ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
Schedule III—Consolidated Real Estate and Accumulated Depreciation
December 31, 2016
(Amounts in Thousands)

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2016
						Building and Improvements		Cost Capitalized Subsequent to Acquisition				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	$	—	$	1,042	$	4,171	$	1,937	$	1,042	$	6,108	$	7,150	$	2,009		1986		2000
Flex	Hauppauge, NY		12,196		1,951		10,954		1,919		1,951		12,873		14,824		4,724		1982		2000
Flex	Fort Mill, SC		8,535		1,840		12,687		23		1,840		12,710		14,550		1,215		1992		2013
Health & Fitness	Tucker, GA		4,716		807		3,027		3,126		807		6,153		6,960		2,118		1988		2002
Health & Fitness	Hamilton, OH		4,941		1,483		5,953		—		1,483		5,953		7,436		924		2008		2011
Health & Fitness	Secaucus, NJ		9,119		5,449		9,873		—		5,449		9,873		15,322		1,005		1986		2012
Industrial	West Palm Beach, FL		—		181		724		—		181		724		905		330		1973		1998
Industrial	New Hyde Park, NY		2,630		182		728		281		182		1,009		1,191		348		1960		1999
Industrial	Melville, NY		2,830		774		3,029		975		774		4,004		4,778		1,215		1982		2003
Industrial	Saco, ME		—		1,027		3,623		—		1,027		3,623		4,650		970		2001		2006
Industrial	Baltimore, MD(2)		21,000		6,474		25,282		—		6,474		25,282		31,756		6,347		1960		2006
Industrial	Durham, NC		2,867		1,043		2,404		—		1,043		2,404		3,447		394		1991		2011
Industrial	Pinellas Park, FL		2,446		1,231		1,669		—		1,231		1,669		2,900		231		1995		2012
Industrial	Miamisburg, OH		766		165		1,348		7		165		1,355		1,520		158		1987		2012
Industrial	Indianapolis, IN		6,094		1,224		6,935		—		1,224		6,935		8,159		764		1997		2013
Industrial	Fort Mill, SC		25,580		1,804		33,650		—		1,804		33,650		35,454		3,929		1997		2013
Industrial	New Hope, MN		4,309		881		6,064		7		881		6,071		6,952		326		1967		2014
Industrial	Louisville, KY		2,483		578		3,727		4		578		3,731		4,309		176		1974		2015
Industrial	Louisville, KY		—		51		230		—		51		230		281		10		1974		2015
Industrial	McCalla, AL		10,597		1,588		14,682		—		1,588		14,682		16,270		546		2003		2015
Industrial	Delport, MO		12,014		3,728		13,006		50		3,728		13,056		16,784		453		1969		2015
Industrial	Greenville, SC		5,213		693		6,893		—		693		6,893		7,586		142		1997		2016
Industrial	Greenville, SC		5,793		528		8,074		—		528		8,074		8,602		166		2000		2016
Industrial	El Paso, TX		14,874		3,691		17,904		324		3,691		18,228		21,919		257		1997		2016
Industrial	Lebanon, TN		21,288		2,094		30,039		14		2,094		30,053		32,147		226		1996		2016
Industrial	Columbus, OH		—		435		1,703		—		435		1,703		2,138		692		1979		1995
Industrial	Joppa, MD		9,856		3,815		8,142		1,186		3,815		9,328		13,143		552		1994		2014
Office	Brooklyn, NY		4,060		1,381		5,447		2,870		1,381		8,317		9,698		3,427		1973		1998
Other	Round Rock, TX		14,247		1,678		16,670		—		1,678		16,670		18,348		1,420		2012		2013

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2016
						Building and Improvements		Cost Capitalized Subsequent to Acquisition				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
Other	Lakemoor, IL		—		9,592		—		—		9,592		—		9,592		—		N/A		2015
Other	Wheaton, IL		—		10,536		—		—		10,536		—		10,536		—		N/A		2016
Other	Beachwood, OH		—		13,901		—		—		13,901		—		13,901		—		N/A		2016
Retail	Rosenberg, TX		—		216		863		66		216		929		1,145		474		1994		1995
Retail	Greenwood Village, CO		—		743		3,248		419		743		3,667		4,410		1,782		1995		1996
Retail	Ft. Myers, FL		—		1,013		4,054		—		1,013		4,054		5,067		2,040		1995		1996
Retail	Houston, TX		—		396		1,583		30		396		1,613		2,009		755		1997		1998
Retail	Selden, NY		2,987		572		2,287		150		572		2,437		3,009		1,071		1997		1999
Retail	Champaign, IL		1,655		791		3,165		308		791		3,473		4,264		1,462		1985		1999
Retail	El Paso, TX		11,365		2,821		11,123		2,544		2,821		13,667		16,488		5,052		1974		2000
Retail	Somerville, MA		1,821		510		1,993		24		510		2,017		2,527		698		1993		2003
Retail	Newark, DE		1,793		935		3,643		43		935		3,686		4,621		1,222		1996		2003
Retail	Knoxville, TN		9,347		2,290		8,855		—		2,290		8,855		11,145		2,832		2003		2004
Retail	Onalaska, WI		3,632		753		3,099		—		753		3,099		3,852		940		1994		2004
Retail	Hyannis, MA		380		802		2,324		—		802		2,324		3,126		520		1998		2008
Retail	Marston Mills, MA		143		461		2,313		—		461		2,313		2,774		513		1998		2008
Retail	Everett, MA		1,209		1,935		—		—		1,935		—		1,935		—		N/A		2008
Retail	Kennesaw, GA		5,514		1,501		4,349		1,138		1,501		5,487		6,988		939		1995		2008
Retail	Royersford, PA		19,750		19,538		3,150		409		19,538		3,559		23,097		608		2001		2010
Retail	Monroeville, PA		—		450		863		—		450		863		1,313		143		1994		2010
Retail	Kansas City, MO		3,919		2,958		5,691		—		2,958		5,691		8,649		931		2004		2010
Retail	Houston, TX		—		1,962		1,540		—		1,962		1,540		3,502		271		2006		2010
Retail	Houston, TX		—		2,002		1,800		—		2,002		1,800		3,802		311		2009		2010
Retail	Bolingbrook, IL		—		834		1,887		101		834		1,988		2,822		308		2001		2011
Retail	Crystal Lake, IL		1,773		615		1,899		—		615		1,899		2,514		333		1997		2011
Retail	Niles, IL		3,090		843		3,485		—		843		3,485		4,328		534		1995		2011
Retail	Lawrence, KS		—		134		938		—		134		938		1,072		114		1915		2012
Retail	Greensboro, NC		1,399		1,046		1,552		29		1,046		1,581		2,627		136		2002		2014
Retail	Highlands Ranch, CO		—		2,361		2,924		—		2,361		2,924		5,285		223		1995		2014
Retail	Woodbury, MN		3,036		1,190		4,003		—		1,190		4,003		5,193		299		2006		2014
Retail	Lincoln, NE		—		3,768		11,832		22		3,768		11,854		15,622		564		2001		2015
Retail	Cuyahoga Falls, OH		1,145		71		1,371		—		71		1,371		1,442		19		2004		2016
Retail	Hilliard, OH		1,014		300		1,077		—		300		1,077		1,377		16		2007		2016
Retail	Port Clinton, OH		982		52		1,187		—		52		1,187		1,239		17		2005		2016

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2016
						Building and Improvements		Cost Capitalized Subsequent to Acquisition				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	South Euclid, OH		1,112		230		1,566		—		230		1,566		1,796		22		1975		2016
Retail	St Louis Park, MN		—		3,388		13,088		107		3,388		13,195		16,583		130		1962		2016
Retail	Deptford, NJ		2,788		572		1,779		705		572		2,484		3,056		454		1981		2012
Retail	Seattle, WA		—		201		189		—		201		189		390		138		1986		1987
Retail	Cape Girardeau, MO		1,247		545		1,547		—		545		1,547		2,092		185		1994		2012
Retail	Clemmons, NC		2,220		2,564		3,293		—		2,564		3,293		5,857		444		1993		2013
Retail	Houston, TX		4,568		3,122		3,767		179		3,122		3,946		7,068		588		2001		2012
Retail	Littleton, CO		11,373		6,005		11,272		160		6,005		11,432		17,437		615		1985		2015
Retail	Philadelphia, PA		4,397		1,793		5,640		80		1,793		5,720		7,513		349		1992		2014
Retail—Restaurant	Hauppauge, NY		1,796		725		2,963		—		725		2,963		3,688		824		1992		2005
Retail—Restaurant	Palmyra, PA		756		650		650		—		650		650		1,300		105		1981		2010
Retail—Restaurant	Reading, PA		747		655		625		—		655		625		1,280		101		1981		2010
Retail—Restaurant	Reading, PA		736		618		643		—		618		643		1,261		105		1983		2010
Retail—Restaurant	Hanover, PA		827		736		686		—		736		686		1,422		109		1992		2010
Retail—Restaurant	Gettysburg, PA		847		754		704		—		754		704		1,458		112		1991		2010
Retail—Restaurant	Trexlertown, PA		721		800		439		—		800		439		1,239		70		1994		2010
Retail—Restaurant	Carrollton, GA		1,614		796		1,458		—		796		1,458		2,254		207		1996		2012
Retail—Restaurant	Cartersville, GA		1,526		786		1,346		—		786		1,346		2,132		203		1995		2012
Retail—Restaurant	Kennesaw, GA		1,251		702		916		—		702		916		1,618		137		1989		2012
Retail—Restaurant	Lawrenceville, GA		1,201		866		899		—		866		899		1,765		177		1988		2012
Retail—Restaurant	Concord, NC		1,570		999		1,076		—		999		1,076		2,075		110		2000		2013
Retail—Restaurant	Myrtle Beach, SC		1,570		1,102		1,161		—		1,102		1,161		2,263		123		1978		2013
Retail—Restaurant	Ann Arbor, MI		1,398		1,098		1,460		—		1,098		1,460		2,558		160		1998		2013
Retail—Restaurant	Greensboro, NC		3,335		1,770		1,237		—		1,770		1,237		3,007		117		1983		2013
Retail—Restaurant	Richmond, VA		—		1,680		1,341		—		1,680		1,341		3,021		122		1983		2013
Retail—Restaurant	Indianapolis, IN		952		853		1,465		—		853		1,465		2,318		126		1982		2014
Retail—Supermarket	West Hartford, CT		17,690		9,296		4,813		261		9,296		5,074		14,370		908		2005		2010
Retail—Supermarket	West Hartford, CT		—		2,881		94		326		2,881		420		3,301		119		N/A		2010
Retail—Furniture	Columbus, OH		—		1,445		5,431		413		1,445		5,844		7,289		2,767		1996		1997
Retail—Furniture	Duluth, GA(4)		1,628		778		3,436		—		778		3,436		4,214		920		1987		2006
Retail—Furniture	Fayetteville, GA(4)		2,043		976		4,308		—		976		4,308		5,284		1,153		1987		2006
Retail—Furniture	Wichita, KS(4)		2,488		1,189		5,248		—		1,189		5,248		6,437		1,405		1996		2006
Retail—Furniture	Lexington, KY(4)		1,674		800		3,532		—		800		3,532		4,332		946		1999		2006
Retail—Furniture	Bluffton, SC(4)		1,233		589		2,600		—		589		2,600		3,189		696		1994		2006

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2016
						Building and Improvements		Cost Capitalized Subsequent to Acquisition				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	Amarillo, TX(4)		1,800		860		3,810		—		860		3,810		4,670		1,020		1996		2006
Retail—Furniture	Austin, TX(4)		3,321		1,587		7,010		—		1,587		7,010		8,597		1,877		2001		2006
Retail—Furniture	Tyler, TX(4)		2,158		1,031		4,554		—		1,031		4,554		5,585		1,219		2001		2006
Retail—Furniture	Newport News, VA(4)		1,572		751		3,316		—		751		3,316		4,067		888		1995		2006
Retail—Furniture	Richmond, VA(4)		1,814		867		3,829		—		867		3,829		4,696		1,025		1979		2006
Retail—Furniture	Virginia Beach, VA(4)		1,787		854		3,770		—		854		3,770		4,624		1,009		1995		2006
Retail—Furniture	Gurnee, IL		—		834		3,635		—		834		3,635		4,469		935		1994		2006
Retail—Furniture	Naples, FL		2,126		3,070		2,846		189		3,070		3,035		6,105		617		1992		2008
Retail—Office Supply	Batavia, NY(3)		—		515		2,061		—		515		2,061		2,576		921		1998		1999
Retail—Office Supply	Lake Charles, LA(3)		5,293		1,167		4,669		599		1,167		5,268		6,435		1,841		1998		2002
Retail—Office Supply	Athens, GA(3)		2,844		1,130		4,340		—		1,130		4,340		5,470		1,370		2003		2004
Retail—Office Supply	Chicago, IL(3)		3,828		3,877		2,256		—		3,877		2,256		6,133		468		1994		2008
Retail—Office Supply	Cary, NC(3)		3,230		1,129		3,736		—		1,129		3,736		4,865		774		1995		2008
Retail—Office Supply	Eugene, OR(3)		2,875		1,952		2,096		—		1,952		2,096		4,048		434		1994		2008
Retail—Office Supply	El Paso, TX(3)		2,512		1,035		2,700		—		1,035		2,700		3,735		560		1993		2008
Theater	Greensboro, NC		—		—		8,328		—		—		8,328		8,328		6,636		1999		2004
Theater	Indianapolis, IN		4,316		3,099		5,225		19		3,099		5,244		8,343		310		1997		2014

		$	399,192	$	211,432	$	515,589	$	21,044	$	211,432	$	536,633	$	748,065	$	96,852

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—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,
	2016			2015			2014
Investment in real estate(b):
Balance, beginning of year	$	662,182		$	592,668		$	574,424
Addition: Land, buildings and improvements		121,564			83,643			57,584
Deduction: Properties sold/conveyed		(35,681	)		(14,129	)		(38,247	)
Deduction: Impairment loss		—			—			(1,093	)

Balance, end of year	$	748,065		$	662,182		$	592,668


		(c)
Accumulated depreciation(b):
Balance, beginning of year	$	87,801		$	77,643		$	73,060
Addition: Depreciation		14,247			12,680			12,064
Deduction: Accumulated depreciation related to properties sold/conveyed		(5,196	)		(2,522	)		(7,481	)

Balance, end of year	$	96,852		$	87,801		$	77,643


(b)	Includes properties held-for-sale in each of 2015 and 2014.
(c)	The aggregate cost of the properties is approximately $10,850 higher for federal income tax purposes at December 31, 2016.