ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
Schedule III—Consolidated Real Estate and Accumulated Depreciation
December 31, 2015
(Amounts in Thousands)

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2015
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2015
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Flex	Ronkonkoma, NY	$	3,602	$	1,042	$	4,171	$	1,600	$	1,042	$	5,771	$	6,813	$	1,845		1986		2000
Flex	Hauppauge, NY		12,413		1,952		10,954		1,755		1,952		12,709		14,661		4,194		1982		2000
Flex	Fort Mill, SC		8,770		1,840		12,687		23		1,840		12,710		14,550		862		1992		2013
Health & Fitness	Tucker, GA		4,846		807		3,027		3,126		807		6,153		6,960		1,946		1988		2002
Health & Fitness	Hamilton, OH		5,062		1,483		5,953		—		1,483		5,953		7,436		752		2008		2011
Health & Fitness	Secaucus, NJ		9,360		5,449		9,873		—		5,449		9,873		15,322		756		1986		2012
Industrial	Columbus, OH		—		435		1,703		—		435		1,703		2,138		649		1979		1995
Industrial	West Palm Beach, FL		—		181		724		—		181		724		905		312		1973		1998
Industrial	New Hyde Park, NY		2,694		182		728		281		182		1,009		1,191		316		1960		1999
Industrial	Melville, NY		2,907		774		3,029		975		774		4,004		4,778		1,106		1982		2003
Industrial	Philadelphia, PA		5,346		1,981		7,668		—		1,981		7,668		9,649		2,085		1964		2005
Industrial	Saco, ME		3,061		1,027		3,623		—		1,027		3,623		4,650		879		2001		2006
Industrial	Baltimore, MD(2)		20,725		6,474		25,282		—		6,474		25,282		31,756		5,715		1960		2006
Industrial	Durham, NC		1,998		1,043		2,404		—		1,043		2,404		3,447		321		1991		2011
Industrial	Pinellas Park, FL		—		1,231		1,669		—		1,231		1,669		2,900		191		1995		2012
Industrial	Miamisburg, OH		794		165		1,348		—		165		1,348		1,513		119		1987		2012
Industrial	Indianapolis, IN		6,247		1,224		6,935		—		1,224		6,935		8,159		532		1997		2013
Industrial	Fort Mill, SC		26,139		1,804		33,650		—		1,804		33,650		35,454		2,736		1997		2013
Industrial	New Hope, MN		4,387		881		6,064		—		881		6,064		6,945		172		1967		2014
Industrial	Joppa, MD		—		3,815		8,142		42		3,815		8,184		11,999		328		1994		2014
Industrial	Louisville, KY		2,574		578		3,731		—		578		3,731		4,309		77		1974		2015
Industrial	Louisville, KY		—		50		230		—		50		230		280		4		1974		2015
Industrial	McCalla, AL		10,858		1,588		14,681		—		1,588		14,681		16,269		172		2003		2015
Industrial	Delport, MO		12,309		3,728		13,006		—		3,728		13,006		16,734		102		1969		2015
Office	Brooklyn, NY		4,559		1,381		5,447		2,870		1,381		8,317		9,698		3,212		1973		1998
Other	Greensboro, NC		—		—		8,328		—		—		8,328		8,328		6,101		1999		2004
Other	Round Rock, TX		14,580		1,678		16,670		—		1,678		16,670		18,348		999		2012		2013
Other	Sandy Springs, GA		—		6,528		—		—		6,528		—		6,528		—		N/A		2014
Other	Indianapolis, IN		4,410		3,099		5,225		19		3,099		5,244		8,343		170		1997		2014
Other	Lakemoor, IL		—		9,592		—		—		9,592		—		9,592		—		N/A		2015
Retail	Seattle, WA		—		201		189		—		201		189		390		134		1986		1987
Retail	Rosenberg, TX		—		216		863		66		216		929		1,145		448		1994		1995
Retail	Greenwood Village, CO		—		780		3,248		418		780		3,666		4,446		1,690		1995		1996

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2015
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2015
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail	Ft. Myers, FL		2,811		1,013		4,054		—		1,013		4,054		5,067		1,938		1995		1996
Retail	Houston, TX		—		396		1,583		30		396		1,613		2,009		711		1997		1998
Retail	Selden, NY		3,082		572		2,287		150		572		2,437		3,009		1,010		1997		1999
Retail	Champaign, IL		1,726		791		3,165		287		791		3,452		4,243		1,375		1985		1999
Retail	El Paso, TX		—		2,821		11,123		1,211		2,821		12,334		15,155		4,568		1974		2000
Retail	Lake Charles, LA(3)		5,434		1,167		4,669		599		1,167		5,268		6,435		1,669		1998		2002
Retail	Somerville, MA		1,865		510		1,993		24		510		2,017		2,527		648		1993		2003
Retail	Newark, DE		1,866		935		3,643		10		935		3,653		4,588		1,129		1996		2003
Retail	Knoxville, TN		—		2,290		8,855		—		2,290		8,855		11,145		2,610		2003		2004
Retail	Athens, GA(3)		2,913		1,130		4,340		—		1,130		4,340		5,470		1,261		2003		2004
Retail	Onalaska, WI		3,722		753		3,099		—		753		3,099		3,852		862		1994		2004
Retail	Bastrop, LA(4)		972		378		1,465		—		378		1,465		1,843		334		1995		2006
Retail	Kentwood, LA(4)		946		368		1,425		—		368		1,425		1,793		326		1995		2006
Retail	Monroe, LA(4)		972		378		1,465		—		378		1,465		1,843		334		1995		2006
Retail	Monroe, LA(4)		928		361		1,399		—		361		1,399		1,760		319		1995		2006
Retail	D'lberville, MS(4)		946		368		1,425		—		368		1,425		1,793		325		1995		2006
Retail	Flowood, MS(4)		1,008		392		1,517		—		392		1,517		1,909		346		1995		2006
Retail	Vicksburg, MS(4)		921		358		1,385		—		358		1,385		1,743		317		1985		2006
Retail	Vicksburg, MS(4)		1,121		436		1,689		—		436		1,689		2,125		385		1995		2006
Retail	Hyannis, MA		613		802		2,324		—		802		2,324		3,126		462		1998		2008
Retail	Marston Mills, MA		247		461		2,313		—		461		2,313		2,774		455		1998		2008
Retail	Everett, MA		1,238		1,935		—		—		1,935		—		1,935		—		N/A		2008
Retail	Royersford, PA		19,750		19,538		3,150		404		19,538		3,554		23,092		510		2001		2010
Retail	Monroeville, PA		—		450		863		—		450		863		1,313		121		1994		2010
Retail	Kansas City, MO		4,028		2,958		5,691		—		2,958		5,691		8,649		788		2004		2010
Retail	Houston, TX		2,641		1,962		1,540		—		1,962		1,540		3,502		227		2006		2010
Retail	Houston, TX		—		2,002		1,800		—		2,002		1,800		3,802		261		2009		2010
Retail	Bolingbrook, IL		—		834		1,887		101		834		1,988		2,822		247		2001		2011
Retail	Crystal Lake, IL		1,845		615		1,899		—		615		1,899		2,514		270		1997		2011
Retail	Niles, IL		3,170		843		3,485		—		843		3,485		4,328		433		1995		2011
Retail	Lawrence, KS		—		134		938		—		134		938		1,072		91		1915		2012
Retail	Greensboro, NC		1,432		1,046		1,552		29		1,046		1,581		2,627		90		2002		2014
Retail	Highlands Ranch, CO		—		2,361		2,924		—		2,361		2,924		5,285		138		1995		2014
Retail	Woodbury, MN		3,111		1,190		4,003		—		1,190		4,003		5,193		185		2006		2014
Retail	Cape Girardeau, MO		1,292		545		1,547		—		545		1,547		2,092		141		1994		2012
Retail	Clemmons, NC		2,317		2,564		3,293		—		2,564		3,293		5,857		327		1993		2013
Retail	Deptford, NJ		1,877		572		1,779		705		572		2,484		3,056		353		1981		2012
Retail	Houston, TX		4,709		3,122		3,767		145		3,122		3,912		7,034		476		2001		2012

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2015
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2015
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail	Lakewood, CO		11,656		6,005		11,272		—		6,005		11,272		17,277		270		1985		2015
Retail	Lincoln, NE		—		3,768		11,835		19		3,768		11,854		15,622		240		2001		2015
Retail	Kennesaw, GA		—		1,501		4,349		—		1,501		4,349		5,850		793		1995		2008
Retail—Restaurant	Hauppauge, NY		1,854		725		2,963		—		725		2,963		3,688		750		1992		2005
Retail—Restaurant	Palmyra, PA		777		650		650		—		650		650		1,300		89		1981		2010
Retail—Restaurant	Reading, PA		768		655		625		—		655		625		1,280		85		1981		2010
Retail—Restaurant	Reading, PA		756		618		643		—		618		643		1,261		89		1983		2010
Retail—Restaurant	Hanover, PA		850		736		686		—		736		686		1,422		92		1992		2010
Retail—Restaurant	Gettysburg, PA		871		754		704		—		754		704		1,458		95		1991		2010
Retail—Restaurant	Trexlertown, PA		740		800		439		—		800		439		1,239		59		1994		2010
Retail—Restaurant	Island Park, NY		—		1,235		1,355		—		1,235		1,355		2,590		205		1947		2010
Retail—Restaurant	Carrollton, GA		1,657		796		1,458		—		796		1,458		2,254		164		1996		2012
Retail—Restaurant	Cartersville, GA		1,567		786		1,346		—		786		1,346		2,132		161		1995		2012
Retail—Restaurant	Kennesaw, GA		1,287		702		916		—		702		916		1,618		108		1989		2012
Retail—Restaurant	Lawrenceville, GA		1,233		866		899		—		866		899		1,765		138		1988		2012
Retail—Restaurant	Killeen, TX		—		1,265		803		—		1,265		803		2,068		85		2007		2013
Retail—Restaurant	Concord, NC		1,609		999		1,076		—		999		1,076		2,075		77		2000		2013
Retail—Restaurant	Myrtle Beach, SC		1,609		1,102		1,161		—		1,102		1,161		2,263		86		1978		2013
Retail—Restaurant	Ann Arbor, MI		1,431		1,098		1,460		—		1,098		1,460		2,558		112		1998		2013
Retail—Restaurant	Greensboro, NC		3,413		1,770		1,237		—		1,770		1,237		3,007		79		1983		2013
Retail—Restaurant	Richmond, VA		—		1,680		1,340		—		1,680		1,340		3,020		82		1983		2013
Retail—Restaurant	Indianapolis, IN		975		853		1,465		—		853		1,465		2,318		83		1982		2014
Retail—Supermarket	West Hartford, CT		—		2,881		94		326		2,881		420		3,301		90		N/A		2010
Retail—Supermarket	West Hartford, CT		12,245		9,296		4,813		261		9,296		5,074		14,370		762		2005		2010
Retail—Supermarket	Philadelphia, PA		4,514		1,793		5,640		80		1,793		5,720		7,513		186		1992		2014
Retail—Furniture	Columbus, OH		—		1,445		5,431		413		1,445		5,844		7,289		2,620		1996		1997
Retail—Furniture	Duluth, GA(5)		1,694		778		3,436		—		778		3,436		4,214		834		1987		2006
Retail—Furniture	Fayetteville, GA(5)		2,125		976		4,308		—		976		4,308		5,284		1,046		1987		2006
Retail—Furniture	Wichita, KS(5)		2,589		1,189		5,248		—		1,189		5,248		6,437		1,274		1996		2006
Retail—Furniture	Lexington, KY(5)		1,742		800		3,532		—		800		3,532		4,332		857		1999		2006
Retail—Furniture	Bluffton, SC(5)		1,283		589		2,600		—		589		2,600		3,189		631		1994		2006
Retail—Furniture	Amarillo, TX(5)		1,873		860		3,810		—		860		3,810		4,670		925		1996		2006
Retail—Furniture	Austin, TX(5)		3,456		1,587		7,010		—		1,587		7,010		8,597		1,701		2001		2006
Retail—Furniture	Tyler, TX(5)		2,245		1,031		4,554		—		1,031		4,554		5,585		1,105		2001		2006
Retail—Furniture	Newport News, VA(5)		1,635		751		3,316		—		751		3,316		4,067		805		1995		2006
Retail—Furniture	Richmond, VA(5)		1,888		867		3,829		—		867		3,829		4,696		929		1979		2006
Retail—Furniture	Virginia Beach, VA(5)		1,860		854		3,770		—		854		3,770		4,624		915		1995		2006
Retail—Furniture	Gurnee, IL		2,346		834		3,635		—		834		3,635		4,469		844		1994		2006

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2015
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2015
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail—Furniture	Naples, FL		—		3,070		2,846		189		3,070		3,035		6,105		533		1992		2008
Retail—Office Supply	Batavia, NY(3)		—		515		2,061		—		515		2,061		2,576		869		1998		1999
Retail—Office Supply	Chicago, IL(3)		3,917		3,877		2,256		—		3,877		2,256		6,133		411		1994		2008
Retail—Office Supply	Cary, NC(3)		3,305		1,129		3,736		—		1,129		3,736		4,865		681		1995		2008
Retail—Office Supply	Eugene, OR(3)		2,943		1,952		2,096		—		1,952		2,096		4,048		382		1994		2008
Retail—Office Supply	El Paso, TX(3)		2,571		1,035		2,700		—		1,035		2,700		3,735		492		1993		2008

		$	334,428	$	190,033	$	455,991	$	16,158	$	190,033	$	472,149	$	662,182	$	87,801

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 seven states (Illinois, Louisiana, North Carolina, Texas, Georgia, Oregon, and New York).

Note 4—This portfolio of eight properties was held-for-sale at December 31, 2015.

Note 5—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,
	2015			2014			2013
Investment in real estate(b):
Balance, beginning of year	$	592,668		$	574,424		$	473,341
Addition: Land, buildings and improvements		83,643			57,584			101,145
Deduction: Properties sold/conveyed		(14,129	)		(38,247	)		—
Deduction: Impairment loss		—			(1,093	)		(62	)

Balance, end of year	$	662,182		$	592,668		$	574,424


		(c)
Accumulated depreciation(b):
Balance, beginning of year	$	77,643		$	73,060		$	62,816
Addition: Depreciation		12,680			12,064			10,244
Deduction: Accumulated depreciation related to properties sold/conveyed		(2,522	)		(7,481	)		—

Balance, end of year	$	87,801		$	77,643		$	73,060


(b)	Includes properties held-for-sale in each of 2015, 2014 and 2013.
(c)	The aggregate cost of the properties is approximately $14,791 higher for federal income tax purposes at December 31, 2015.