One Liberty Properties (OLP) Q1 2026 earnings summary

Executive summary

• Report covers the quarter ended March 31, 2026, with a portfolio of 111 properties across 33 states and an occupancy rate of 98.8%.

• Industrial properties now comprise 84.2% of base rent, with a continued focus on industrial acquisitions and portfolio optimization.

• Net income was $6.2 million ($0.28 per diluted share), up 50% year-over-year.

• FFO per diluted share rose 14% to $0.50; AFFO per diluted share remained flat at $0.48.

• Sold two retail/non-core properties for up to $10.2 million, generating a $3.9 million gain.

Financial highlights

• Total revenues rose 17% year-over-year to $28.3 million, driven by higher rental income and $1.3 million in lease termination fees.

• Rental income: $27.0 million, up from $24.2 million year-over-year.

• Net income attributable to common stockholders increased to $6.2 million from $4.2 million, with EPS up to $0.28 from $0.18.

• NAREIT FFO rose 14.1% to $10.9 million, while AFFO was stable at $10.5 million.

• Operating expenses increased to $18.7 million from $15.7 million, mainly due to new acquisitions and related depreciation.

Outlook and guidance

• Estimated base rent for the next twelve months is $83.2 million, with lease expirations well-staggered.

• Management expects to meet operating and investing needs through cash flow, credit facility, and property sales.

• Anticipates continued value creation from industrial-focused strategy and strong occupancy.

• Expects further portfolio optimization through non-core asset sales and reinvestment.

• Anticipated mortgage interest expense for the remainder of 2026 is $19.2 million.