ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

Schedule III—Consolidated Real Estate and Accumulated Depreciation

December 31, 2017

(Amounts in Thousands)

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2017
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2017
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Health & Fitness	Tucker, GA	$	—	$	807	$	3,027	$	3,126	$	807	$	6,153	$	6,960	$	2,290		1988		2002
Health & Fitness	Hamilton, OH		4,814		1,483		5,953		—		1,483		5,953		7,436		1,096		2008		2011
Health & Fitness	Secaucus, NJ		8,865		5,449		9,873		—		5,449		9,873		15,322		1,253		1986		2012
Industrial	Ronkonkoma, NY		—		1,042		4,171		2,517		1,042		6,688		7,730		2,181		1986		2000
Industrial	Hauppauge, NY		11,969		1,951		10,954		5,382		1,951		16,336		18,287		5,255		1982		2000
Industrial	Fort Mill, SC		8,290		1,840		12,687		23		1,840		12,710		14,550		1,568		1992		2013
Industrial	Columbus, OH		—		435		1,703		27		435		1,730		2,165		734		1979		1995
Industrial	West Palm Beach, FL		—		181		724		—		181		724		905		348		1973		1998
Industrial	New Hyde Park, NY		2,563		182		728		281		182		1,009		1,191		380		1960		1999
Industrial	Melville, NY		2,749		774		3,029		975		774		4,004		4,778		1,324		1982		2003
Industrial	Saco, ME		—		1,027		3,623		2,050		1,027		5,673		6,700		1,063		2001		2006
Industrial	Baltimore, MD(2)		20,527		6,474		25,282		—		6,474		25,282		31,756		6,979		1960		2006
Industrial	Durham, NC		2,788		1,043		2,404		—		1,043		2,404		3,447		466		1991		2011
Industrial	Pinellas Park, FL		2,384		1,231		1,669		—		1,231		1,669		2,900		271		1995		2012
Industrial	Miamisburg, OH		735		165		1,348		11		165		1,359		1,524		199		1987		2012
Industrial	Indianapolis, IN		5,933		1,224		6,935		—		1,224		6,935		8,159		996		1997		2013
Industrial	Fort Mill, SC		24,994		1,804		33,650		—		1,804		33,650		35,454		5,123		1997		2013
Industrial	New Hope, MN		4,227		881		6,064		81		881		6,145		7,026		481		1967		2014
Industrial	Louisville, KY		2,389		578		3,727		4		578		3,731		4,309		274		1974		2015
Industrial	Louisville, KY		—		51		230		—		51		230		281		16		1974		2015
Industrial	McCalla, AL		10,325		1,588		14,682		—		1,588		14,682		16,270		921		2003		2015
Industrial	St. Louis, MO		11,707		3,728		13,006		695		3,728		13,701		17,429		809		1969		2015
Industrial	Greenville, SC		5,086		693		6,893		11		693		6,904		7,597		322		1997		2016
Industrial	Greenville, SC		5,651		528		8,074		6		528		8,080		8,608		375		2000		2016
Industrial	El Paso, TX		14,487		3,691		17,904		324		3,691		18,228		21,919		737		1997		2016
Industrial	Lebanon, TN		21,288		2,094		30,039		14		2,094		30,053		32,147		1,004		1996		2016
Industrial	Huntersville, NC		5,116		1,046		6,674		—		1,046		6,674		7,720		111		2014		2017
Industrial	Pittston, PA		7,142		999		9,922		250		999		10,172		11,171		146		1990		2017
Industrial	Ankeny, IA		8,729		1,351		11,607		—		1,351		11,607		12,958		162		2016		2017
Industrial	Memphis, TN		—		135		7,952		—		135		7,952		8,087		43		1979		2017
Industrial	Joppa, MD		9,600		3,815		8,142		1,473		3,815		9,615		13,430		836		1994		2014
Office	Brooklyn, NY		3,532		1,381		5,447		2,870		1,381		8,317		9,698		3,641		1973		1998
Other	Round Rock, TX		13,892		1,678		16,670		—		1,678		16,670		18,348		1,840		2012		2013
Other	Lakemoor, IL		—		9,592		—		—		9,592		—		9,592		—		N/A		2015
Other	Wheaton, IL		—		10,536		—		—		10,536		—		10,536		—		N/A		2016
Other	Beachwood, OH		—		13,901		—		—		13,901		—		13,901		—		N/A		2016
Restaurant	Hauppauge, NY		1,736		725		2,963		—		725		2,963		3,688		898		1992		2005
Restaurant	Palmyra, PA		735		650		650		—		650		650		1,300		121		1981		2010

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2017
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2017
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Restaurant	Reading, PA		726		655		625		—		655		625		1,280		116		1981		2010
Restaurant	Reading, PA		714		618		643		—		618		643		1,261		121		1983		2010
Restaurant	Hanover, PA		803		736		686		—		736		686		1,422		126		1992		2010
Restaurant	Gettysburg, PA		823		754		704		—		754		704		1,458		130		1991		2010
Restaurant	Trexlertown, PA		700		800		439		—		800		439		1,239		81		1994		2010
Restaurant	Carrollton, GA		1,569		796		1,458		—		796		1,458		2,254		250		1996		2012
Restaurant	Cartersville, GA		1,484		786		1,346		—		786		1,346		2,132		245		1995		2012
Restaurant	Kennesaw, GA		1,216		702		916		—		702		916		1,618		161		1989		2012
Restaurant	Lawrenceville, GA		1,167		866		899		—		866		899		1,765		204		1988		2012
Restaurant	Concord, NC		1,529		999		1,076		—		999		1,076		2,075		143		2000		2013
Restaurant	Myrtle Beach, SC		1,529		1,102		1,161		—		1,102		1,161		2,263		161		1978		2013
Restaurant	Greensboro, NC		3,253		1,770		1,237		—		1,770		1,237		3,007		156		1983		2013
Restaurant	Richmond, VA		—		1,680		1,341		—		1,680		1,341		3,021		162		1983		2013
Restaurant	Indianapolis, IN		928		853		1,465		—		853		1,465		2,318		169		1982		2014
Retail	Seattle, WA		—		201		189		—		201		189		390		143		1986		1987
Retail	Rosenberg, TX		—		216		863		66		216		929		1,145		500		1994		1995
Retail	Ft. Myers, FL		—		1,013		4,054		—		1,013		4,054		5,067		2,141		1995		1996
Retail	Houston, TX		—		396		1,583		30		396		1,613		2,009		800		1997		1998
Retail	Selden, NY		2,889		572		2,287		150		572		2,437		3,009		1,132		1997		1999
Retail	Champaign, IL		1,580		791		3,165		308		791		3,473		4,264		1,553		1985		1999
Retail	El Paso, TX		11,086		2,821		11,123		2,544		2,821		13,667		16,488		5,567		1974		2000
Retail	Somerville, MA		1,774		510		1,993		24		510		2,017		2,527		749		1993		2003
Retail	Newark, DE		1,716		935		3,643		43		935		3,686		4,621		1,318		1996		2003
Retail	Knoxville, TN		9,112		2,290		8,855		—		2,290		8,855		11,145		3,053		2003		2004
Retail	Onalaska, WI		3,539		753		3,099		—		753		3,099		3,852		1,017		1994		2004
Retail	Hyannis, MA		131		802		2,324		—		802		2,324		3,126		579		1998		2008
Retail	Marston Mills, MA		—		461		2,313		—		461		2,313		2,774		571		1998		2008
Retail	Everett, MA		1,178		1,935		—		—		1,935		—		1,935		—		N/A		2008
Retail	Kennesaw, GA		5,373		1,501		4,349		1,138		1,501		5,487		6,988		1,148		1995		2008
Retail	Royersford, PA		19,750		19,538		3,150		424		19,538		3,574		23,112		707		2001		2010
Retail	Monroeville, PA		—		450		863		—		450		863		1,313		164		1994		2010
Retail	Houston, TX		—		1,962		1,540		—		1,962		1,540		3,502		315		2006		2010
Retail	Houston, TX		—		2,002		1,800		—		2,002		1,800		3,802		362		2009		2010
Retail	Bolingbrook, IL		—		834		1,887		101		834		1,988		2,822		368		2001		2011
Retail	Crystal Lake, IL		1,696		615		1,899		—		615		1,899		2,514		396		1997		2011
Retail	Lawrence, KS		—		134		938		22		134		960		1,094		138		1915		2012
Retail	Greensboro, NC		1,365		1,046		1,552		29		1,046		1,581		2,627		182		2002		2014
Retail	Highlands Ranch, CO		—		2,361		2,924		—		2,361		2,924		5,285		307		1995		2014
Retail	Woodbury, MN		2,957		1,190		4,003		—		1,190		4,003		5,193		413		2006		2014
Retail	Lincoln, NE		—		3,768		11,832		30		3,768		11,862		15,630		888		2001		2015
Retail	Cuyahoga Falls, OH		1,114		71		1,371		—		71		1,371		1,442		55		2004		2016
Retail	Hilliard, OH		987		300		1,077		—		300		1,077		1,377		45		2007		2016
Retail	Port Clinton, OH		955		52		1,187		—		52		1,187		1,239		49		2005		2016
Retail	South Euclid, OH		1,083		230		1,566		—		230		1,566		1,796		63		1975		2016
Retail	St Louis Park, MN		—		3,388		13,088		141		3,388		13,229		16,617		483		1962		2016

								Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at December 31, 2017
				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2017
						Building and Improvements						Building & Improvements				Accumulated Depreciation(1)		Date of Construction		Date Acquired
Type	Location	Encumbrances		Land		Building and Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation(1)		Date of Construction		Date Acquired
Retail	Deptford, NJ		2,718		572		1,779		705		572		2,484		3,056		556		1981		2012
Retail	Cape Girardeau, MO		1,199		545		1,547		—		545		1,547		2,092		229		1994		2012
Retail	Clemmons, NC		2,119		2,564		3,293		—		2,564		3,293		5,857		561		1993		2013
Retail	Houston, TX		4,423		3,121		3,767		179		3,121		3,946		7,067		700		2001		2012
Retail	Littleton, CO		11,077		6,005		11,272		206		6,005		11,478		17,483		975		1985		2015
Retail—Supermarket	Philadelphia, PA		4,276		1,793		5,640		80		1,793		5,720		7,513		511		1992		2014
Retail—Supermarket	West Hartford, CT		17,211		9,296		4,813		261		9,296		5,074		14,370		1,055		2005		2010
Retail—Supermarket	West Hartford, CT		—		2,881		94		326		2,881		420		3,301		148		N/A		2010
Retail—Furniture	Columbus, OH		—		1,445		5,431		413		1,445		5,844		7,289		2,914		1996		1997
Retail—Furniture	Duluth, GA(3)		1,558		778		3,436		—		778		3,436		4,214		1,006		1987		2006
Retail—Furniture	Fayetteville, GA(3)		1,956		976		4,308		—		976		4,308		5,284		1,262		1987		2006
Retail—Furniture	Wichita, KS(3)		2,382		1,189		5,248		—		1,189		5,248		6,437		1,537		1996		2006
Retail—Furniture	Lexington, KY(3)		1,602		800		3,532		—		800		3,532		4,332		1,034		1999		2006
Retail—Furniture	Bluffton, SC(3)		1,180		589		2,600		—		589		2,600		3,189		761		1994		2006
Retail—Furniture	Amarillo, TX(3)		1,723		860		3,810		—		860		3,810		4,670		1,112		1996		2006
Retail—Furniture	Austin, TX(3)		3,179		1,587		7,010		—		1,587		7,010		8,597		2,052		2001		2006
Retail—Furniture	Tyler, TX(3)		2,066		1,031		4,554		—		1,031		4,554		5,585		1,333		2001		2006
Retail—Furniture	Newport News, VA(3)		1,505		751		3,316		—		751		3,316		4,067		971		1995		2006
Retail—Furniture	Richmond, VA(3)		1,736		867		3,829		—		867		3,829		4,696		1,121		1979		2006
Retail—Furniture	Virginia Beach, VA(3)		1,711		854		3,770		—		854		3,770		4,624		1,104		1995		2006
Retail—Furniture	Gurnee, IL		—		834		3,635		—		834		3,635		4,469		1,026		1994		2006
Retail—Furniture	Naples, FL		2,069		3,070		2,846		189		3,070		3,035		6,105		700		1992		2008
Retail—Office Supply	Batavia, NY(4)		—		515		2,061		—		515		2,061		2,576		972		1998		1999
Retail—Office Supply	Lake Charles, LA(4)		5,146		1,167		4,669		599		1,167		5,268		6,435		2,014		1998		2002
Retail—Office Supply	Athens, GA(4)		2,772		1,130		4,340		—		1,130		4,340		5,470		1,478		2003		2004
Retail—Office Supply	Chicago, IL(4)		3,735		3,877		2,256		—		3,877		2,256		6,133		524		1994		2008
Retail—Office Supply	Cary, NC(4)		3,151		1,129		3,736		—		1,129		3,736		4,865		868		1995		2008
Retail—Office Supply	Eugene, OR(4)		2,805		1,952		2,096		—		1,952		2,096		4,048		487		1994		2008
Retail—Office Supply	El Paso, TX(4)		2,451		1,035		2,700		—		1,035		2,700		3,735		627		1993		2008
Theater	Greensboro, NC		—		—		8,328		—		—		8,328		8,328		7,170		1999		2004
Theater	Indianapolis, IN		4,217		3,099		5,225		19		3,099		5,244		8,343		451		1997		2014

		$	396,946	$	209,320	$	537,860	$	28,147	$	209,320	$	566,007	$	775,327	$	108,953

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

Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company's benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building.

Note 3—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross - collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia).

Note 4—These seven properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in seven states (Illinois, Louisiana, North Carolina, Texas, Georgia, Oregon, and New York).

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES
Notes to Schedule III
Consolidated Real Estate and Accumulated Depreciation


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

(Amounts in Thousands)

	Year Ended December 31,
	2017			2016			2015
Investment in real estate (b):
Balance, beginning of year	$	748,065		$	662,182		$	592,668
Addition: Land, buildings and improvements		47,207			121,564			83,643
Deduction: Properties sold/conveyed		(19,792	)		(35,681	)		(14,129	)
Deduction: Impairment loss		(153	)		—			—

Balance, end of year	$	775,327		$	748,065		$	662,182


		(c)
Accumulated depreciation (b):
Balance, beginning of year	$	96,852		$	87,801		$	77,643
Addition: Depreciation		15,689			14,247			12,680
Deduction: Accumulated depreciation related to properties sold/conveyed		(3,588	)		(5,196	)		(2,522	)

Balance, end of year	$	108,953		$	96,852		$	87,801

(b)	Includes properties held-for-sale in 2015.
(c)	The aggregate cost of the properties is approximately $13,260 higher for federal income tax purposes at December 31, 2017.