ONE LIBERTY PROPERTIES, INC. Files 8-K

TL;DR

ONE LIBERTY PROPERTIES filed an 8-K, likely with financial updates. Keep an eye out.

AI Summary

On June 24, 2024, ONE LIBERTY PROPERTIES, INC. filed an 8-K report. The filing primarily concerns "Other Events" and "Financial Statements and Exhibits," indicating updates or disclosures related to the company's financial status and operational events. No specific dollar amounts or new material events were detailed in the provided excerpt.

Why It Matters

This 8-K filing signals that ONE LIBERTY PROPERTIES, INC. is providing updated information to the SEC, which could include material events or financial disclosures relevant to investors.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report without immediate indication of negative events or significant financial distress.

Key Players & Entities

• ONE LIBERTY PROPERTIES, INC. (company) — Registrant
• June 24, 2024 (date) — Date of earliest event reported
• Maryland (jurisdiction) — State of incorporation
• Great Neck, New York (location) — Address of principal executive offices

FAQ

Key Financial Figures

• $33.0 million — ately 16 acres near Omaha, Nebraska for $33.0 million. The current aggregate base rent of the
• $2.2 million — enants at the property is approximately $2.2 million (with annual increases ranging from 1.9
• $18.4 million — ) and we anticipate that we will obtain $18.4 million of mortgage debt maturing in 2034, bear
• $5.2 m — ases On May 23, 2024, we acquired for $5.2 million, a 35,249 square foot industrial
• $364,000 — roperty provides an annual base rent of $364,000, with 3.0% annual increases, and is lea
• $2.8 million — s leased through 2034. We have obtained $2.8 million of mortgage debt bearing an interest ra
• $50 — t's share of the gain was approximately $50. (c) Includes $41 of mortgage interes
• $41 — n was approximately $50. (c) Includes $41 of mortgage interest expense incurred b
• $15,000 — to us from these sales is approximately $15,000. 1 Significant leasing transactions
• $1.4 million — lease revenue) from this property from $1.4 million to $1.6 million. We agreed to fund up t
• $1.6 million — from this property from $1.4 million to $1.6 million. We agreed to fund up to $1.2 million o
• $1.2 million — o $1.6 million. We agreed to fund up to $1.2 million of improvements at this property. In o
• $80,000 — cluding variable rent) by approximately $80,000. The Amendment became effective as of M
• $120,000 — d-June 2024, we generated approximately $120,000 of rental income from this property and
• $168,000 — his property and incurred approximately $168,000, $92,000 and $78,000 of interest expens

Filing Documents

• ea0208185-8k_oneliberty.htm (8-K) — 51KB
• 0001213900-24-054989.txt ( ) — 225KB
• olp-20240624.xsd (EX-101.SCH) — 3KB
• olp-20240624_lab.xml (EX-101.LAB) — 33KB
• olp-20240624_pre.xml (EX-101.PRE) — 22KB
• ea0208185-8k_oneliberty_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events Contracted for Purchase On June 13, 2024, we entered into a contract to acquire an approximate 302,000 square foot recently constructed industrial building located on approximately 16 acres near Omaha, Nebraska for $33.0 million. The current aggregate base rent of the several tenants at the property is approximately $2.2 million (with annual increases ranging from 1.9% to 3.25% beginning in late 2024/early 2025), and the remaining weighted average lease term is 4.7 years. The tenant leasing approximately 54% of the building is listed on the NYSE and is investment grade rated BBB by S&P. We anticipate that this purchase will be completed by September 30, 2024, subject to, among other things, our satisfaction with the results of our due diligence investigation. The purchase price will be funded by our available cash (including our credit facility) and we anticipate that we will obtain $18.4 million of mortgage debt maturing in 2034, bearing an interest rate of 6.08% (interest only until 2030), and amortizing over 30 years. Completed Purchases On May 23, 2024, we acquired for $5.2 million, a 35,249 square foot industrial facility located on approximately 2.1 acres in Savannah, Georgia. The property is leased to Russell Equipment, Inc. and the lease is guaranteed by the principal of the tenant. The property provides an annual base rent of $364,000, with 3.0% annual increases, and is leased through 2034. We have obtained $2.8 million of mortgage debt bearing an interest rate of 6%, amortizing over 30-years and maturing in 2035. Completed Sales Set forth below is information regarding our sales of properties completed subsequent to May 1, 2024 (amounts in thousands): 2023 Gross Gain on Depreciation & Real Estate Sales Sale of Real Rental Amortization Operating Description of Property Date Sold Price Estate, net Income Expense Expenses Applebee's restaurant property Kennesaw, Georgia May 6, 2024 $ 2,834 $ 960 $

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits . (d) Exhibits. Exhibit No. Description of Exhibit 101 Cover Page Interactive Data File – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. 2 Cautionary Statement Regarding Forward-Looking This Current Report on Form 8-K (the "Current Report"), together with other statements and information publicly disseminated by us, 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 (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking these safe harbor provisions. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends concerning matters that are not historical facts. Forward looking statements are generally identifiable by use of words such as "may," "will," "will likely result," "shall," "should," "could," "believe," "expect," "intend," "anticipate," "estimate," "project," "apparent," "experiencing," or similar expressions or variations thereof.

Forward-looking statements contained in this Current

Forward-looking statements contained in this Current Report are based on our beliefs, assumptions and expectations of our future performance taking into account the information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or within our control, and which could materially affect actual results, performance or achievements. Factors which may cause actual results to vary from our forward-looking statements appear in our Annual Report on Form 10-K for the year ended December 31, 2023 and the Quarterly Reports on Form 10-Q filed thereafter and in particular, the sections of such reports entitled "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations." In addition, gains and proceeds from property sales may not be realized as such transactions may not be completed, estimates of gains and proceeds are subject to adjustment, among other things, and because actual closing costs may differ from the estimated costs. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ONE LIBERTY PROPERTIES, INC. Date: June 24, 2024 By: /s/ Isaac Kalish Isaac Kalish Senior Vice President and Chief Financial Officer 4

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View this 8-K filing on SEC EDGAR