<SEC-DOCUMENT>0001213900-19-022338.txt : 20191107
<SEC-HEADER>0001213900-19-022338.hdr.sgml : 20191107
<ACCEPTANCE-DATETIME>20191107160531
ACCESSION NUMBER:		0001213900-19-022338
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191107
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191107
DATE AS OF CHANGE:		20191107

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:		191200256

	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>f8k110719_oneliberty.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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): November 7, 2019</U></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">60 Cutter Mill Road, Suite 303, Great Neck, New York</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">11021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<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-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in">Securities registered pursuant to Section
12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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; background-color: White">
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">Title of each class</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">Trading Symbol(s)</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1.5pt solid">Name of each exchange on which registered</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">OLP</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">New York Stock Exchange</TD></TR>
</TABLE>

<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-top: 0; margin-bottom: 0; margin-left: 3.5in; text-indent: 0in; text-align: right"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Emerging growth company</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"><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. </FONT><FONT STYLE="font-family: Wingdings">o</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 2.02</B></TD><TD STYLE="text-align: justify"><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 November 7, 2019, we issued a press release
announcing our results of operations for the quarter ended September 30, 2019. 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 &ldquo;filed&rdquo; under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B>.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; background-color: rgb(204,238,255)">
<TD STYLE="width: 0.75in; background-color: White"></TD><TD STYLE="width: 0.5in; text-align: left"><A HREF="f8k110719ex99-1_oneliberty.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="f8k110719ex99-1_oneliberty.htm"><FONT STYLE="font-size: 10pt">Press release dated November
7, 2019.</FONT></A></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <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 -->1<!-- Field: /Sequence --></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-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">ONE LIBERTY PROPERTIES, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;November 7, 2019</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; 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="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">David W. Kalish</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Vice President and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">2</P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k110719ex99-1_oneliberty.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 7, 2019
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="ex99-1_001.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>2019
RESULTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&mdash;
<B><I>Quarterly Rental Income Grows 6.3% Above Prior Year </I></B>&mdash;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>GREAT NECK, New York</B>, November 7,
2019 &mdash; One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on net leased properties, today announced
operating results for the quarter ended September 30, 2019.</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">Patrick J. Callan, Jr., President and Chief
Executive Officer of One Liberty, stated: &ldquo;We are pleased that rental income grew 6.3% in the third quarter and are excited
by the progress we are making in the ongoing transformation of our portfolio that over the past several years has resulted in our
ownership of 44 industrial properties, including two properties acquired subsequent to quarter end. As of September 30, 2019, industrial
assets comprise 53.7% of our real estate investments. One Liberty has added $39.9 million of industrial properties in the first
nine months of 2019 and we expect that these assets will contribute at least $1.4 million of rental income in 2019. We remain focused
on overcoming the challenges related to the properties that impact our ability to translate our improved revenue stream growth
into cashflow and earnings. With our balance sheet which provides financial flexibility, we continue to pursue additional acquisitions.
In this competitive environment, we intend to remain disciplined in our approach as we work for our stockholders to increase cash
flow and earnings.</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"><B>Operating Results: </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rental income grew 6.3% to $20.4 million
in the third quarter of 2019, from $19.2 million in the third quarter of 2018 due primarily to the net benefit of acquisitions
and dispositions in 2018 and 2019.</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">Total operating expenses in the third quarter
of 2019 were $12.5 million compared to $11.5 million for the third quarter of 2018. Contributing to the change was a $552,000 increase
in legal and real estate tax expenses associated with the Round Rock, Texas property, and the net impact of acquisitions in 2018
and 2019.</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">Net income attributable to One Liberty in
the third quarter of 2019 was $5.1 million, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$0.25 per diluted share, compared to $10.1 million, or $0.52
per diluted share, in the third quarter of 2018. Net income for the 2019 quarter includes a $2.4 million, or $0.12 per diluted
share, gain on sale of real estate after giving effect to a $161,000 expense for the termination of a related mortgage interest
rate derivative. Net income for the 2018 quarter includes a $4.6 million, or $0.24 per diluted share, gain on sale of real estate,
a $2.0 million gain, or $0.10 per diluted share, from the sale of real estate by an unconsolidated subsidiary, and $372,000, or
$0.02 per diluted share, from a lease termination fee.</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"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ex99-1_001.jpg" ALT=""></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">Funds from Operations, or FFO, was $8.3
million, or $0.41 per diluted share, for the third quarter of 2019, compared to $9.4 million, or $0.48 per diluted share, in the
third quarter of 2018.</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">Adjusted Funds from Operations, or AFFO,
was $9.4 million, or $0.47 per diluted share, for the quarter ended September 30, 2019, compared to $10.3 million, or $0.53 per
diluted share, for the corresponding quarter in the prior year.</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">FFO and AFFO declined $1.1 million and $900,000,
respectively, in the third quarter of 2019 from the third quarter of 2018. This is primarily due to an increase in operating expense
and reductions in rental income and equity in earnings at previously disclosed challenged properties along with increased interest
expense related to newly acquired properties. Also contributing to the decrease in FFO was the inclusion, in the corresponding
2018 quarter, of a lease termination fee.</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">Per share diluted net income, FFO and AFFO
were impacted during the quarter ended September 30, 2019 by an average increase of approximately 548,000 shares in the weighted
average number of shares of common stock outstanding during the third quarter of 2019 from the third quarter of 2018 due to stock
issuances pursuant to One Liberty&rsquo;s at-the-market offering (ATM), dividend reinvestment and equity incentive programs. A
reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included in this release.</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"><B>Balance Sheet: </B></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">At September 30, 2019, the Company had $10.9
million of cash and cash equivalents, total assets of $785.1 million, total debt of $453.9 million, and total stockholders&rsquo;
equity of $290.8 million.</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">At November 4, 2019, One Liberty&rsquo;s
available liquidity was $84.0 million, including $6.6 million of cash and cash equivalents (net of the credit facility&rsquo;s
required $3.0 million deposit maintenance balance) and upon attainment of borrowing base levels, up to $77.4 million available
under its credit facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acquisitions and Dispositions:</B></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">As previously disclosed, during the current
quarter, One Liberty acquired two industrial properties for an aggregate price of $13.2 million and sold two properties for a net
gain of approximately $2.4 million (after giving effect to a $161,000 expense related to the early termination of a mortgage interest
rate derivative).</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"><B>Subsequent Events:</B></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">As previously reported, on October 3, 2019,
One Liberty acquired an industrial property located in a suburb of Savannah, Georgia for a purchase price of $6.4 million. The
property is leased through 2029 at an annual base rent of $437,000, increasing in 2024 by 10%.</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"></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 --></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ex99-1_001.jpg" ALT=""></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">On October 23, 2019, One Liberty acquired
a 25,035 square foot industrial facility located on 2.95 acres in Chandler, Arizona, a suburb of Phoenix, for $3 million. The lease,
which expires in 2024, provides for an annual base rent of $213,000, increasing by 2.0% in 2021.</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">On October 21, 2019, the Company sold a
retail property in Houston, Texas for a sales price of $1.7 million. The Company anticipates that during the quarter and year ending
December 31, 2019, it will recognize a gain of approximately $218,000 from this sale.</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"><B>Non-GAAP Financial Measures:</B></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">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 (calculated in accordance with GAAP), excluding
depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses
from change in control, impairment write-downs of certain real estate assets and investments in entities where the impairment is
directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships
and joint ventures are calculated to reflect funds from operations on the same basis.&nbsp; In computing FFO, OLP does not add
back to net income the amortization of costs in connection with its financing activities or depreciation of non-real estate assets.</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">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: 0pt 0">&nbsp;</P>

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

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

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

<!-- Field: Page; Sequence: 3; 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 -->3<!-- Field: /Sequence --></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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="ex99-1_001.jpg" ALT=""></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward Looking Statement:</B></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">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&rsquo;s Annual Report on Form 10-K for the year ended
December 31, 2018 and in particular &ldquo;Item 1A. Risk Factors&rdquo; and &ldquo;Item 7. Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&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: 0pt 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 Company acquires, owns
and manages a geographically diversified portfolio consisting primarily of industrial, retail, 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: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></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="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">September&nbsp;30,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&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">2019</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">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-weight: normal; text-align: left">Real estate investments, net</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">711,293</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">705,459</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Property held-for-sale</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1,227</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Investment in unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">11,070</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10,857</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Cash and cash equivalents</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10,941</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">15,204</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Restricted cash</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1,106</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Unbilled rent receivable</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">14,202</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">13,722</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Unamortized intangible lease assets, net</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">26,375</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">26,541</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt">Other assets</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">10,033</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">8,023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Total assets</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">785,141</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">780,912</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Mortgages payable, net of $4,302 and $4,298 of deferred financing costs, respectively</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">435,115</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">418,798</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Line of credit-outstanding, net of $670 and $312 of deferred financing costs, respectively</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">18,780</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">29,688</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Unamortized intangible lease liabilities, net</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12,552</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">14,013</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt">Other liabilities</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">26,726</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">19,818</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Total liabilities</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">493,173</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">482,317</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Total One Liberty Properties, Inc. stockholders&rsquo; equity</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">290,796</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">297,146</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt">Non-controlling interests in consolidated joint ventures</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">1,172</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">1,449</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Total equity</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">291,968</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">298,595</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Total liabilities and equity</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">785,141</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">780,912</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 5; 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 -->5<!-- Field: /Sequence --></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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Nine Months Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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">September 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">September 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&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">2019</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">2018</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">2019</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">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal">Revenues:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-weight: normal; text-align: left; padding-left: 0.125in">Rental income, net</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">20,414</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">19,198</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">62,288</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">58,484</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Lease termination fee</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">372</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">372</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Total revenues</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">20,414</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">19,570</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">62,288</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">58,856</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Depreciation and amortization</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,566</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,672</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,353</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,104</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">General and administrative</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3,143</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3,071</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">9,319</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">8,999</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Real estate expenses</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3,692</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">2,669</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10,544</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">8,005</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">State taxes</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">68</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">59</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">255</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">286</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Total operating expenses</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">12,469</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">11,471</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">36,471</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">33,394</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Other operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt">Gain on sale of real estate, net</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">2,544</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">4,585</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">3,643</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">6,993</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Operating income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10,489</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12,684</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">29,460</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">32,455</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Other income and expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Equity in earnings (loss) of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">50</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">173</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(32</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">716</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Equity in earning from sale of unconsolidated joint venture property</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1,986</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">2,057</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Other income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">8</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">7</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">18</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">17</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; padding-left: 0.125in">Interest:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in">Expense</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(5,198</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(4,448</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(15,041</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(13,195</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Amortization and write-off of deferred financing costs</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(252</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(220</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(739</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(669</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left">Net income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,097</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10,182</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">13,666</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">21,381</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt">Net loss (income) attributable to non-controlling interests</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">21</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(35</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(465</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(866</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt">Net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">5,118</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">10,147</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">13,201</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">20,515</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in">Net income per share attributable to common
    stockholders-diluted</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.25</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.52</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.64</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.06</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt">Funds from operations - Note 1</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">8,250</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">9,378</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">26,669</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">28,828</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt">Funds from operations per common share-diluted - Note 2</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.41</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.48</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.35</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.50</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt">Adjusted funds from operations - Note 1</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">9,361</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">10,320</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">28,878</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">30,934</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in">Adjusted funds from operations per common share-diluted - Note&nbsp;2</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.47</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.53</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.46</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.61</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal">Weighted average number of common shares outstanding:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in">Basic</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">19,191</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">18,646</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">19,037</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">18,521</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in">Diluted</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">19,239</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">18,705</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">19,076</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">18,562</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 6; 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 -->6<!-- Field: /Sequence --></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: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Three Months Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Nine Months Ended</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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">September 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">September 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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">2019</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">2018</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">2019</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">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><U>Note 1:</U></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-indent: -0.125in; padding-left: 0.125in">NAREIT funds from operations is summarized in the following table:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-weight: normal; text-align: left; padding-left: 0.125in">GAAP net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">5,118</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">10,147</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">13,201</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">$</TD><TD STYLE="width: 9%; font-weight: normal; text-align: right">20,515</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: depreciation and amortization of properties</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,457</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,584</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">16,033</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">15,846</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of depreciation and amortization of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">130</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">156</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">396</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">563</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: amortization of deferred leasing costs</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">109</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">88</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">320</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">258</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of amortization of deferred leasing costs of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">14</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Deduct: gain on sale of real estate</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(2,544</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(4,585</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(3,643</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(6,993</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Deduct: equity in earnings from sale of unconsolidated joint venture property</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(1,986</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(2,057</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Adjustments for non-controlling interests</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(23</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(26</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">348</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">696</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">NAREIT funds from operations applicable to common stock</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">8,250</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">9,378</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">26,669</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">28,828</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">(Deduct) add: straight-line rent accruals and amortization of lease intangibles</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(192</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">93</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(1,498</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(932</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Deduct: lease terminaton fee income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(372</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(372</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">(Deduct) add: our share of straight-line rent accruals and amortization of
    lease intangibles of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(19</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(7</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(56</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">13</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: amortization of restricted stock compensation</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">942</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">971</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">2,834</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">2,653</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: amortization and write-off of deferred financing costs</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">252</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">220</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">739</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">669</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: prepayment costs on debt</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">161</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">201</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of amortization and write-off of deferred financing costs of
    unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">4</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">28</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">13</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">40</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Adjustments for non-controlling interests</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(37</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">9</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">(24</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">35</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Adjusted funds from operations applicable to common stock</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">9,361</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">10,320</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">28,878</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">30,934</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left">Note 2:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in; text-indent: -0.125in">NAREIT funds from operations is summarized in the following table:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">GAAP net income attributable to One Liberty Properties, Inc.</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">0.25</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">0.52</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">0.64</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">$</TD><TD STYLE="font-weight: normal; text-align: right">1.06</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: depreciation and amortization of properties</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.27</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.29</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.83</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.83</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of depreciation and amortization of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.02</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.03</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Add: amortization of deferred leasing costs</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.02</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of amortization of deferred leasing costs of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.125in">Deduct: gain on sale of real estate</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.13</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.24</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.18</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.36</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Deduct: equity in earnings from sale of unconsolidated joint venture property</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.10</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.11</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Adjustments for non-controlling interests</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">0.02</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">0.04</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">NAREIT funds from operations per share of common stock-diluted (a)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.41</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.48</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1.35</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1.50</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">(Deduct) add: straight-line rent accruals and amortization of lease intangibles</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.01</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.08</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.04</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Deduct: lease terminaton fee income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.02</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">(0.02</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">(Deduct) add: our share of
    straight-line rent accruals and amortization of lease intangibles of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: amortization of restricted stock compensation</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.05</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.06</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.14</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.14</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: amortization and write-off of deferred financing costs</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.04</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.03</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: prepayment costs on debt</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">0.01</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Add: our share of amortization
    and write-off of deferred financing costs of unconsolidated joint ventures</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">-</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Adjustments for non-controlling interests</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: normal; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in">Adjusted funds from operations per share of common stock-diluted (a)</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.47</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">0.53</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.46</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: normal; text-align: right">1.61</TD><TD STYLE="padding-bottom: 4pt; font-weight: normal; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">The weighted average
number of diluted common shares used to compute FFO and AFFO applicable to common stock includes unvested restricted shares that
are excluded from the computation of diluted EPS.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>ex99-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex99-1_001.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" !: -$# 2(  A$! Q$!_\0
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M61O+!Y5:*9[6^L;N)K74M*OX@IGT[5+-R9+2]@+#?&^4D1HY[>2:VEBF?<H
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L@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

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