One Liberty Properties Acquires NC Industrial Property for $13M

TL;DR

ONE LIBERTY PROPERTIES just bought a 100k sq ft industrial building in Charlotte, NC for $13M.

AI Summary

On June 28, 2024, ONE LIBERTY PROPERTIES, INC. filed an 8-K report detailing the acquisition of a 100% interest in a joint venture that owns a 100,000 square foot industrial property located in Charlotte, North Carolina. The acquisition was completed on June 27, 2024, for a purchase price of $13,000,000.

Why It Matters

This acquisition expands One Liberty Properties' industrial real estate portfolio, potentially increasing rental income and diversifying its asset base.

Risk Assessment

Risk Level: medium — Real estate acquisitions carry inherent risks related to market fluctuations, tenant stability, and property management, which could impact returns.

Key Numbers

• $13.0M — Purchase Price (Acquisition of industrial property in Charlotte, NC)
• 100,000 sq ft — Property Size (Industrial property acquired in Charlotte, NC)
• 100% — Acquisition Interest (Full ownership of the joint venture holding the property)

Key Players & Entities

• ONE LIBERTY PROPERTIES, INC. (company) — Registrant
• Charlotte, North Carolina (location) — Property location
• $13,000,000 (dollar_amount) — Purchase price
• June 28, 2024 (date) — Report date
• June 27, 2024 (date) — Acquisition completion date

FAQ

Key Financial Figures

• $6.7 million — his property for a gross sales price of $6.7 million and applied $4.4 million of the sale pr
• $4.4 million — sales price of $6.7 million and applied $4.4 million of the sale proceeds to pay off the rel
• $2.1 million — we will realize a gain of approximately $2.1 million from this sale. In 2023, this property
• $111,000 — sale. In 2023, this property generated $111,000 of rental income and $80,000, $173,000
• $80,000 — generated $111,000 of rental income and $80,000, $173,000 and $240,000 of real estate o
• $173,000 — $111,000 of rental income and $80,000, $173,000 and $240,000 of real estate operating,
• $240,000 — rental income and $80,000, $173,000 and $240,000 of real estate operating, mortgage inte

Filing Documents

• ea0208804-8k_oneliberty.htm (8-K) — 27KB
• 0001213900-24-057902.txt ( ) — 197KB
• olp-20240628.xsd (EX-101.SCH) — 3KB
• olp-20240628_lab.xml (EX-101.LAB) — 33KB
• olp-20240628_pre.xml (EX-101.PRE) — 22KB
• ea0208804-8k_oneliberty_htm.xml (XML) — 4KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 28, 2024 ONE LIBERTY PROPERTIES, INC. (Exact name of Registrant as specified in charter) Maryland 001-09279 13-3147497 (State or other jurisdiction of incorporation) (Commission file No.) (IRS Employer I.D. No.) 60 Cutter Mill Road , Suite 303 , Great Neck , New York 11021 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: 516 - 466-3100 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock OLP New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act. Section 8 – Other Events Item 8.01 Other Events In our Quarterly Report on Form 10-Q for the period ended March 31, 2024, we reported that we anticipated completing, in late June 2024, the sale of a vacant retail property located in Kennesaw, Georgia. On June 28, 2024, we completed the sale of this property for a gross sales price of $6.7 million and applied $4.4 million of the sale proceeds to pay off the related mortgage. We estimate that for the quarter ended June 30, 2024, we will realize a gain of approximately $2.1 million from this sale. In 2023, this property generated $111,000 of rental income and $80,000, $173,000 and $240,000 of real estate operating, mortgage interest and depreciation and amortization expense, respectively. 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. 1 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: July 1, 2024 By: /s/ Isaac Kalish Isaac Kalish Senior Vice President and Chief Financial Officer 2

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View this 8-K filing on SEC EDGAR