One Liberty Properties, Inc. · NYSE:OLP

One Liberty Properties — Investor Presentation (September 2014)

34 slides from One Liberty Properties's investor presentation, September 2014

  1. Slide 1: One Liberty Properties

    One Liberty Properties September 2014 onelibertyproperties.com

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Certain information contained in this presentation, together with other statements and information publicly disseminated by One Liberty Properties, Inc. (the “Company”), constitute forward looking statements within the meaning of Section 27A of Securities Act of 1933, as amende

  3. Slide 3: Why Own OLP

    Why Own OLP — Stockholder return & dividend — Disciplined track record through economic cycles — Focus on real estate fundamentals — Active portfolio management — Experienced management team 3

  4. Slide 4: Stockholder Return

    Stockholder Return 30% 5-Year Total Return 28.7% 25% 20% 17.9% 16.5% 15% 10% 5% 0% NAREIT Equity Index S&P 500 OLP 4

  5. Slide 5: Stockholder Return

    Stockholder Return 14% 15-Year Average Annual Total Return 12.4% 12% 11.8% 10% 8% 7.2% 6% 4% 2% 0% S&P 500 NAREIT Equity Index OLP 5

  6. Slide 6: Stable Operations

    Stable Operations Historic FFO Per Share (1) $1.90 $1.84 (2) $1.80 Historic AFFO Per Share (1) $2.00 $1.92 (2) $1.67 $1.70 $1.90 $1.61 $1.59 $1.60 $1.80 $1.74 $1.64 $1.65 $1.70 $1.50 2011 2012 2013 2014 $1.60 $1.50 2011 2012 2013 2014 (1) A reconciliation of net income per share, as determined in ac

  7. Slide 7: Dividend History

    Dividend History $1.48 (1) $1.50 $1.45 $1.42 $1.40 $1.34 $1.35 $1.32 $1.30 82.0% 84.3% 85.0% 80.4% FFO FFO FFO FFO Payout Payout Payout Payout (1) $1.25 2011 2012 2013 2014 (1) Represents the annualized dividend & FFO payout based on the six months ended 6/30/14 except for income from a non-recurrin

  8. Slide 8: Financial & Portfolio Summary

    Financial & Portfolio Summary Number of Properties (1): 113 Square Footage (2): 7 million Current Occupancy (3): 99% + Current Market Cap (4): $343 million Total Enterprise Value (5): $655 million Shares Outstanding (3): 16.1 million Dividend Yield (6): 7.14% (1) Includes five properties owned by un

  9. Slide 9: Stable Occupancy Rates

    Stable Occupancy Rates 100.0% 100.0% 100.0% 99.6% 99.3% (1) 100.0% 98.6% 98.5% 98.4% 97.5% 97.6% 90.0% 80.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (1) Occupancy rate as of 6/30/14 9

  10. Slide 10: Diversified Portfolio

    Diversified Portfolio % of 2014 Number of 2014 Contractual Contractual Type of Property Properties Rental Income (1) Rental Income Retail – General 45 $ 17,275,822 30.8% – Furniture 14 $ 5,591,736 10.0% – Restaurant 19 $ 3,672,061 6.5% – Office Supply 8 $ 3,098,079 5.5% – Supermarket 2 $ 2,185,831 3

  11. Slide 11: 113 properties in 30 states

    113 properties in 30 states Highest State Concentration by 2014 Contractual Rental Income Number of 2014 Contractual % of 2014 Contractual State Properties Rental Income Rental Income Texas 12 $ 6,623,077 11.8% New York 9 $ 5,794,924 10.3% New Jersey 4 $ 5,236,040 9.3% Georgia 14 $ 4,777,922 8.5% So

  12. Slide 12: Diversified Tenant Base

    Diversified Tenant Base Top Tenants 2014 % of 2014 Number of Contractual Contractual S&P Credit Tenant Properties Rental Income Rental Income Rating (1) Haverty Furniture Companies, Inc. (NYSE: HVT) 11 $ 4,568,723 8.1% Not Rated Office Depot, Inc. (NYSE: ODP) 8 $ 3,098,079 5.5% B-, Outlook Stable LA

  13. Slide 13: Expiring Leases

    Expiring Leases % of 2014 Contractual 2014 Contractual Rental Income Approximate Square % of Square Feet Year Ending Number of Rental Income Under Represented by Feet Subject To Represented by December 31, Expiring Leases Expiring Leases Expiring Leases Expiring Leases Expiring Leases 2014 2 $ 882,9

  14. Slide 14: Steady Revenue Growth

    Steady Revenue Growth Total Revenue $57.6 (1) $60 $51.0 $50 $43.8 $40.9 $36.7 $40 $35.2 ($ in millions) $30 $20 $10 $0 2009 2010 2011 2012 2013 2014 (1) Represents the annualized total revenue based on the six months ended 6/30/14 excluding a non-recurring lease termination fee 14

  15. Slide 15: Acquisition Track Record

    Acquisition Track Record — Acquired $107.5 million properties in 2013 and $32.9 million through August 2014 — Excludes 2 properties under contract for a total of $16.3 million subject to completion of due diligence — Current pipeline of diverse opportunities in excess of $250.0 million — Transac

  16. Slide 16: Recent Acquisitions

    Recent Acquisitions Financing Date Property Lease Purchase GAAP Information Acquired Type Tenant (or d/b/a) City State Expiration Price Yield (1) (at time of purchase) 01/21/2014 Retail Total Wine & More Greensboro NC 10/31/2017 $ 2,971,000 9.5% All Cash 01/23/2014 Restaurant Chuck E. Cheese Indiana

  17. Slide 17: Recent Mortgages

    Recent Mortgages Date Property Mortgage Mortgage Interest Financed Type Tenant (or d/b/a) City State Amount Maturity Rate 09/09/2014 Retail Hobby Lobby Woodbury MN $ 3,200,000 10/01/2024 4.50% 08/22/2014 Restaurant Hooters Myrtle Beach & Concord SC/NC $ 3,317,600 09/01/2024 4.38% 08/19/2014 Industri

  18. Slide 18: Laddered Mortgage Debt Maturities

    Laddered Mortgage Debt Maturities (1) — Weighted average interest rate of 5.11% on fixed rate debt — There is approximately $8.0 million ($0.50 per share) of scheduled amortization of mortgages for the 12 months ending June 30, 2015 Balloon Payments Due For the Twelve Months Ending June 30 $98.9 $

  19. Slide 19: Acquisition Case Study – Ground Lease

    Acquisition Case Study – Ground Lease • In June 2014, acquired 14.35 acres of land Purchase Price $ 6,510,000 located in Sandy Springs, GA which was simultaneously ground leased to an Year 1 Ground Rent to OLP $ 585,913 experienced multi-family operator Return on Equity 9.00% • The land is improved

  20. Slide 20: Acquisition Case Study – Retail

    Acquisition Case Study – Retail • In May 2014, acquired a retail property in Woodbury, MN and leased to Hobby Purchase Price $4,770,000 Lobby, Inc. Mortgage (1) ($3,200,000) Net Equity Invested $1,570,000 • The property is located 18 miles east of Minneapolis and 8 miles east of St. Paul Year 1 Rent

  21. Slide 21: Acquisition Case Study – Industrial

    Acquisition Case Study – Industrial — Acquired a distribution facility in Joppa, MD in June 2014 in a short-term sale-leaseback transaction, net leased to a wholly owned Net Equity Invested $11,650,000 subsidiary of Proctor & Gamble Year 1 Rental Income $905,485 — 19 miles northeast of downtown Ba

  22. Slide 22: Experienced Management Team

    Experienced Management Team — Chief Executive Officer since 2008, President since 2006, Director since 2002 — Senior Vice President of First Washington Realty Inc. from 2004 to 2005. A joint venture with Patrick J. Callan, Jr. CalPERS that controlled 100 shopping centers (13 million square feet) w

  23. Slide 23: Top Tenants Profiles

    Top Tenants Profiles 23

  24. Slide 24: Havertys Furniture – Tenant Profile

    Havertys Furniture – Tenant Profile — Tenant: Haverty Furniture Companies, Inc. (NYSE: — 11 properties aggregating 612,130 square feet HVT) – Duluth (Atlanta), GA — Represents 8.1% of 2014 contractual rental income – Fayetteville (Atlanta), GA — Full service home furnishings retailer founded in

  25. Slide 25: Representative Havertys – Cedar Park (Austin), TX

    Representative Havertys – Cedar Park (Austin), TX — Building: 50,810 SF on 5.27 acres. Built in 2001. Havertys has operated at this location for more than 13 years. — 3 Mile Demographics (Source: Sites USA, 2014) – Population: 82,487 – Average HH Income: $84,638 — Location: 11091 Pecan Park Blvd,

  26. Slide 26: Representative Havertys – Richmond, VA

    Representative Havertys – Richmond, VA — Building: 38,788 SF on 2.16 acres. Built in 1979 and renovated and expanded in 2001. Havertys has operated at this location for more than 13 years. — 3 Mile Demographics (Source: Sites USA, 2014) – Population: 55,451 – Average HH Income: $104,024 — Locatio

  27. Slide 27: Office Depot – Tenant Profile

    Office Depot – Tenant Profile — 8 properties representing 206,483 SF — Tenant: Office Depot, Inc. (NYSE: ODP) % of 2014 Contractual Rental Income — Represents 5.5% of 2014 contractual rental income – Chicago, IL: 1.0% — Leading global provider of office products and services – Kennesaw (Atlanta)

  28. Slide 28: Representative Office Depot – Chicago, IL

    Representative Office Depot – Chicago, IL — Building: 23,939 SF on 2.62 acres. Built in 1994. Office Depot has operated at this location for more than 20 years. — 3 Mile Demographics (Source: Sites USA, 2014) – Population: 545,817 – Average HH Income: $92,463 — Location: 2928 N. Ashland Ave, Chic

  29. Slide 29: Representative Office Depot – Cary, NC

    Representative Office Depot – Cary, NC — Building: 33,490 SF on 2.68 acres. Built in 1995. Office Depot has operated at this location for more than 19 years. — 3 Mile Demographics (Source: Sites USA, 2014) – Population: 65,437 – Average HH Income: $74,970 — Location: 2011 Walnut Street, Cary, NC;

  30. Slide 30: LA Fitness – Tenant Profile

    LA Fitness – Tenant Profile — Tenant: LA Fitness International LLC Representative LA Fitness – Secaucus, NJ — Represents 5.3% of 2014 contractual rental income — Building: 44,863 SF on 1.229 acres — LA Fitness currently operates over 500 clubs in 21 states — 3 Mile Demographics (Source: Sites U

  31. Slide 31: Northern Tool & Equipment – Tenant Profile

    Northern Tool & Equipment – Tenant Profile — Tenant: Northern Tool & Equipment — Location: 1850 Banks Road, Fort Mill, SC — Represents 4.7% of 2014 contractual rental income — Building: 701,595 SF on 40 acres — A large United States distributor of industrial grade and — 3 Mile Demographics (So

  32. Slide 32: Ferguson Enterprises – Tenant Profile

    Ferguson Enterprises – Tenant Profile — Tenant: Ferguson Enterprises, Inc. — Location: 4501 Hollins Ferry Rd, Baltimore MD — Represents 4.4% of 2014 contractual rental income — 5 miles south of downtown Baltimore — One of the largest United States distributors of plumbing — Building: 367,000 S

  33. Slide 33: Balance Sheet Information

    Balance Sheet Information Gross Assets : (1) $675.4 million Total Debt/Gross Assets : (2) 48.9% Fixed Rate Debt : (3) 88.8% Debt Service Coverage Ratio : (4) 2.2 Fixed Charge Coverage Ratio : (4) 2.0 FFO Payout : (5) 80.4% • Liquidity available to acquire in excess of $180 million of properties as o

  34. Slide 34: GAAP Reconciliation

    GAAP Reconciliation The following table provides a reconciliation of net income per common share (on a diluted basis) in accordance with GAAP to FFO and AFFO: 2014 (1) 2013 2012 2011 Net income $ 0.90 $ 1.14 $ 2.16 $ 0.96 Add: depreciation of properties 0.90 0.78 0.66 0.66 Add: our share of deprecia

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