One Liberty Properties, Inc. · NYSE:OLP
One Liberty Properties — Investor Presentation (April 2012)
28 slides from One Liberty Properties's investor presentation, April 2012
Slide 1: One Liberty Properties
One Liberty Properties April 2012 onelibertyproperties.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 Internally managed net lease equity REIT focused on U.S. single tenant commercial real estate – Weighted average lease term of 8.2 years – 98 properties totaling 5.5 million square feet, including five joint venture properties Diversified portfolio by tenant, property & geog
Slide 4: Investment Highlights
Investment Highlights 7.46% dividend yield (1) High performing portfolio with embedded growth – At least 97.5% year end occupancy for each of the last five years – 2012 contractual rental income (2) of $45.8 million • represents a 10.1% increase over 2011(3) Manageable debt maturities over the
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: Company History
Company History A disciplined acquirer and seller of assets 2001 – Active net lease buyer including movie theaters 2002 & 2003 – Completed follow-on offerings of $35.1million and $64.5 million 2006 – $152 million sale of JV movie theatres portfolio for OLP profit of $26.9 million 2007 – Made
Slide 7: Broad Geographic Reach
Broad Geographic Reach Portfolio spans 98 properties in 29 states (5.5 million square feet) Approximate Wholly-Owned Number of 2012 Contractual Building Properties Properties Rental Income Square Feet New York 11 $6,415,421 621,879 Texas 11 $5,320,553 533,697 Pennsylvania 9 $3,745,067 383,255 Geor
Slide 8: Properties By Sector
Properties By Sector (Excluding JV Properties) Number of Number of 2012 Contractual Percentage of 2012 Type of Property Tenants Properties Rental Income Contractual Rental Income Retail 63 73 $28,089,783 61.3% Industrial 8 9 $5,788,821 12.6% Office 3 3 $4,702,310 10.3% Other 6 6 $4,617,392 10.0% Fle
Slide 9: Diverse Tenant Base
Diverse Tenant Base Top 5 Tenants Percent of 2012 Contractual Tenant Rental Income S&P Credit Rating (1) Haverty Furniture Companies, Inc. (NYSE: HVT) 9.6% Not Rated Office Depot, Inc. (NYSE: ODP) 7.7% B-, Outlook Stable DSM Nutritional Products, Inc. 4.7% A, Outlook Stable Ferguson Enterprises, Inc
Slide 10: Stable Financial Performance
Stable Financial Performance Proven ability to lease properties and effectively recycle capital Year end occupancy of at least 97.5% in each of the past 5 years (based on square footage) Total Revenue Year End Occupancy ($ in millions) 10
Slide 11: Manageable Lease Expirations
Manageable Lease Expirations Approximate Square 2012 Contractual % of 2012 Contractual % of 2012 Square Year of Number of Feet Subject To Rental Income Under Rental Income Represented Feet Represented (1) Expiration Expiring Leases Expiring Leases (3) Expiring Leases by Expiring Leases by Expiring L
Slide 12: Strong Balance Sheet
Strong Balance Sheet 98% of the mortgages payable are fixed rate and non-recourse Line of Credit is OLP’s only floating rate recourse debt $35.4 million is available on the Line of Credit as of April 10, 2012 43% Total Debt ($225.8 million) / Total Assets ($523.6 million) (1) Amortizing pr
Slide 13: Growth Opportunities
Growth Opportunities Demonstrated ability to purchase assets that have solid cash-flow characteristics Increasing scale through broad geographic reach Proven capability to identify and understand the intrinsic value of a property Growth through acquisition of select accretive properties Se
Slide 14: Acquisition Case Study – Industrial
Acquisition Case Study – Industrial Acquired an industrial building in Durham, Purchase Price $3,975,365 NC in July 2011 net leased to Federal Mortgage ($2,200,000) Express Corporation Net Equity Invested $1,775,365 Property is less than ½ mile west of the Annual Rental Income $318,029 22.5 mill
Slide 15: Acquisition Case Study – Fitness
Acquisition Case Study – Fitness Acquired a fitness club in Hamilton (Cincinnati), OH in August 2011 net Purchase Price $7,900,000 Mortgage ($3,950,000) leased to LA Fitness International LLC, a Net Equity Invested $3,950,000 nationwide operator of more than 500 health clubs Annual Rental Income $
Slide 16: Top Tenants Profiles
Top Tenants Profiles
Slide 17: Havertys Furniture – Tenant Profile
Havertys Furniture – Tenant Profile Tenant: Haverty Furniture Companies, Inc. (NYSE: HVT) 11 properties representing 612,130 square feet Largest tenant representing 9.6% of 2012 contractual – Duluth (Atlanta), GA rental income – Fayetteville (Atlanta), GA Full service home furnishings retail
Slide 18: 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 19: 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 20: Office Depot – Tenant Profile
Office Depot – Tenant Profile Tenant: Office Depot, Inc. (NYSE: ODP) 9 properties representing 230,700 square feet Second largest tenant representing 7.7% of 2012 City, State: % of 2012 contractual rental income contractual rental income. – Chicago, IL: 1.2% Leading global provider of office
Slide 21: 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: 577,482 – Average HH Income: $83,713 Location: 2928 N. Ashland Ave, Chicago, IL;
Slide 22: 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 23: Ferguson Enterprises – Baltimore, MD
Ferguson Enterprises – Baltimore, MD Tenant: Ferguson Enterprises, Inc. – 3rd largest tenant representing 5.1% of 2012 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 24: DSM Nutritional – Parsippany, NJ
DSM Nutritional – Parsippany, NJ Tenant: DSM Nutritional Products, Inc. – 4th largest tenant representing 4.7% of 2012 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 25: L-3 Communications – Hauppauge, NY
L-3 Communications – Hauppauge, NY Tenant: L-3 Communications Corp. – 5th largest tenant representing 4.2% of 2012 contractual rental income – Contractor in command, control and communications, intelligence, surveillance and reconnaissance, government services, aircraft modernization and maintenan
Slide 26: Investment Highlights
Investment Highlights 7.46% dividend yield (1) At least 97.5% year end occupancy for each of the last five years High performing portfolio with embedded growth Manageable debt maturities over the next three years Proven ability to make acquisitions through long-standing relationships Str
Slide 27: Appendix
Appendix
Slide 28: Portfolio Of Properties By State
Portfolio Of Properties By State (1) 98 Properties in 29 States (As of March 31, 2012) 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 Playboy Entertainment Group, Inc. Los Angeles CA 106,262 49 Kohl's Department Stores, Inc. Ka
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