One Liberty Properties (OLP) Q4 2025 earnings summary

Executive summary

• Transitioned to an industrial-focused platform, with 82% of annual base rent from industrial properties after $246 million in acquisitions over 14 months.

• Completed sale of 12 non-core assets for $61.3 million in 2025, supporting capital recycling strategy.

• Portfolio occupancy reached 98.5% at year-end 2025.

Financial highlights

• Net income for Q4 2025 was $2.4 million ($0.10 per diluted share), down 77.1% year-over-year; full year net income was $25.5 million ($1.15 per diluted share), down 16.3%.

• FFO for Q4 2025 was $10.8 million ($0.50 per diluted share), up 8.2% year-over-year; full year FFO was $39.2 million ($1.80 per diluted share), up 3.0%.

• AFFO for Q4 2025 was $10.4 million ($0.48 per diluted share), down 4.3% year-over-year; full year AFFO was $41.6 million ($1.91 per diluted share), up 1.0%.

• Rental income increased by $6.8 million year-over-year in 2025, driven by acquisitions and dispositions.

• Operating expenses rose by $9.3 million year-over-year, including a $3.5 million increase in non-cash impairment charges.

Outlook and guidance

• Expects to recognize $13.3 million of rental income and $6.5 million of mortgage interest expense in 2026 from 2025 acquisitions.

• Anticipates $2.8 million of base rent from recently acquired properties, with potential to reach $3.6 million in 2026 after lease renewals.