EX-99.1 2 f8k051019ex99-1_oneliberty.htm PRESENTATION - MAY 2019

Exhibit 99.1

◆ 1 INVESTOR PRESENTATION MAY 2019 onelibertyproperties.com

◆ 2 DESCRIPTION PAGE Table of Contents 2 Safe Harbor Disclosure 3 Company Overview 4 Experienced Management Team 5 Attractive Portfolio Fundamentals 6 Portfolio Detail 7 Diversified Portfolio 8 Diversified Tenant Base 9 Financial Summary 10 Targeting Long Term Total Return 11 Growth in Operations 12 - 13 Growth Oriented Balance Sheet 14 Mortgage Debt Maturities 15 Lease Maturity Profile 16 Stable Occupancy 17 Strong Rental Income Growth 18 Acquisition Track Record 19 DESCRIPTION PAGE Recent Acquisitions 20 Recent Dispositions 21 Recent Mortgages 22 Case Studies: Acquisition – St. Louis, MO 23 Acquisitions – Moorestown, NJ 24 - 25 Disposition – Milwaukee, WI 26 Blend & Extend – L3 Technologies, Inc. 27 Summary 28 APPENDIX Top Tenant Profiles: Havertys Furniture 31 LA Fitness 32 Northern Tool & Equipment 33 L3 Technologies, Inc. 34 Regal Entertainment Group 35 GAAP Reconciliation to FFO & AFFO 37 Non - GAAP Financial Measures 38 TABLE OF CONTENTS

◆ 3 The statements in this presentation, including targets and assumptions, state the Company’s and management’s hopes, intentions, beliefs, expectations or projections of the future and are forward - looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward - looking statements. Factors that could cause actual results to differ materially from current expectations include the key assumptions contained within this presentation, general economic conditions, local real estate conditions, increases in interest rates, tenant defaults, non - renewals and/or bankruptcies, and increases in operating costs and real estate taxes. Additional information concerning factors that could cause actual results to differ materially from those forward - looking statements is contained in the Company’s SEC filings , and in particular the sections of such documents captioned “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Copies of the SEC filings may be obtained from the Company or the SEC. The Company does not undertake to publicly update or revise any forward - looking statements (including statements with respect to the purchase of two properties under contract), included in this presentation, whether as a result of new information, future events or otherwise. SAFE HARBOR

◆ 4  Fundamentals – focused real estate company  Disciplined track record through various economic cycles  Active net lease strategy with emphasis on industrial properties  Experienced management team  Alignment of interests through significant insider ownership COMPANY OVERVIEW

◆ 5 Patrick J. Callan, Jr. President & CEO  Chief Executive Officer since 2008, President since 2006, Director since 2002  Senior Vice President of First Washington Realty Inc. from 2004 to 2005. A joint venture with CalPERS that controlled 100 shopping centers (13 million square feet) which was sold for $2.6 billion to Regency Centers/Macquarie  Vice President of Kimco Realty Corporation (NYSE: KIM) from 1998 to 2004, joined in 1987. Responsible for a $3 billion, 200+ shopping center portfolio Lawrence G. Ricketts, Jr. COO & EVP  Chief Operating Officer since 2008 and Executive Vice President since 2006 (Vice President since 1999)  Over $2.5 billion of transaction experience in acquisitions, dispositions and financings David W. Kalish, CPA SVP & CFO  Senior Vice President and Chief Financial Officer since 1990  Senior Vice President, Finance of BRT Apartments Corp. (NYSE: BRT) since 1998 and Senior Vice President and Chief Financial Officer of the managing general partner of Gould Investors L.P. since 1990 Matthew J. Gould Chairman  Chairman of the Board since June 2013 and Vice Chairman from 2011 through 2013. President and Chief Executive Officer from 1989 to 1999; Senior Vice President from 1999 to 2011  Senior Vice President of BRT Apartments Corp. (NYSE: BRT) since 1993 and Director since 2004  Chairman of the managing general partner of Gould Investors L.P. since January 2013 and President and CEO from 1997 to 2012 Fredric H. Gould Vice Chairman  Vice Chairman of the Board since June 2013. Chairman of the Board from 1989 to 2013  Chairman of BRT Apartments Corp. (NYSE: BRT) from 1984 to April 2013 and Director since 1984  Chairman Emeritus of the managing general partner of Gould Investors L.P. since January 2013 and Chairman from 1997 to 2013  Director of EastGroup Properties, Inc. (NYSE: EGP) since 1998 EXPERIENCED MANAGEMENT TEAM

◆ 6 Total Square Footage 10.4 M Number of Properties 123 Current Occupancy 96.5% Contractual Rental income (2) $71.6 M Lease Term Remaining 7.5 Years Transcendia – Greenville, SC The Men’s Wearhouse – Bakersfield, CA (1) Information presented as of March 31, 2019, including four properties owned by unconsolidated joint ventures (2) Our contractual rental income represents, after giving effect to any abatements, concessions or adjustments, the base rent payable to us for the 12 months ending March 31, 2020 under leases in effect at March 31, 2019 and excludes approximately $960,000 of straight - line rent and $964,000 of amortization of intangibles. In addition, we have included our $1.5 million share of the base rent payable to our unconsolidated joint ventures for the 12 months ending March 31, 2020. ATTRACTIVE PORTFOLIO FUNDAMENTALS (1)

◆ 7 (1) Though we have three theaters, one is part of a multi - tenant shopping center property in Manahawkin, NJ and is therefore exclude d from this column (2) The contractual rental income associated with the theater in Manahawkin, NJ is included (3) Other is comprised of ground leases of apartment complexes, an assisted living facility, and an office PORTFOLIO DETAIL Type of Property Number of Properties Contractual Rental Income % of Contractual Rental Income Industrial 36 $32,204,989 45.0% Retail – General 38 15,684,121 22.0 – Furniture 14 6,206,285 8.7 – Supermarket 3 2,878,515 4.0 – Office Supply 6 2,166,263 3.0 Restaurants 17 3,491,296 4.9 Health & Fitness 3 3,113,490 4.3 Theater 2 (1) 2,456,313 (2) 3.4 Other (3) 4 3,382,348 4.7 123 $71,583,620 100.0%

◆ 8  Geographically diverse footprint  Own 123 properties in 30 states  Strong markets drive value DIVERSIFIED PORTFOLIO Highest State Concentration by Contractual Rental Income State Number of Properties Contractual Rental Income % Contractual Rental Income New York 8 $6,115,566 8.5% Texas 11 5,985,356 8.4 South Carolina 7 5,872,946 8.2 Pennsylvania 11 5,417,992 7.6 New Jersey 5 4,648,803 6.5 42 $28,040,663 39.2%

◆ 9 DIVERSIFIED TENANT BASE Top Tenants Number of Locations Contractual Rental Income % of Contractual Rental Income Haverty Furniture Companies, Inc. (NYSE: HVT) 11 $ 4,842,846 6.8% LA Fitness International, LLC 3 3,113,490 4.3 Northern Tool & Equipment 1 2,873,286 4.0 L3 Technologies, Inc. (NYSE: LLL) 1 2,620,281 3.7 Regal Entertainment Group 3 2,456,313 3.4 19 $15,906,216 22.2%

◆ 10 Market Cap (1) $568.7 M Shares Outstanding (1) 19.7 M Insider Ownership (2) 21.8% Current Annualized Dividend $1.80 Dividend Yield (3) 6.2% Applied Control Equipment – Denver, CO Campania International / U.S. Tape – Philadelphia, PA (1) Market cap is calculated using the shares outstanding and the closing OLP stock price of $28.89 at May 9, 2019 (2) Calculated as of May 9, 2019 (3) Based on the closing OLP stock price of $28.89 at May 9, 2019 FINANCIAL SUMMARY

◆ 11 (1) Performance period ended March 31, 2019 Consistent driver of long - term stockholder value TARGETING LONG TERM TOTAL RETURN 33.1% 18.3% 15.9% 0% 5% 10% 15% 20% 25% 30% 35% OLP NAREIT Equity Index S&P 500 10 - YEAR ANNUALIZED TOTAL RETURN (1)

◆ 12 GROWTH IN OPERATIONS (1) $1.97 (3) $1.90 $1.94 $2.02 (3) $1.40 $1.60 $1.80 $2.00 2015 2016 2017 2018 Historical FFO Per Share (2) (1) For the years ended December 31 (2) A reconciliation of net income per diluted share, as determined in accordance with GAAP, to FFO per diluted share and AFFO pe r d iluted share, may be found at the end of this presentation (3) FFO includes lease termination fees of $2.9 million or $0.17 per share in 2015 and $372,000 or $0.02 per share in 2018 (4) Impacting the changes in the FFO and AFFO payout ratio are distributions of capital gains from property sales, which gains ar e e xcluded from the calculation of FFO and AFFO $1.92 $1.99 $2.09 $2.13 $1.60 $1.80 $2.00 $2.20 2015 2016 2017 2018 Historical AFFO Per Share (2) FFO Payout (4) 2015 80% 2016 87% 2017 90% 2018 89% AFFO Payout (4) 2015 82% 2016 83% 2017 83% 2018 85% For the Three Months Ended March 31, 2019: FFO - $0.48 AFFO - $0.51

◆ 13 GROWTH IN OPERATIONS (1) $1.58 $1.66 $1.74 $1.80 $1.00 $1.20 $1.40 $1.60 $1.80 2015 2016 2017 2018 INCREASE IN DIVIDEND PER SHARE (1) For the years ended December 31 Current Annualized Dividend: $1.80

◆ 14 GROWTH ORIENTED BALANCE SHEET AS AT MARCH 31, 2019 (1) Gross assets represent total assets plus accumulated depreciation of $128.0 million (2) Total debt includes our share ( i.e. $11.8 million) of debt of our unconsolidated joint venture (3) Calculated in accordance with the terms of our credit facility  Liquidity available to acquire in excess of an estimated $150.0 million of properties as of May 9, 2019  $94.5 million available as of May 9, 2019 on Line of Credit Gross Assets (1) $904.7 M Total Debt/Gross Assets (2) 51.0% Fixed Rate Debt 98.7% Debt Service Coverage Ratio (3) 2.2 to 1.0 Fixed Charge Coverage Ratio (3) 1.7 to 1.0 AFFO Payout Ratio 88.2%

◆ 15 MORTGAGE DEBT MATURITIES AS AT MARCH 31, 2019 (1) $3.5 $2.1 $6.4 $35.3 $50.4 $210.7 $0 $50 $100 $150 $200 $250 2020 2021 2022 2023 2024 2025 & Beyond ($ in millions) BALLOON PAYMENTS DUE FOR THE TWELVE MONTHS ENDING MARCH 31,  Weighted average interest rate of 4.27% on fixed rate debt  There is approximately $13.4 million ($0.68 per share) of scheduled amortization of mortgages for the twelve months ending March 31, 2020 (1) Includes our share of the mortgage debt of our unconsolidated joint venture

◆ 16 LEASE MATURITY PROFILE 12 Months Ending March 31 , Number of Expiring Leases Contractual Rental Income Under Expiring Leases % of Contractual Rental Income Represented by Expiring Leases Approximate Square Feet Subject to Expiring Leases 2020 7 $ 879,879 1.2% 98,465 2021 22 2,671,449 3.7 326,224 2022 21 6,597,333 9.2 996,305 2023 20 10,322,341 14.4 1,504,060 2024 28 10,041,943 14.0 1,525,311 2025 12 4,428,937 6.2 467,344 2026 15 6,030,304 8.4 474,315 2027 9 2,855,265 4.0 428,481 2028 10 6,840,788 9.6 1,244,209 2029 6 2,202,552 3.1 156,355 2030 & Beyond 29 18,712,829 26.2 2,821,321 179 $71,583,620 100.0% 10,042,390

◆ 17 STABLE OCCUPANCY (1)(2) 99.0% 98.9% 98.1% 98.8% 99.6% 98.6% 98.3% 97.3% 99.3% 97.8% 80.0% 90.0% 100.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) As at December 31 (2) Based on square footage, including 100% our unconsolidated joint ventures At March 31, 2019: Occupancy – 96.5%

◆ 18 STRONG RENTAL INCOME GROWTH (1)(2) $42.8 $49.3 $56.6 $59.0 $64.2 $68.2 $70.3 $35 $40 $45 $50 $55 $60 $65 $70 $75 2012 2013 2014 2015 2016 2017 2018 ($ in millions) (1) As at December 31 (2) Includes straight - line rent accruals and amortization of intangibles

◆ 19 ACQUISITION TRACK RECORD $44.6 $107.5 $56.8 $95.2 (1) $118.6 $43.2 $79.5 $0 $20 $40 $60 $80 $100 $120 2012 2013 2014 2015 2016 2017 2018 ($ in millions) ACQUISITIONS PER YEAR  Current pipeline of diverse opportunities in excess of $225.0 million (1) Includes our 50% share of an unconsolidated joint venture property in Manahawkin, NJ

◆ 20 RECENT ACQUISITIONS Date Acquired Property Type Tenant (or d/b/a) MSA State Current Lease Expiration Purchase Price (in ‘000s) Yield (1) Financing at purchase (in ‘000s) 12/21/18 Industrial Transcendia, Inc Greenville SC 09/30/23 $ 6,830 6.8% All cash 12/11/18 Industrial Dufresne Spencer Group Holdings St. Louis MO 12/31/23 $10,000 7.2% All cash 12/06/18 Industrial Men’s Wearhouse Kern County CA 02/29/24 $10,850 8.1% All cash 11/28/18 Industrial 21 st Century Cabinetry / Novacart Moorestown NJ 09/30/27 - 11/30/23 $13,498 8.5% All cash 11/01/18 Industrial Xerimis Moorestown NJ 02/29/28 $ 7,350 8.0% All cash 10/19/18 Industrial Applied Control Equipment Denver CO 10/18/30 $12,800 8.3% All cash 06/07/18 Industrial Plymouth Industries Minneapolis MN 06/30/33 $ 5,500 8.5% All cash 03/28/18 Industrial Campania International / U.S. Tape Philadelphia PA 03/31/28 $12,675 7.5% All cash 10/10/17 Industrial Dufresne Spencer Group Holdings Memphis TN 10/09/27 $ 8,000 7.8% All cash 06/20/17 Industrial Power Distributors / Keystone Automotive Des Moines IA 10/31/23 - 02/28/30 $14,700 7.4% All cash 06/09/17 Industrial Saddle Creek Logistics Scranton PA 02/28/22 $11,750 8.0% All cash 05/25/17 Industrial Forbo Charlotte NC 05/31/25 $ 8,700 7.3% $5,190 mortgage (1) Yield represents the annualized straight - line rent over the remaining term of the lease, divided by the purchase price

◆ 21 RECENT DISPOSITIONS Date Sold Date Acquired Property Type Tenant (or d/b/a) MSA State Gross Sales Price (in ‘000s) Net Gain (Loss) (in ‘000s) 12/13/18 03/31/15 Retail Shopko Lincoln NE $10,000 ($1,731) 09/14/18 03/24/15 Other The Meadows Apartments Lake County IL $ 8,459 $4,585 07/31/18 08/13/04 Industrial Caterpillar Mining Milwaukee WI $13,275 $3,973 (1) 04/05/18 09/27/06 Retail K - Mart Savannah GA $ 2,800 $ 141 (2) 01/30/18 11/13/12 Retail Shopping Center Houston TX $ 9,200 $2,408 (3) 11/14/17 09/12/13 Restaurant Former Joe’s Crab Shack Ann Arbor MI $ 2,300 $ (153) 08/31/17 09/14/11 Retail Former hhgregg, Inc. Niles IL $ 5,000 $1,089 07/14/17 06/30/10 Retail Kohls Kansas City MO $10,250 $2,180 05/08/17 04/08/96 Retail Former Sports Authority Denver CO $ 9,500 $6,568 (1) Represents 100% of the gain on the sale of property held by an unconsolidated joint venture in which we have a 50% interest. Our share of the gain was $2.0 million. (2) Represents 100% of the gain on the sale of a building and a portion of land held by an unconsolidated joint venture in which we have a 50% interest. Our share of the gain was $71,000. (3) Represents 100% of the gain on the sale of a property owned by a consolidated joint venture in which we had an 85% interest. Ou r share of the gain was $1.6 million.

◆ 22 RECENT MORTGAGES Date Financed Property Type Tenant (or d/b/a) MSA State Amount (in ‘000s) Mortgage Maturity Interest Rate 03/14/19 Industrial Dufresne Spencer Group Holdings St. Louis MO $ 6,400 04/01/24 4.50% 03/06/19 Industrial Applied Control Equipment Denver CO $ 8,320 04/01/31 4.90% 02/11/19 Industrial 21 st Century Cabinetry / Novacart Moorestown NJ $ 8,825 03/01/29 4.64% 11/20/18 Industrial Xerimis Moorestown NJ $ 4,000 12/01/28 4.53% 10/31/18 (1) Industrial L3 Technologies Hauppauge NY $26,870 11/01/33 4.35% 09/07/18 Industrial Plymouth Industries Minneapolis MN $ 3,325 10/01/33 4.46% 07/26/18 Industrial Campania International / U.S. Tape Philadelphia PA $ 8,238 08/01/29 4.65% 07/26/18 Industrial Cedar Graphics / Monarch Metals Ronkonkoma NY $ 5,750 08/01/28 4.55% 05/04/18 (1) Retail K - Mart Winston - Salem NC $ 2,085 05/08/23 4.81% 04/18/18 Industrial Huttig Building Products Portland ME $ 5,650 08/01/31 4.55% 02/23/18 (1) Retail Petco Selden NY $ 2,700 03/05/28 4.38% 02/08/18 Industrial Dufresne Spencer Group Holdings Memphis TN $ 5,200 03/01/28 4.35% (1) These mortgages were refinanced or extended

◆ 23 Dufresne Spencer Group – St. Louis, MO ACQUISITION CASE STUDY – INDUSTRIAL DUFRESNE SPENCER GROUP (1) Mortgage with an interest rate of 4.50% closed in March 2019  In December 2018, acquired a single tenant industrial warehouse facility in St. Louis, MO .  The 119,680 SF property is net leased to Dufresne Spencer Group, the largest Ashley Furniture franchisee.  The property is well located in Green Park, approximately 10 miles from downtown St. Louis, with excellent access to Interstate 55 and Interstate 270.  The 38’ clear tilt wall construction warehouse was built in 2008 and features modern industrial amenities .  The tenant operates over 40 Ashley Furniture stores in 9 states. The subject facility services 6 stores located in St. Louis.  The base rent increases by 10% in the option period which begins in 2023. Purchase Price $10,000,000 Mortgage (1) (6,400,000) Net Equity Invested $ 3,600,000 Year 1 Base Rent $ 720,000 Interest Expense – 4.50% (1) (285,100) Net Cash to OLP $ 434,900 Return on Equity 12.08%

◆ 24 21 st Century / Novacart – Moorestown, NJ ACQUISITION CASE STUDY – INDUSTRIAL 21 st CENTURY & NOVACART (1) Mortgage with an interest rate of 4.64% closed in February 2019  In November 2018, acquired a two tenant industrial warehouse facility in Moorestown, NJ .  The 219,881 SF property is net leased to 21 st Century Cabinetry (86.8%) and Novacart, Inc. (13.2%).  The 24’ clear warehouse was built in 1974 and underwent a $1.25 million renovation in 2017.  21 st Century Cabinetry is a kitchen cabinet distributor which recently expanded from 135,000 SF to 190,991 SF in the subject facility.  Novacart is a manufacturer and designer of paper products for the baking industry.  21 st Century’s and Novacart’s annual base rent increases by 2% and 2.5%, respectively. Purchase Price $13,498,000 Mortgage (1) (8,825,000) Net Equity Invested $ 4,673,000 Year 1 Base Rent $ 1,012,800 Interest Expense – 4.64% (1) (412,400) Net Cash to OLP $ 600,400 Return on Equity 12.85%

◆ 25 Xerimis – Moorestown, NJ ACQUISITION CASE STUDY – INDUSTRIAL XERIMIS (1) Mortgage with an interest rate of 4.53% closed in November 2018  In October 2018, acquired a single tenant flex/warehouse facility in Moorestown, NJ .  The 64,000 SF property is NNN leased to Xerimis, Inc.  Moorestown, NJ is well located within the Philadelphia MSA.  The 21’ clear fully - cooled warehouse was built in 1990 and has approximately 40% finished space (office/lab).  The facility serves as Xerimis’ headquarters and distribution facility. They have been at the location since 2000, expanding 6 times.  The tenant is involved in clinical packaging and distribution of pharmaceuticals and biotechnology.  The base rent increases by an average of 2.75% annually. Purchase Price $7,350,000 Mortgage (1) (4,000,000) Net Equity Invested $3,350,000 Year 1 Base Rent $ 531,200 Interest Expense – 4.53% (1) (179,400) Net Cash to OLP $ 351,800 Return on Equity 10.50%

◆ 26 Caterpillar Mining – South Milwaukee, WI DISPOSITION CASE STUDY – INDUSTRIAL  In August 2004, acquired a 50% interest in a net leased manufacturing campus in South Milwaukee, WI leased to Bucyrus International, Inc. for $6.25 million. » 10 miles south of downtown Milwaukee » The 27.5 acre campus features 750,000 SF of warehouse, manufacturing and office space.  Financed the property in January 2005 for $8.1 million and refinanced the property in February 2015 pulling out $1.2 million.  In July 2011, Bucyrus International was purchased by Caterpillar Inc. for $7.6 billion.  From 2016 - 2018 the tenant phased out operations at the subject property. The tenant will vacate the property at lease expiration in January 2022.  Property was sold in July 2018 for $12.8 million , net of closing costs, resulting in a gain to OLP of $2.0 million . Purchase Price (50% interest) $ 6,250,000 Gross Sales Price (50% interest) 6,637,500 Internal Rate of Return to OLP 13.83%

◆ 27 L3 Technologies, Inc. – Hauppauge, NY BLEND & EXTEND CASE STUDY – L3 TECHNOLOGIES Loan Refinance Terms: Mortgage Amount: $26,870,000 Interest Rate: 4.35% Loan Term: 15 years Amortization: 20 Years  In December 2000, acquired a 149,870 SF flex warehouse located in Hauppauge, NY for $13.65 million.  The property has been continuously occupied by L3 Technologies, Inc. (NYSE: LLL), an investment grade, $16.8 billion market company.  In May 2008, sold 5 acres of excess land for $3.2 million.  In September 2018, completed a 51,744 SF expansion of the building.  Simultaneously with the expansion, the tenant extended the lease on the entire 201,614 SF building for 15 years, adjusting the annual NNN rent to $12.84/SF increasing annually by 2.5%  The total expansion cost was $7,760,00 and the return on cost of the expansion is ~10.50%.

◆ 28  Fundamentals – focused real estate company  Disciplined track record through various economic cycles  Active net lease strategy with emphasis on industrial properties  Experienced management team  Alignment of interests through significant insider ownership SUMMARY - WHY OLP?

◆ 29 APPENDIX

◆ 30 TOP TENANTS’ PROFILES

◆ 31 Haverty – Cedar Park, TX (Austin MSA) HAVERTYS FURNITURE – TENANT PROFILE  Tenant: Haverty Furniture Companies, Inc . (NYSE: HVT) (Source: Tenant’s website) » Full service home furnishing retailer founded in 1885 » Public company since 1929 » 120 showrooms in 16 states in the Southern and Midwestern regions » Weathered economic cycles, from recessions to depressions to boom times » Total assets of $440 million and stockholders’ equity of $275 million at 12/31/2018  Represents 6.8% of contractual rental income  11 properties aggregating 611,930 SF – Duluth (Atlanta), GA – Fayetteville (Atlanta), GA – Wichita, KS – Lexington, KY – Bluffton (Hilton Head), SC – Amarillo, TX – Cedar Park (Austin), TX – Tyler, TX – Richmond, VA – Newport News, VA – Virginia Beach, VA  Properties subject to a unitary lease which expires August 14, 2022  Rent per square foot on the portfolio is $7.91

◆ 32 LA Fitness – Secaucus, NJ LA FITNESS – TENANT PROFILE  Tenant: LA Fitness International LLC (Source: Tenant’s website) » Currently operates over 700 clubs in 21 states » Founded in 1984 and is headquartered in Irvine, CA  3 properties represents 4.3% of contractual rental income and 141,663 SF % of Contractual Rental Income – Secaucus, NJ: 1.9% – Tucker, GA: 1.3% – Hamilton, OH: 1.1%  Representative: LA Fitness – Secaucus, NJ » Location: 485 Harmon Meadow Blvd, Secaucus, NJ ; 4 miles west of Manhattan – Features 2 million SF of office space, 7 hotels and over 1 million SF of retail space » Building: 44,863 SF on 1.23 acres of land » 3 Mile Demographics (Source: Applied Geographic Solutions 10/2018) – Population: 304,581 – Daytime Population: 108,065 (within a 3 mile radius) – Average HH income: $100,573 » Lease expires February 28, 2025

◆ 33 Northern Tool & Equipment – Fort Mill, SC NORTHERN TOOL & EQUIPMENT – TENANT PROFILE  Tenant: Northern Tool & Equipment (Source: Tenant’s website) » Distributor and retailer of industrial grade and personal use power tools and equipment » Over 100 retail stores in the U.S. » Acquired The Sportsman’s Guide and The Golf Warehouse to sell outdoor sports and leisure goods through their distribution chain » Class A, 30’ clearance building is situated 18 miles south of downtown Charlotte, NC off Interstate - 77  Represents 4.0% of contractual rental income  Location: 1850 Banks Road, Fort Mill, SC » Building: 701,595 SF on 40.0 acres of land » 3 Mile Demographics (Source: Applied Geographic Solutions 10/2018) – Population: 27,216 – Average HH income: $74,570 » Lease expires April 30, 2029

◆ 34 L3 Technologies, Inc. – Hauppauge, NY L3 TECHNOLOGIES – TENANT PROFILE  Tenant: L3 Technologies, Inc. (Source: Tenant’s website) » US based defense technology company » On October 15, 2018 announced a pending merger with Harris Corporation to form the 6 th largest US defense company by revenues – The merger was approved by shareholders on April 4, 2019 – The merged company will have a market cap of $36 billion with $16 billion in revenue and $1.9 billion in free cash flow » Represents 3.7% of contractual rental income  Location: 435 Moreland Road, Hauppauge, NY » Building: 201,614 SF on 12.4 acres » 3 Mile Demographics (Source: Applied Geographic Solutions 10/2018) – Population: 83,497 – Average HH income: $134,836 » Lease expires September 30 , 2033

◆ 35 Regal Cinemas (d/b/a United Artists) – Indianapolis, IN REGAL ENTERTAINMENT GROUP – TENANT PROFILE  Tenant: Regal Entertainment Group (Source: Tenant’s website) » On February 27, 2018 Cineworld (LSE: CINE) acquired Regal Entertainment Group for $3.6 billion, making it the second largest global cinema exhibitor behind AMC » 7,322 screens and 560 theaters in America » $4.3 billion market cap (as of 4/25/2019)  3 locations represents 3.4% of contractual rental income and 150,520 SF % of Contractual Rental Income – Indianapolis, IN: 1.0% – Manahawkin, NJ (1) : 0.3% – Greensboro, NC: 2.1% Sample Regal Luxury Seating Conversion (1) Represents one tenant at a multi - tenant shopping center

◆ 36 GAAP RECONCILIATION

◆ 37 GAAP RECONCILIATION The following table provides a reconciliation of net income per share of common stock (on a diluted basis) in accordance with GAAP to FFO and AFFO Quarter Ended March 31, Years Ended December 31, 2019 2018 2017 2016 2015 GAAP n et income attributable to One Liberty Properties, Inc. $0.19 $ 1.05 $ 1.28 $ 1.39 $ 1.22 Add: depreciation & amortization of properties 0.27 1.24 1.12 1.02 0.98 Add: our share of depreciation & amortization of unconsolidated JVs 0.01 0.04 0.05 0.05 0.04 Add: impairment loss - - 0.01 - - Add: amortization of deferred leasing costs 0.01 0.02 0.02 0.02 0.02 Add: Federal excise tax relating to gain on sale - - - - 0.01 Deduct: gain on sale of real estate - (0.27) (0.53) (0.57) (0.32) Deduct: equity in earnings from sale of unconsolidated JV properties - (0.10) - - - Deduct: purchase price fair value adjustment - - - - (0.06) Adjustments for non - controlling interests - 0.04 (0.01) (0.01) 0.08 NAREIT f unds from operations per share of common stock $0.48 $ 2.02 $ 1.94 $ 1.90 $ 1.97 Deduct: straight - line rent accruals & amortization of lease intangibles (0.03) (0.07) (0.07) (0.16) (0.10) Deduct: our share of straight - line rent accruals & amortization of lease intangibles of unconsolidated JVs - (0.03) - - - Deduct: lease termination fee income - (0.02) - - (0.17) Add: amortization of restricted stock compensation 0.05 0.18 0.17 0.17 0.14 Add: prepayment costs on debt - - - 0.03 0.03 Add: amortization & write - off of deferred financing costs 0.01 0.05 0.05 0.05 0.06 Adjustments for non - controlling interests - - - - (0.01) Adjusted funds from operations per share of common stock $ 0.51 $ 2.13 $ 2.09 $ 1.99 $ 1.92

◆ 38 NON - GAAP FINANCIAL MEASURES One Liberty computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT’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. 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. 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 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’s cash needs.