024. One Liberty Properties Inc. filed its 2023 10-K report on March 6, 2024. The report covers the fiscal year ending December 31, 2023. The company is incorporated in Maryland and headquartered in Great Neck, NY. Its Standard Industrial Classification is Real Estate Investment Trusts. The filing includes financial data and disclosures for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking ONE LIBERTY PROPERTIES INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess performance and future outlook. This filing is a mandatory disclosure for publicly traded companies, offering detailed insights into One Liberty Properties Inc.'s assets, liabilities, revenues, and strategic initiatives, enabling informed investment decisions.

Risk Assessment

Risk Level: — ONE LIBERTY PROPERTIES INC shows moderate risk based on this filing. The company's financial performance and strategic decisions are subject to market conditions and real estate investment trust (REIT) specific risks, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand One Liberty Properties Inc.'s current financial position and future prospects.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 0000712770 — Central Index Key (COMPANY DATA)
• 6798 — Standard Industrial Classification (COMPANY DATA)
• 133147497 — IRS Number (COMPANY DATA)
• MD — State of Incorporation (COMPANY DATA)
• 5164663100 — Business Phone (BUSINESS PHONE)

Key Players & Entities

• ONE LIBERTY PROPERTIES INC (company) — FILER
• 60 CUTTER MILL RD (company) — BUSINESS ADDRESS
• GREAT NECK (company) — BUSINESS ADDRESS
• NY (company) — BUSINESS ADDRESS
• MD (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240306 (date) — FILED AS OF DATE

FAQ

Industry Context

One Liberty Properties Inc. operates as a Real Estate Investment Trust (REIT), focusing on acquiring, owning, and managing a portfolio of retail and other commercial properties.

Regulatory Implications

As a publicly traded company, One Liberty Properties Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the "Risk Factors" section of the 10-K for potential business challenges.
2. Analyze the "Financial Statements and Supplementary Data" for detailed performance metrics.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1.00 — h registered Common Stock , par value $1.00 per share OLP New York Stock Exchan
• $71.3 million — e (as described in "— Our Tenants ") is $71.3 million; the occupancy rate of our properties
• $17.0 million — gate net gain on sale of real estate of $17.0 million. The properties sold accounted for $2.5
• $2.5 m — lion. The properties sold accounted for $2.5 million, or 2.7%, and $3.0 million, or 3.
• $3.0 m — ccounted for $2.5 million, or 2.7%, and $3.0 million, or 3.3 %, of 2023 and 2022 renta
• $2.5 million — in 2024 will decrease by approximately $2.5 million from 2023 due to these sales. paid do
• $21.8 million — wn our credit facility by approximately $21.8 million primarily through the use of net procee
• $13.4 million — erty for an aggregate purchase price of $13.4 million. This property accounts for $806,000, o
• $806,000 — 3.4 million. This property accounts for $806,000, or 1.1%, of our 2024 contractual renta
• $36.5 m — ng center located in Manahawkin, NJ for $36.5 million, of which our share was $18.3 mil
• $18.3 million — r $36.5 million, of which our share was $18.3 million. In 2023, we recognized a $108,000 loss
• $108,000 — $18.3 million. In 2023, we recognized a $108,000 loss from the sale of this property. Ou
• $7.1 million — of the net proceeds from this sale was $7.1 million. We generated, in 2023, $1.1 million (i
• $1.1 million — as $7.1 million. We generated, in 2023, $1.1 million (including our $850,000 share of an imp
• $850,000 — d, in 2023, $1.1 million (including our $850,000 share of an impairment charge) of equit

Filing Documents

• olp-20231231x10k.htm (10-K) — 5458KB
• olp-20231231xex10d14.htm (EX-10.14) — 38KB
• olp-20231231xex21d1.htm (EX-21.1) — 109KB
• olp-20231231xex23d1.htm (EX-23.1) — 4KB
• olp-20231231xex31d1.htm (EX-31.1) — 9KB
• olp-20231231xex31d2.htm (EX-31.2) — 9KB
• olp-20231231xex32d1.htm (EX-32.1) — 6KB
• olp-20231231xex32d2.htm (EX-32.2) — 6KB
• olp-20231231xex97d1.htm (EX-97.1) — 44KB
• 0001558370-24-002579.txt (&nbsp;) — 21063KB
• olp-20231231.xsd (EX-101.SCH) — 135KB
• olp-20231231_cal.xml (EX-101.CAL) — 96KB
• olp-20231231_def.xml (EX-101.DEF) — 461KB
• olp-20231231_lab.xml (EX-101.LAB) — 978KB
• olp-20231231_pre.xml (EX-101.PRE) — 710KB
• olp-20231231x10k_htm.xml (XML) — 4662KB

Risk Factors

Risk Factors 11 1B. Unresolved Staff Comments 23 1C. Cybersecurity 23 2.

Legal Proceedings

Legal Proceedings 28 4. Mine Safety Disclosures 28 PART II 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 6. [Reserved] 29 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 48 9A.

Controls and Procedures

Controls and Procedures 48 9B. O ther Information 48 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III 10. Directors, Executive Officers and Corporate Governance 49 11.

Executive Compensation

Executive Compensation 49 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 13. Certain Relationships and Related Transactions, and Director Independence 50 14. Principal Accountant Fees and Services 50 PART IV 15. Exhibits and Financial Statement Schedules 51 16. Form 10-K Summary 52

Signatures

Signatures 53 Table of Contents Explanatory Note In the narrative portion of this Annual Report on Form 10-K, except as otherwise indicated or the context otherwise requires: the information with respect to our consolidated joint ventures is generally described as if such ventures are our wholly owned subsidiaries and information with respect to unconsolidated joint ventures is generally separately described. (i) all references to joint ventures refer to unconsolidated joint ventures, (ii) all interest rates with respect to debt give effect to the related interest rate derivative, if any, (iii) amounts reflected as debt reflect the gross debt owed, without deducting deferred financing costs and (iv) references to industrial properties include properties (a) a portion of which may be used for office purposes and (b) that are used for distribution, warehouse and flex purposes. the term "standard carve-outs," when used in describing mortgages or mortgage financings, refers to recourse items to an otherwise non-recourse mortgage. While carve-outs vary from lender to lender and transaction to transaction, the carve-outs may include, among other things, voluntary bankruptcy filings, environmental liabilities, the sale, financing or encumbrance of the property in violation of loan documents, damage to property as a result of intentional misconduct or gross negligence, failure to pay valid taxes and other claims which could create liens on the property and the conversion of security deposits, insurance proceeds or condemnation awards. The interest rate on most of our variable rate mortgage debt has been fixed through the use of interest rate swap agreements. In addition to our being liable for "standard carve-outs", we may also be liable, at the parent company level, for swap breakage losses on otherwise non-recourse mortgage debt that is subject to an interest rate swap agreement, if such agreement is terminated prior to its stated expiration. See Note 9 to our c

Business

Item 1. Business. General We are a self-administered and self-managed real estate investment trust, also known as a REIT. We acquire, own and manage a geographically diversified portfolio consisting of industrial and, to a lesser extent, retail properties, many of which are subject to long-term leases. Most of our leases are "net leases" under which the tenant, directly or indirectly, is responsible for paying the real estate taxes, insurance and ordinary maintenance and repairs of the property. As of December 31, 2023, we own 108 properties and participate in joint ventures that own two properties. These 110 properties are located in 31 states and have an aggregate of approximately 10.9 million square feet (including an aggregate of approximately 46,000 square feet at properties owned by our joint ventures). As of December 31, 2023: our 2024 contractual rental income (as described in "— Our Tenants ") is $71.3 million; the occupancy rate of our properties is 98.8% based on square footage; the weighted average remaining term of our mortgage debt is 5.9 years and the weighted average interest rate thereon is 4.31%; and the weighted average remaining term of the leases generating our 2024 contractual rental income is 5.5 years. We maintain a website at www.1liberty.com. The reports and other documents that we electronically file with, or furnish to, the SEC pursuant to Section 13 or 15(d) of the Exchange Act can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC's website at www.sec.gov. The information on our website is not part of this report. 2023 and Recent Developments In 2023, we: sold 10 properties ( i.e., seven restaurants and three retail properties) and an out-parcel at a multi-tenant retail property, for an aggregate net gain on sale of real estate of $17.0 million. The properties sold accounted for $2.5 million, or 2

Properties

Properties Rental Income (1) Rental Income Industrial 67 55 $ 47,114,698 66.1 Retail—General 53 27 11,160,441 15.7 Retail—Furniture 2 10 3,983,899 5.6 Health & Fitness 1 3 2,645,989 3.7 Retail—Office Supply(2) 1 5 2,085,527 2.9 Other 4 3 1,908,522 2.7 Restaurant 6 3 1,179,911 1.7 Theater 1 2 1,176,619 1.6 135 108 $ 71,255,606 100.0 (1) Our 2024 contractual rental income represents, after giving effect to any abatements, concessions, deferrals or adjustments, the base rent payable to us in 2024 through the stated expiration of such leases, under leases in effect at December 31, 2023. Our 2024 contractual rental income: Includes an aggregate of $2.9 million comprised of: (i) $1.3 million based on a negotiated but unsigned lease amendment from a tenant at our Brooklyn, New York office property, (ii) $1.2 million from Regal Cinemas, as to which there is uncertainty as to its collectability, (iii) $325,000 representing the base rent payable by Dick's Sporting Goods (Champaign, Illinois) in the twelve months ending December 31, 2024, although such lease is subject to termination by the landlord or tenant upon 90 days' notice and (iv) $120,000 from the LA Fitness lease in Hamilton, Ohio which terminates May 1, 2024. Excludes an aggregate of $1.5 million comprised of: (i) subject to the property generating specified levels of positive operating cash flow, $1.3 million of estimated variable lease payments from The Vue, a multi-family complex which ground leases the underlying land from us and as to which there is uncertainty as to when and whether the tenant will resume paying rent and (ii) $235,000 representing our share of the base rent payable to our joint ventures. (2) Includes five properties which are net leased to Office Depot pursuant to five separate leases. Four of the Office Depot leases contain cross-default provisions. Many of our tenants (including franchisees of natio

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