Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

Schedule III—Consolidated Real Estate and Accumulated Depreciation
December 31, 2011
(Amounts in Thousands)

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2011

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(4)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(4)		Date of Construction		Date Acquired
Apartment Building
New York, NY	$	6,970	$	1,110	$	4,439	$	—	$	1,110	$	4,439	$	5,549	$	2,832		1910		1994
Flex
Hauppauge, NY		9,288		1,952		10,954		—		1,952		10,954		12,906		3,024		1982		2000
Ronkonkoma, NY		3,973		1,042		4,171		1,033		1,042		5,204		6,246		1,273		1986		2000
Health Clubs
Tucker, GA		5,293		807		3,027		3,126		807		6,153		6,960		1,260		1988		2002
Grand Rapids, MI		2,166		912		3,649		—		912		3,649		4,561		1,038		1972		2000
Grand Rapids, MI		1,134		513		2,053		—		513		2,053		2,566		584		1968		2000
Hamilton, OH		—		1,483		5,953		—		1,483		5,953		7,436		64		2008		2011
Industrial
West Palm Beach, FL		—		181		724		—		181		724		905		239		1973		1998
Baltimore, MD(3)		22,124		6,474		25,282		—		6,474		25,282		31,756		3,187		1960		2006
Saco, ME		3,473		1,027		3,623		—		1,027		3,623		4,650		517		2001		2006
Durham, NC		2,200		1,043		2,244		160		1,043		2,404		3,447		33		1991		2011
Melville, NY		2,018		774		3,029		748		774		3,777		4,551		704		1982		2003
New Hyde Park, NY		—		182		728		33		182		761		943		235		1960		1999
New Hyde Park, NY		—		197		788		187		197		975		1,172		263		1954		1999
Columbus, OH		—		435		1,703		—		435		1,703		2,138		479		1979		1995
Philadelphia, PA		5,391		1,981		7,668		—		1,981		7,668		9,649		1,318		1964		2005
Office
Los Angeles, CA		7,912		2,157		8,240		72		2,157		8,312		10,469		1,746		1960		2003
Parsippany, NJ		14,768		6,055		23,300		1,750		6,055		25,050		31,105		3,749		1997		2005
Brooklyn, NY		6,285		1,381		5,447		2,565		1,381		8,012		9,393		2,376		1973		1998
Retail
Denver, CO		3,258		780		3,247		413		780		3,660		4,440		1,323		1995		1996
West Hartford, CT		—		2,881		94		—		2,881		94		2,975		9		N/A		2010
West Hartford, CT		12,908		9,296		5,071		—		9,296		5,071		14,367		176		2005		2010

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2011

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(4)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(4)		Date of Construction		Date Acquired
Retail—Continued
Newark, DE		—		935		3,643		—		935		3,643		4,578		763		1996		2003
Ft. Myers, FL		3,308		1,013		4,054		—		1,013		4,054		5,067		1,533		1995		1996
Miami Springs, FL(1)		—		3,430		2,280		—		3,430		2,280		5,710		188		1993		2008
Naples, FL		—		3,070		2,846		—		3,070		2,846		5,916		234		1992		2008
Pensacola, FL(1)		—		1,043		2,911		—		1,043		2,911		3,954		240		1971		2008
Athens, GA(1)		2,953		1,130		4,340		—		1,130		4,340		5,470		827		2003		2004
Atlanta, GA		1,689		803		3,211		—		803		3,211		4,014		1,234		1994		1996
Duluth, GA(2)		1,764		778		3,436		—		778		3,436		4,214		490		1987		2006
Fayetteville, GA(2)		2,211		976		4,308		—		976		4,308		5,284		615		1987		2006
Kennesaw, GA(1)		—		1,501		4,349		—		1,501		4,349		5,850		358		1995		2008
Bolingbrook, IL		—		834		1,887		—		834		1,887		2,721		37		2001		2011
Champaign, IL		1,973		791		3,165		274		791		3,439		4,230		1,031		1985		1999
Chicago, IL(1)		—		3,877		2,256		—		3,877		2,256		6,133		186		1994		2008
Crystal Lake, IL		2,095		615		1,899		—		615		1,899		2,514		18		1997		2011
Gurnee, IL		2,537		834		3,635		—		834		3,635		4,469		481		1994		2006
Niles, IL		3,445		843		3,485		—		843		3,485		4,328		29		1995		2011
Wichita, KS(2)		2,693		1,189		5,248		—		1,189		5,248		6,437		749		1996		2006
Lexington, KY(2)		1,813		800		3,532		—		800		3,532		4,332		504		1999		2006
Bastrop, LA		1,048		378		1,465		—		378		1,465		1,843		188		1995		2006
Kentwood, LA		1,020		368		1,425		—		368		1,425		1,793		183		1995		2006
Lake Charles, LA(1)		2,751		1,167		4,669		—		1,167		4,669		5,836		1,085		1998		2002
Monroe, LA		1,048		378		1,465		—		378		1,465		1,843		188		1995		2006
Monroe, LA		1,001		361		1,399		—		361		1,399		1,760		179		1995		2006
Everett, MA		1,337		1,935		—		—		1,935		—		1,935		—		N/A		2008
Hyannis, MA		1,386		802		2,324		—		802		2,324		3,126		230		1998		2008
Marston Mills, MA		593		461		2,313		—		461		2,313		2,774		224		1998		2008
Somerville, MA		2,015		510		1,993		24		510		2,017		2,527		446		1993		2003

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2011

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(4)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(4)		Date of Construction		Date Acquired
Retail—Continued
Kansas City, MO		4,411		2,958		5,691		—		2,958		5,691		8,649		219		2004		2010
D'lberville, MS		1,020		368		1,425		—		368		1,425		1,793		183		1995		2006
Flowood, MS		1,086		392		1,517		—		392		1,517		1,909		194		1995		2006
Vicksburg, MS		992		358		1,385		—		358		1,385		1,743		177		1985		2006
Vicksburg, MS		1,209		436		1,689		—		436		1,689		2,125		216		1995		2006
Cary, NC(1)		—		1,129		3,736		—		1,129		3,736		4,865		307		1995		2008
Cherry Hill, NJ		—		3,584		2,794		281		3,584		3,075		6,659		9		2000		2011
Batavia, NY		—		515		2,061		—		515		2,061		2,576		663		1998		1999
Hauppauge, NY		—		725		2,963		—		725		2,963		3,688		454		1992		2005
Island Park, NY		1,697		1,235		1,355		—		1,235		1,355		2,590		42		1947		2010
Selden, NY		2,382		572		2,287		150		572		2,437		3,009		766		1997		1999
Columbus, OH		—		1,445		5,431		350		1,445		5,781		7,226		2,041		1996		1997
Eugene, OR(1)		—		1,952		2,096		—		1,952		2,096		4,048		172		1994		2008
Gettysburg, PA		—		754		704		—		754		704		1,458		24		1991		2010
Hanover, PA		—		736		686		—		736		686		1,422		24		1992		2010
Monroeville, PA		—		450		863		—		450		863		1,313		35		1994		2010
Palmyra, PA		—		650		650		—		650		650		1,300		24		1981		2010
Reading, PA		—		655		625		—		655		625		1,280		23		1981		2010
Reading, PA		—		618		643		—		618		643		1,261		25		1983		2010
Royersford, PA		17,009		19,538		3,150		—		19,538		3,150		22,688		148		2001		2010
Trexlertown, PA		—		800		439		—		800		439		1,239		15		1994		2010
Bluffton, SC(2)		1,335		589		2,600		—		589		2,600		3,189		371		1994		2006
Knoxville, TN		4,944		2,290		8,855		—		2,290		8,855		11,145		1,725		2003		2004
Amarillo, TX(2)		1,955		863		3,810		—		863		3,810		4,673		544		1996		2006
Austin, TX(2)		3,598		1,587		7,010		—		1,587		7,010		8,597		1,000		2001		2006
El Paso, TX		—		2,821		11,123		321		2,821		11,444		14,265		3,364		1974		2000
El Paso, TX(1)		—		1,035		2,700		—		1,035		2,700		3,735		222		1993		2008

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2011

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(4)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(4)		Date of Construction		Date Acquired
Retail—Continued
Houston, TX		—		396		1,583		—		396		1,583		1,979		536		1997		1998
Houston, TX		2,846		1,962		1,540		—		1,962		1,540		3,502		50		2006		2010
Houston, TX		—		2,002		1,800		—		2,002		1,800		3,802		57		2009		2010
Plano, TX		—		825		3,299		—		825		3,299		4,124		980		1998		2000
Plano, TX		—		2,701		11,425		—		2,701		11,425		14,126		2,368		2000		2003
Rosenberg, TX		—		216		863		—		216		863		1,079		346		1994		1995
Tyler, TX(2)		2,338		1,031		4,554		—		1,031		4,554		5,585		650		2001		2006
Newport News, VA(2)		1,702		751		3,316		—		751		3,316		4,067		473		1995		2006
Richmond, VA(2)		1,965		867		3,829		—		867		3,829		4,696		546		1979		2006
Virginia Beach, VA(2)		1,935		854		3,771		—		854		3,771		4,625		538		1995		2006
Seattle, WA		—		201		189		—		201		189		390		115		1986		1987
Onalaska, WI		—		753		3,099		—		753		3,099		3,852		552		1994		2004
Theater
Greensboro, NC		5,584		—		8,328		—		—		8,328		8,328		3,964		1999		2004

Totals	$	205,849	$	135,099	$	328,856	$	11,487	$	135,099	$	340,343	$	475,442	$	62,831

Note 1—These nine properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Seven of these leases contain cross default provisions. They are located in seven states (Florida, Illinois, Louisiana, North Carolina, Texas, Georgia and Oregon).

Note 2—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross—collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia).

Note 3—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company's benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building.

Note 4—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

Notes to Schedule III
Consolidated Real Estate and Accumulated Depreciation

(a): Reconciliation of "Real Estate and Accumulated Depreciation"

(Amounts In Thousands)

	Year Ended December 31,

	2011			2010			2009
Investment in real estate:
Balance, beginning of year	$	445,900		$	378,000		$	387,595
Addition: Land, buildings and improvements		29,542			67,900			576
Deduction: Cost of property sold		—			—			(10,171	)

Balance, end of year	$	475,442	(b)	$	445,900		$	378,000

Accumulated depreciation:
Balance, beginning of year	$	54,137		$	46,117		$	38,389
Addition: Depreciation		8,694			8,152			8,467
Deduction: Accumulated depreciation related to "property held for sale"		—			(132	)		(739	)

Balance, end of year	$	62,831		$	54,137		$	46,117

(b): The aggregate cost of the properties is approximately $14,796 lower for federal income tax purposes at December 31, 2011.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References+ Details