One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (March 2011)
28 slides from One Liberty Properties's investor presentation, Mar 28, 2011
Slide 1: One Liberty Properties
One Liberty Properties March 2011 www.1liberty.com
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
Slide 3: One Liberty Overview
One Liberty Overview NYSE - “OLP” – 14.4 million shares outstanding Internally managed net lease equity REIT focused on U.S. single tenant commercial real estate – Weighted average lease term in excess of 9 years – 88 properties totaling 5.1 million square feet, including four joint venture prop
Slide 4: Investment Highlights
Investment Highlights 8.8% dividend yield (1) $215.25 million Market Cap High performing portfolio with embedded growth – At least 97.5% year end occupancy for each of the last five years – 2011 contractual rental income (2) of $41.6 million represents a 4.5% increase over 2010 (3) – 96% of 20
Slide 5: Management Team
Management Team Chairman of the Board since June 1989, Chief Executive Officer from December 1999 to December 2001 and from July 2005 to December 2007 Fredric H. Gould Chairman of the Board of BRT Realty Trust, a mortgage REIT, since 1984 Chairman Chairman of the managing general partner of Go
Slide 6: Geographically Diverse Portfolio
Geographically Diverse Portfolio One Liberty’s Portfolio spans 88 properties in 29 states (5.1 million square feet) Properties by State Approximate Wholly-Owned Number of 2011 Contractual Building Properties Properties Rental Income Square Feet New York 11 $6,424,596 621,879 Texas 11 $4,401,692 53
Slide 7: Properties By Sector
Properties By Sector (Excluding JV Properties) Number of Number of 2011 Contractual Percentage of 2011 Type of Property Tenants Properties Rental Income Contractual Rental Income Retail 58 66 $25,099,227 60.3% Industrial 7 8 $5,374,354 12.9% Office 3 3 $4,582,195 11.0% Flex 3 2 $2,651,944 6.4% Other
Slide 8: Tenants
Tenants Top 5 Tenants Percent of 2011 Contractual Tenant Rental Income S&P Credit Rating (1) Office Depot, Inc. (NYSE: ODP) 10.7% B Haverty Furniture Companies, Inc. (NYSE: HVT) 10.4% Not Rated Ferguson Enterprises, Inc. 5.6% Not Rated DSM Nutritional Products, Inc. 5.0% A L-3 Communications Corpora
Slide 9: Stable Financial Performance
Stable Financial Performance Proven ability to lease properties and effectively recycle capital Year end occupancy of at least 97.5% in each of the past 5 years (based on square footage) Total Revenue Year End Occupancy ($ in millions) 9
Slide 10: Manageable Lease Expirations
Manageable Lease Expirations Approximate Square 2011 Contractual % of 2011 Contractual % of 2011 Square Year of Number of Feet Subject To Rental Income Under Rental Income Represented Feet Represented Expiration (1) Expiring Leases Expiring Leases Expiring Leases by Expiring Leases by Expiring Lease
Slide 11: Strong Balance Sheet
Strong Balance Sheet 100% of the mortgages payable are fixed rate and non-recourse – Line of Credit is OLP’s only floating rate recourse debt 50% Total Debt / Total Assets (1) Amortizing principal, laddered maturities results in manageable maturity schedule – 2011 scheduled amortization of pri
Slide 12: Acquisition Strategy
Acquisition Strategy Ability to identify and understand the intrinsic value of a property Growth through acquisition of retail and operational essential industrial and office properties Secure long-term net leases with rent increases Emphasis on underlying real estate fundamentals – Willing
Slide 13: Acquisition Case Study – Retail
Acquisition Case Study – Retail Purchase Price $8,950,000 Mortgage ($4,500,000) Acquired a retail building in Kansas City, Net Equity Invested $4,450,000 MO in July 2010 net leased to Kohl’s Department Stores, Inc. Annual Rental Income $738,636 Annual Interest Expense @ 5.75% ($258,750) Property
Slide 14: Acquisition Case Study – Restaurants
Acquisition Case Study – Restaurants Acquired via sale-leaseback, six Wendy’s Purchase Price $7,958,000 restaurants in Pennsylvania in August 2010 Annual Rental Income $677,335 for $7.958 million Properties are leased pursuant to a single Return on Equity 8.51% master lease to a Wendy’s franchis
Slide 15: Top Tenants Profiles
Top Tenants Profiles
Slide 16: Office Depot – Tenant Profile
Office Depot – Tenant Profile Tenant: Office Depot, Inc. (NYSE: ODP) 10 properties representing 261,678 square feet – Largest tenant representing 10.7% of 2011 contractual City, State: % of 2011 contractual rental income rental income – East Palo Alto, CA: 2.2% Leading global provider of offic
Slide 17: Office Depot – East Palo Alto, CA
Office Depot – East Palo Alto, CA Building: 30,978 SF on 2.65 acres. Built in 1999. Office Depot has operated at this location for more than 11 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 119,053 – Average HH Income: $129,109 Location: 1761 East Bayshore Rd, Ea
Slide 18: Office Depot – Chicago, IL
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 16 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 577,428 – Average HH Income: $83,713 Location: 2928 N. Ashland Ave, Chicago, IL;
Slide 19: Office Depot – Miami Springs, FL
Office Depot – Miami Springs, FL Building: 25,000 SF on 1.77 acres. Built in 1993. Office Depot has operated at this location for more than 17 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 199,401 – Average HH Income: $41,828 Location: 3600 NW Lejeune Rd, Miami S
Slide 20: Havertys Furniture – Tenant Profile
Havertys Furniture – Tenant Profile Tenant: Haverty Furniture Companies, Inc. (NYSE: HVT) 11 properties representing 612,130 square feet – 2nd largest tenant representing 10.4% of 2011 City, State contractual rental income – Duluth (Atlanta), GA Full service home furnishings retailer founded i
Slide 21: Havertys – Lexington, KY
Havertys – Lexington, KY Building: 30,173 SF on 2.24 acres. Built in 1999. Havertys has operated at this location for more than 11 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 52,232 – Average HH Income: $75,371 Location: 2150 Paul Jones Way, Lexington, KY; 5 mi
Slide 22: Havertys – Cedar Park (Austin), TX
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 9 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 85,746 – Average HH Income: $92,659 Location: 11091 Pecan Park Blvd, Cedar Pa
Slide 23: Havertys – Richmond, VA
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 9 years. 3 Mile Demographics (Source: The Nielsen Company, 2010) – Population: 55,356 – Average HH Income: $103,032 Location: 11501
Slide 24: Ferguson Enterprises – Baltimore, MD
Ferguson Enterprises – Baltimore, MD Tenant: Ferguson Enterprises, Inc. – 3rd largest tenant representing 5.6% of 2011 contractual rental income – The largest United States distributor of plumbing supplies, pipes, valves and fittings Lease terms: – Lease expires 3/31/2022 – $2.3 million annual n
Slide 25: DSM Nutritional – Parsippany, NJ
DSM Nutritional – Parsippany, NJ Tenant: DSM Nutritional Products, Inc. – 4th largest tenant representing 5.0% of 2011 contractual rental income – World's leading supplier of vitamins, carotenoids and other fine chemicals to the feed, food, pharmaceutical and personal care industries – Lease guara
Slide 26: L-3 Communications – Hauppauge, NY
L-3 Communications – Hauppauge, NY Tenant: L-3 Communications Corp. – 5th largest tenant representing 4.6% of 2011 contractual rental income – Contractor in command, control and communications, intelligence, surveillance and reconnaissance, government services, aircraft modernization and maintenan
Slide 27: Appendix
Appendix
Slide 28: Portfolio Of Properties By State
Portfolio Of Properties By State (1) 88 Properties in 29 States (As of December 31, 2010) Sq uar e Sq uar e N ame o r T enant / d . b . a. C it y St at e F eet N ame o r T enant / d . b .a. C it y St at e F eet 1 Office Depot, Inc. East Palo Alt o CA 30,978 46 The Cit y of New York Brooklyn NY 66,00
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