<SEC-DOCUMENT>0001213900-17-008286.txt : 20170807
<SEC-HEADER>0001213900-17-008286.hdr.sgml : 20170807
<ACCEPTANCE-DATETIME>20170807162526
ACCESSION NUMBER:		0001213900-17-008286
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170807
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170807
DATE AS OF CHANGE:		20170807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE LIBERTY PROPERTIES INC
		CENTRAL INDEX KEY:			0000712770
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133147497
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09279
		FILM NUMBER:		171011797

	BUSINESS ADDRESS:	
		STREET 1:		60 CUTTER MILL RD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190
		BUSINESS PHONE:		5164663100

	MAIL ADDRESS:	
		STREET 1:		60 CUTTER MILL ROAD
		STREET 2:		SUITE 303
		CITY:			GREAT NECK
		STATE:			NY
		ZIP:			11021-3190

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ONE LIBERTY FIRESTONE PROPERTIES INC
		DATE OF NAME CHANGE:	19851112
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k080717_onelibertyprop.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Date of Report (Date of earliest event
reported): August 7, 2017</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ONE LIBERTY PROPERTIES, INC.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 32%; text-indent: 0"><FONT STYLE="font-size: 10pt">Maryland</FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-align: center; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 32%; text-indent: 0"><FONT STYLE="font-size: 10pt">001-09279</FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; text-align: center; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center; width: 32%; text-indent: 0"><FONT STYLE="font-size: 10pt">13-3147497</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(Commission file No.)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">I.D. No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>60 Cutter Mill Road, Suite 303, Great
Neck, New York 11021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registrant's telephone number, including
area code: 516-466-3100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8298;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8298;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8298;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8298;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405) of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: right"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging
growth company</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in"><B>Item 2.02</B></TD><TD><B>Results of Operations and Financial Condition.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 7, 2017, we issued a press release
announcing our results of operations for the quarter ended June 30, 2017. The press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This information and the exhibit attached
hereto are being furnished pursuant to Item 2.02 of Form 8-K and are not to be considered &quot;filed&quot; under the Securities
Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), and shall not be incorporated by reference into any previous or
future filing by the registrant under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; background-color: White">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 0.5in; background-color: White"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 0.5in">Exhibits.</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; background-color: White">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; background-color: White">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><A HREF="f8k080717ex99i_oneliberty.htm"><FONT STYLE="font-size: 10pt">Press release dated August 7, 2017.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">ONE LIBERTY PROPERTIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 55%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">August 7, 2017</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ David W. Kalish </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">David W. Kalish</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Senior Vice President and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k080717ex99i_oneliberty.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 7, 2017
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ONE LIBERTY PROPERTIES REPORTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECOND QUARTER 2017 RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman,serif">&ndash; <B>Rental
Income Increases 7.1% over Prior Year Quarter &ndash;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&ndash; <B>Net Income
of $0.54 Per Diluted Share &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> &ndash; <B>AFFO Per Diluted Share Increases 4.0% to $0.52 over Prior Year Quarter &ndash;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>GREAT NECK, New York</B>, August 7, 2017 &mdash;
One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on the ownership of net leased properties, today
announced operating results for the quarter ended June 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;We had an active six months as we continued
our efforts to benefit from the rising demand for industrial properties, while opportunistically disposing of a retail asset for
a significant gain,&rdquo; commented Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty. &ldquo;We now
own 5.8 million square feet of industrial properties that are well located in diverse geographic locations. These efforts have
resulted in enhanced operating results as we maintain our disciplined approach to portfolio management. We continue to drive long-term
stockholder value by focusing on building a portfolio that will provide stable growth over changing real estate cycles.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Operating Results: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Rental income grew 7.1% to $16.7 million for the
three months ended June 30, 2017, from $15.6 million in the corresponding quarter in the prior year, primarily due to properties
acquired in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Total operating expenses in the second quarter of
2017 were $10.8 million compared to $9.6 million for the same period in 2016. Approximately $642,000 of the increase is due to
additional depreciation associated with the properties acquired in 2016 and 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net income attributable to One Liberty in the second
quarter of 2017 was $10.0 million, or $0.54 per diluted share, compared to $12.4 million, or $0.72 per diluted share, in the second
quarter of 2016. Net income for the 2016 quarter includes an $8.9 million, or $0.52 per diluted share, gain on the sale of real
estate compared to the 2017 quarter which includes a $6.6 million, or $0.35 per diluted share, gain on the sale of real estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Funds from Operations, or FFO, was $8.8 million
for the quarter ended June 30, 2017, compared to $8.1 million in the corresponding quarter of 2016, with FFO per diluted share
at $0.47 for the second quarter of 2017 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Adjusted Funds from Operations, or AFFO, was $9.7
million for the quarter ended June 30, 2017, compared to $8.6 million in the corresponding quarter of the prior year, with AFFO
per diluted share growing 4.0% to $0.52 in the second quarter of 2017 from $0.50 in the same quarter of the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s per share results were affected
by the 7.4% increase over the past 12 months in the weighted average number of shares of common stock outstanding due to a combination
of stock issuances pursuant to One Liberty&rsquo;s at-the-market, dividend reinvestment and equity incentive programs.&nbsp; <FONT STYLE="color: windowtext">A
reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included in this release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="ex99img_01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Balance Sheet: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At June 30, 2017, the Company had $14.4 million
of cash and cash equivalents, total assets of $751.6 million, total debt of $421.0 million, net of $4.7 million of deferred financing
costs, and total stockholders&rsquo; equity of $291.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At August 2, 2017, One Liberty&rsquo;s available
liquidity was $95.3 million, including $9.7 million of cash and cash equivalents (net of the credit facility&rsquo;s required $3
million deposit maintenance balance) and up to $85.6 million available under its credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Acquisitions and Dispositions:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the quarter ended June 30, 2017, the
Company acquired three industrial properties for $35.2 million, including new mortgage debt of $5.2 million obtained in connection
with the acquisition of one property. The properties include: a 208,234 square foot distribution facility on 19.1 acres located
in Ankeny, a suburb of Des Moines, Iowa; a 78,319 square foot light manufacturing and distribution property on 18.58 acres located
in Huntersville, a suburb of Charlotte, North Carolina; and a 249,600 square foot distribution facility on 21.8 acres located in
Pittston, a suburb of Scranton/Wilkes-Barre, Pennsylvania. The Company anticipates that commencing July 1, 2017, these properties
will contribute an aggregate of approximately $656,000 million of rental income per quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2017, the Company sold its vacant
Greenwood Village, Colorado property, previously tenanted by Sports Authority, for approximately $9.2 million, net of closing costs,
and recognized a $6.6 million gain during the three months ended June 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Subsequent Events:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 14, 2017, the Company sold for $10.1 million,
net of closing costs, a retail property tenanted by Kohl&rsquo;s and located in Liberty, a suburb of Kansas City, Missouri. The
Company anticipates that the gain from this sale, which will be recognized in the three months ending September 30, 2017, will
be approximately $2.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In June 2017, the Company entered into a contract
to sell a vacant retail property located in Niles, Illinois, previously tenanted by hhgregg, Inc., for $5 million. The sale is
expected to close in the three months ending September 30, 2017 for an estimated gain of approximately $1.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Non-GAAP Financial Measures:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">One Liberty computes FFO in accordance with the
&ldquo;White Paper on Funds From Operations&rdquo; issued by the National Association of Real Estate Investment Trusts (&ldquo;NAREIT&rdquo;)
and NAREIT&rsquo;s related guidance. FFO is defined in the White Paper as net income (computed in accordance with generally accepted
accounting principles), excluding gains (or losses) from sales of property, plus real estate depreciation and amortization (including
amortization of deferred leasing costs), plus impairment write-downs of depreciable real estate and after adjustments for unconsolidated
partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds
from operations on the same basis. One Liberty computes AFFO by adjusting from FFO for straight-line rent accruals and amortization
of lease intangibles, deducting lease termination fees and gain on extinguishment of debt and adding back amortization of restricted
stock compensation, amortization of costs in connection with its financing activities (including its share of its unconsolidated
joint ventures) and debt prepayment costs. Since the NAREIT White Paper does not provide guidelines for computing AFFO, the computation
of AFFO may vary from one REIT to another.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="ex99img_01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">One Liberty believes that FFO and AFFO are useful
and standard supplemental measures of the operating performance for equity REITs and are used frequently by securities analysts,
investors and other interested parties in evaluating equity REITs, many of which present FFO and AFFO when reporting their operating
results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate assets, which assumes
that the value of real estate assets diminish predictability over time. In fact, real estate values have historically risen and
fallen with market conditions. As a result, management believes that FFO and AFFO provide a performance measure that when compared
year over year, should reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, interest
costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not be necessarily
apparent from net income. Management also considers FFO and AFFO to be useful in evaluating potential property acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">FFO and AFFO do not represent net income or cash
flows from operating, investing or financing activities as defined by GAAP. FFO and AFFO should not be considered to be an alternative
to net income as a reliable measure of our operating performance nor as an alternative to cash flows as measures of liquidity.
FFO and AFFO do not measure whether cash flow is sufficient to fund all of the Company&rsquo;s cash needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Management recognizes that there are limitations
in the use of FFO and AFFO. In evaluating the Company&rsquo;s performance, management is careful to examine GAAP measures such
as net income and cash flows from operating, investing and financing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forward Looking Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain information contained in this press release,
together with other statements and information publicly disseminated by One Liberty Properties, Inc. is forward looking within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934,
as amended. We intend such forward looking statements to be covered by the safe harbor provision for forward looking statements
contained in the Private Securities Litigation Reform Act of 1995 and include this statement for the purpose of complying with
these safe harbor provisions. Information regarding certain important factors that could cause actual outcomes or other events
to differ materially from any such forward looking statements appear in the Company's Annual Report on Form 10-K for the year ended
December 31, 2016 and in particular &ldquo;Item 1A. Risk Factors&rdquo; included therein. You should not rely on forward looking
statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control
and which could materially affect actual results, performance or achievements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About One Liberty Properties: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>One Liberty </B>is a self-administered and self-managed
real estate investment trust incorporated in Maryland in 1982. The primary business of the Company is to acquire, own and manage
a geographically diversified portfolio consisting primarily of retail, industrial, restaurant, health and fitness and theater properties.
Many of these properties are subject to long term net leases under which the tenant is typically responsible for the property&rsquo;s
real estate taxes, insurance and ordinary maintenance and repairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Contact: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One Liberty Properties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Phone: (516) 466-3100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>www.onelibertyproperties.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(17/olp press release/OLP 2Q Earnings AUGUST 2017 FINAL)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ONE LIBERTY PROPERTIES, INC.</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>CONDENSED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>(Amounts in Thousands)</B></P>

<P STYLE="font: 10pt/107% Calibri,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">June 30,</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">December&nbsp;31,</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Unaudited)</B></FONT></TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">ASSETS</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman,serif; text-align: left">Real estate investments, net</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">661,720</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">651,213</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Properties held-for-sale</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">11,652</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Investment in unconsolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10,771</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10,833</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">14,384</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">17,420</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Restricted cash</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">647</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">643</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Unbilled rent receivable</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">13,674</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">13,797</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Unamortized intangible lease assets, net</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">33,054</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">32,645</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">5,737</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">6,894</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">751,639</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">733,445</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">LIABILITIES AND EQUITY</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif">Liabilities:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Mortgages payable, net of $3,936 and $4,294 deferred financing costs, respectively</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">395,284</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">394,898</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Line of credit-outstanding, net of $780 and $936 deferred financing costs, respectively</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">25,720</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,064</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Unamortized intangible lease liabilities, net</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">18,430</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">19,280</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Other liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">18,830</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">18,276</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">458,264</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">441,518</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Total One Liberty Properties, Inc. stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">291,665</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">290,133</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Non-controlling interests in consolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">1,710</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">1,794</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Total equity</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">293,375</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">291,927</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Total liabilities and equity</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">751,639</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">733,445</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>ONE LIBERTY PROPERTIES, INC.
(NYSE: OLP)</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>(Amounts in Thousands, Except Per Share
Data)</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt/107% Calibri,sans-serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
June 30,</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Revenues:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 10pt">Rental income, net</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16,720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">15,594</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">33,553</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">30,650</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Tenant reimbursements</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,693</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,639</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,332</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,927</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Total revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">18,413</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">17,233</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">36,885</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">33,577</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating expenses:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,743</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,583</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Real estate expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,159</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Real estate acquisition costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Federal excise and state taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Leasehold rent</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">77</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">77</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">154</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">154</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,755</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">9,627</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">21,992</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">18,953</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,624</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income and expenses:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Equity in earnings of unconsolidated joint ventures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepayment costs on debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(154</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(577</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Interest:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt">Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,532</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,114</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,921</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,189</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Amortization and write-off of deferred financing costs</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(227</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(210</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(454</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(455</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income before gain on sale of real estate, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,541</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,038</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Gain on sale of real estate, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,568</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,918</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,568</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">9,705</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net income attributable to non-controlling interests</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(21</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(18</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(42</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(16</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,972</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">12,441</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">12,837</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15,727</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net income per share attributable to common stockholders-diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.54</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.72</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.69</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.91</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Funds from operations - Note 1</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,778</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,104</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,384</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">14,987</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Funds from operations per common share-diluted - Note 2</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.47</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.47</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.94</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.87</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Adjusted funds from operations - Note 1</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,719</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,575</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">19,128</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,053</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Adjusted funds from operations per common share-diluted - Note&nbsp;2</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.52</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.50</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1.03</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.93</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Weighted average number of common and unvested restricted shares outstanding:</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt">Basic</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,448</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,184</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,415</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,091</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; padding-left: 20pt">Diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,562</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,291</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,528</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">17,198</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ONE LIBERTY PROPERTIES, INC.
(NYSE: OLP)</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Amounts in Thousands, Except Per Share
Data)</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR>
June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<BR>
June 30,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt"><U>Note 1</U>:</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt">NAREIT funds from operations is summarized in the following table:</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">GAAP net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">9,972</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">12,441</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">12,837</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">15,727</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: depreciation and amortization of properties</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,111</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,319</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10,585</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,443</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: our share of depreciation and amortization of
    unconsolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">219</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">223</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">441</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">447</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization of deferred leasing costs</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">79</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">79</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">158</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">140</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: Federal excise tax relating to gain on sale</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Deduct: gain on sale of real estate</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(6,568</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(8,918</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(6,568</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(9,705</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Adjustments for non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(35</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(35</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(69</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(71</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt">NAREIT funds from operations applicable to common stock</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,778</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8,104</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">17,384</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">14,987</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Deduct: straight-line rent accruals and amortization of lease intangibles</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(218</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(667</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(404</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1,428</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: our share of straight-line rent accruals and amortization of lease intangibles of unconsolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">23</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization of restricted stock compensation</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">915</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">740</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,657</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,406</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: prepayment costs on debt</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">154</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">577</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization and write-off of deferred financing costs</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">227</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">210</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">454</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">455</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: our share of amortization and write-off of deferred financing costs of unconsolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Adjustments for non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">16</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">8</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">20</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Adjusted funds from operations applicable to common stock</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">9,719</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,575</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">19,128</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">16,053</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt"><U>Note 2</U>:</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt">NAREIT funds from operations is summarized in the following table:</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">GAAP net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.54</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.72</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.69</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.91</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: depreciation and amortization of properties</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.27</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.26</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.57</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.49</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: our share of depreciation and amortization of unconsolidated joint ventures</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization of deferred leasing costs</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: Federal excise tax relating to gain on sale</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Deduct: gain on sale of real estate</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.35</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.52</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.35</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.56</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Adjustments for non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt">NAREIT funds from operations per share of&nbsp;&nbsp;common stock-diluted</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.47</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.47</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.94</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.87</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Deduct: straight-line rent accruals and amortization of lease intangibles</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.04</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.02</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(0.08</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization of restricted stock compensation</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.05</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.04</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.09</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.08</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: prepayment costs on debt</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.03</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Add: amortization and write-off of deferred financing costs</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.02</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">0.03</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt; text-indent: -10pt">Adjustments for non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">Adjusted funds from operations per share of common stock-diluted</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.52</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.50</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">1.03</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.93</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">6</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ex99img_01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99img_01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !; (P# 2(  A$! Q$!_\0
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C'8 ?D  /0  < 4Z@ HHHH **** "BBB@ HHHH **** /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
