ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

Schedule III—Consolidated Real Estate and Accumulated Depreciation
December 31, 2012
(Amounts in Thousands)

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2012

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Flex
Hauppauge, NY		8,988		1,952		10,954		—		1,952		10,954		12,906		3,298		1982		2000
Ronkonkoma, NY		3,887		1,042		4,171		1,113		1,042		5,284		6,326		1,406		1986		2000
Health Clubs
Tucker, GA		5,191		807		3,027		3,126		807		6,153		6,960		1,431		1988		2002
Grand Rapids, MI		2,001		912		3,649		—		912		3,649		4,561		1,129		1972		2000
Grand Rapids, MI		1,047		513		2,053		—		513		2,053		2,566		635		1968		2000
Secaucus, NJ		10,000		5,660		8,855		—		5,660		8,855		14,515		9		1986		2012
Hamilton, OH		3,893		1,483		5,953		—		1,483		5,953		7,436		236		2008		2011
Industrial
West Palm Beach, FL		—		181		724		—		181		724		905		257		1973		1998
Pinellas Park, FL		—		1,231		1,669		—		1,231		1,669		2,900		12		1995		2012
Baltimore, MD(2)		21,826		6,474		25,282		—		6,474		25,282		31,756		3,819		1960		2006
Saco, ME		3,380		1,027		3,623		—		1,027		3,623		4,650		608		2001		2006
Durham, NC		2,156		1,043		2,404		—		1,043		2,404		3,447		105		1991		2011
Melville, NY		1,944		774		3,029		748		774		3,777		4,551		799		1982		2003
New Hyde Park, NY		—		182		728		33		182		761		943		254		1960		1999
Columbus, OH		—		435		1,353		350		435		1,703		2,138		521		1979		1995
Miamisburg, OH		—		165		1,348		—		165		1,348		1,513		2		1987		2012
Philadelphia, PA		5,757		1,981		7,668		—		1,981		7,668		9,649		1,510		1964		2005

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2012

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Office
Parsippany, NJ		14,315		6,055		23,300		1,799		6,055		25,099		31,154		4,438		1997		2005
Brooklyn, NY		5,891		1,381		5,447		2,592		1,381		8,039		9,420		2,576		1973		1998
Retail
Denver, CO		3,115		780		3,247		413		780		3,660		4,440		1,414		1995		1996
West Hartford, CT		—		2,881		94		—		2,881		94		2,975		16		N/A		2010
West Hartford, CT		12,759		9,296		5,071		—		9,296		5,071		14,367		321		2005		2010
Newark, DE		2,061		935		3,643		—		935		3,643		4,578		854		1996		2003
Ft. Myers, FL		3,195		1,013		4,054		—		1,013		4,054		5,067		1,634		1995		1996
Naples, FL		—		3,070		2,846		—		3,070		2,846		5,916		305		1992		2008
Athens, GA(3)		2,858		1,130		4,340		—		1,130		4,340		5,470		936		2003		2004
Atlanta, GA		1,613		803		3,211		—		803		3,211		4,014		1,314		1994		1996
Carrollton, GA		1,774		796		1,458				796		1,458		2,254		34		1996		2012
Cartersville, GA		1,678		786		1,346				786		1,346		2,132		34		1995		2012
Duluth, GA(4)		1,873		778		3,436		—		778		3,436		4,214		576		1987		2006
Fayetteville, GA(4)		2,349		976		4,308		—		976		4,308		5,284		722		1987		2006
Kennesaw, GA(3)		—		1,501		4,349		—		1,501		4,349		5,850		467		1995		2008
Kennesaw, GA		1,375		702		916				702		916		1,618		23		1989		2012
Lawrenceville, GA		1,320		804		782				804		782		1,586		17		1988		2012
Bolingbrook, IL		—		834		1,887		—		834		1,887		2,721		85		2001		2011
Champaign, IL		1,916		791		3,165		274		791		3,439		4,230		1,117		1985		1999
Chicago, IL(3)		—		3,877		2,256		—		3,877		2,256		6,133		242		1994		2008
Crystal Lake, IL		2,038		615		1,899		—		615		1,899		2,514		81		1997		2011
Gurnee, IL		2,494		834		3,635		—		834		3,635		4,469		572		1994		2006
Niles, IL		3,382		843		3,485		—		843		3,485		4,328		130		1995		2011

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2012

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail
Lawrence, KS		—		133		938		—		133		938		1,071		21		1915		2012
Wichita, KS(4)		2,861		1,189		5,248		—		1,189		5,248		6,437		880		1996		2006
Lexington, KY(4)		1,925		800		3,532		—		800		3,532		4,332		592		1999		2006
Bastrop, LA		1,031		378		1,465		—		378		1,465		1,843		224		1995		2006
Kentwood, LA		1,003		368		1,425		—		368		1,425		1,793		218		1995		2006
Lake Charles, LA(3)		—		1,167		4,669		—		1,167		4,669		5,836		1,201		1998		2002
Monroe, LA		1,031		378		1,465		—		378		1,465		1,843		224		1995		2006
Monroe, LA		984		361		1,399		—		361		1,399		1,760		214		1995		2006
Everett, MA		1,315		1,935		—		—		1,935		—		1,935		—		N/A		2008
Hyannis, MA		1,221		802		2,324		—		802		2,324		3,126		288		1998		2008
Marston Mills, MA		516		461		2,313		—		461		2,313		2,774		282		1998		2008
Somerville, MA		1,981		510		1,993		24		510		2,017		2,527		497		1993		2003
Kansas City, MO		4,324		2,958		5,691		—		2,958		5,691		8,649		362		2004		2010
Cape Girardeau, MO		—		545		1,547				545		1,547		2,092		9		1994		2012
D'lberville, MS		1,003		368		1,425		—		368		1,425		1,793		218		1995		2006
Flowood, MS		1,068		392		1,517		—		392		1,517		1,909		232		1995		2006
Vicksburg, MS		975		358		1,385		—		358		1,385		1,743		212		1985		2006
Vicksburg, MS		1,189		436		1,689		—		436		1,689		2,125		259		1995		2006
Cary, NC(3)		—		1,129		3,736		—		1,129		3,736		4,865		401		1995		2008
Cherry Hill, NJ		6,068		3,584		2,794		3,263		3,584		6,057		9,641		259		2000		2011
Deptford, NJ		2,013		572		1,779		705		572		2,484		3,056		50		1981		2012
Batavia, NY		—		515		2,061		—		515		2,061		2,576		715		1998		1999
Hauppauge, NY		—		725		2,963		—		725		2,963		3,688		528		1992		2005
Island Park, NY		1,662		1,235		1,355		—		1,235		1,355		2,590		83		1947		2010
Selden, NY		2,333		572		2,287		150		572		2,437		3,009		827		1997		1999
Columbus, OH		—		1,445		5,781		—		1,445		5,781		7,226		2,186		1996		1997
Eugene, OR(3)		—		1,952		2,096		—		1,952		2,096		4,048		225		1994		2008
Gettysburg, PA		933		754		704		—		754		704		1,458		42		1991		2010

			Initial Cost To Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2012

					Buildings and Improvements		Cost Capitalized Subsequent to Acquisition				Buildings and Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
	Encumbrances		Land		Buildings and Improvements		Improvements		Land		Buildings and Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail
Hanover, PA		910		736		686		—		736		686		1,422		41		1992		2010
Monroeville, PA		—		450		863		—		450		863		1,313		56		1994		2010
Palmyra, PA		832		650		650		—		650		650		1,300		40		1981		2010
Reading, PA		822		655		625		—		655		625		1,280		39		1981		2010
Reading, PA		810		618		643		—		618		643		1,261		41		1983		2010
Royersford, PA		16,647		19,538		3,150		142		19,538		3,292		22,830		229		2001		2010
Trexlertown, PA		793		800		439		—		800		439		1,239		26		1994		2010
Bluffton, SC(4)		1,418		589		2,600		—		589		2,600		3,189		437		1994		2006
Knoxville, TN		4,581		2,290		8,855		—		2,290		8,855		11,145		1,946		2003		2004
Amarillo, TX(4)		2,076		863		3,810		—		863		3,810		4,673		639		1996		2006
Austin, TX(4)		3,822		1,587		7,010		—		1,587		7,010		8,597		1,176		2001		2006
El Paso, TX		—		2,821		11,123		321		2,821		11,444		14,265		3,657		1974		2000
El Paso, TX(3)		—		1,035		2,700		—		1,035		2,700		3,735		290		1993		2008
Houston, TX		—		396		1,583		30		396		1,613		2,009		578		1997		1998
Houston, TX		2,800		1,962		1,540		—		1,962		1,540		3,502		94		2006		2010
Houston, TX		—		2,002		1,800		—		2,002		1,800		3,802		108		2009		2010
Rosenberg, TX		—		216		863		67		216		930		1,146		370		1994		1995
Tyler, TX(4)		2,483		1,031		4,554		—		1,031		4,554		5,585		764		2001		2006
Houston, TX		5,100		3,122		3,768		—		3,122		3,768		6,890		19		2001		2012
Newport News, VA(4)		1,808		751		3,316		—		751		3,316		4,067		556		1995		2006
Richmond, VA(4)		2,088		867		3,829		—		867		3,829		4,696		642		1979		2006
Virginia Beach, VA(4)		2,056		854		3,770		—		854		3,770		4,624		632		1995		2006
Seattle, WA		—		201		189		—		201		189		390		120		1986		1987
Onalaska, WI		—		753		3,099		—		753		3,099		3,852		630		1994		2004
Theater
Greensboro, NC		5,413		—		8,328		—		—		8,328		8,328		4,498		1999		2004

Totals	$	225,971	$	138,152	$	320,039	$	15,150	$	138,152	$	335,189	$	473,341	$	62,816

Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.

Note 2—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 3—These seven properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in six states (Illinois, Louisiana, North Carolina, Texas, Georgia and Oregon).

Note 4—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).

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,

	2012			2011			2010
Investment in real estate:
Balance, beginning of year	$	430,337		$	400,795		$	382,674
Addition: Land, buildings and improvements		43,004			29,542			67,825
Deduction: Cost of properties sold and property contributed to joint venture		—			—			(49,704	)

Balance, end of year	$	473,341	(b)	$	430,337		$	400,795

Accumulated depreciation:
Balance, beginning of year	$	54,214		$	46,410		$	39,336
Addition: Depreciation		8,602			8,537			7,946
Deduction: Accumulated depreciation related to properties sold and property contributed to joint venture		—			(733	)		(872	)

Balance, end of year	$	62,816		$	54,214		$	46,410

(b): The aggregate cost of the properties is approximately $25,718 higher for federal income tax purposes at December 31, 2012.