One Liberty Properties (OLP) investor relations material

Executive summary

• Q3 revenue rose 11.9% YoY to $26.6M; net income attributable to common stockholders was $1.096M vs. $10.478M, and diluted EPS was $0.04 vs. $0.48; Q3 2025 included a $9.1M property-sale gain.

• 9M revenue increased 13.0% to $81.9M; net income was $23.0M vs. $23.1M, and diluted EPS was $1.04 vs. $1.05.

• 9M FFO rose 11.9% to $31.7M and AFFO rose 5.0% to $32.8M; per diluted share, FFO was $1.49 and AFFO was $1.54.

Financial highlights

• Q3 operating income increased to $18.2M from $16.7M; 9M operating income rose to $44.4M from $40.8M.

• Q3 rental income increased $2.8M YoY, driven by acquisitions; same-store rental income rose $124K, or 0.6%. 9M rental income increased $8.1M, including $1.3M of lease termination fees.

• Q3 FFO rose 9.7% to $9.9M, or 7.1% to $0.45 per diluted share; AFFO rose 9.3% to $11.0M, or 8.7% to $0.50 per diluted share.

• Q3 operating expenses rose to $19.3M from $17.0M, including higher depreciation, real estate costs and interest expense; interest expense was $6.8M vs. $5.6M.

• Q3 gain on property sales was $887K vs. $9.1M; 9M gain was $18.2M vs. $16.7M.

Outlook and guidance

• Base Rent was $83.1M for the 12 months ending September 30, 2027, based on leases in effect October 1, 2026; excludes $1.6M from properties sold in October and November.

• Expected 2027 base rent from the contracted Milwaukee-area portfolio was $2.3M, with annual rent increases of 2.0%–4.1%; closing was anticipated in Q4 2026.

• Ocala industrial property was expected to initially generate annual rental income of $890,000.

• Disposition estimates, anticipated transactions and potential rent increases are subject to closing, market and other uncertainties.