<SEC-DOCUMENT>0001213900-20-006681.txt : 20200317
<SEC-HEADER>0001213900-20-006681.hdr.sgml : 20200317
<ACCEPTANCE-DATETIME>20200317163300
ACCESSION NUMBER:		0001213900-20-006681
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200317
DATE AS OF CHANGE:		20200317

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237241
		FILM NUMBER:		20721443

	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>S-3
<SEQUENCE>1
<FILENAME>ea119639-s3_oneliberty.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>AS FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION ON MARCH 17, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>REGISTRATION NO. [&nbsp;&nbsp;&nbsp;&nbsp;]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
WASHINGTON, D.C. 20549</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM S-3</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>ONE LIBERTY
PROPERTIES, INC.</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
</FONT></B><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></P>

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

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    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>MARYLAND</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>13-3147497</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>60 Cutter Mill Road<BR>
Great Neck, New York 11021<BR>
(516) 466-3100</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>S. Asher Gaffney, Esq.<BR>
Secretary<BR>
One Liberty Properties, Inc.<BR>
60 Cutter Mill Road<BR>
Great Neck, New York 11021<BR>
(516) 466-3100</B></P>

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    <TD STYLE="border-bottom: black 1.5pt solid; width: 100%; font-size: 1pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code,
and telephone number, including area code, of agent for service)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copy to:<BR>
Jeffrey A. Baumel, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brian Lee, Esq.<BR>
Dentons US LLP<BR>
1221 Avenue of the Americas<BR>
New York, New York 10020<BR>
(212) 768-6700</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate date of commencement of proposed sale to the
public: From time to time after the effective date of this Registration Statement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon the filing with the
Commissions pursuant to Rule 462(e) under the Securities Act check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether registrant
is large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 25%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom; width: 13%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated Filer <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 35%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 25%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting Company <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for comply with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Title of each
    class of securities to be registered</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>Amount to be<BR> registered<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)(2)(3)</SUP></FONT></B></TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>Proposed <BR>
maximum<BR> offering <BR>
price per<BR> unit<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>Proposed <BR>
maximum<BR> aggregate <BR>
offering<BR> price<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)(2)(3)</SUP></FONT></B></TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>Amount of<BR> registration <BR>
fee<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></B></TD><TD STYLE="white-space: nowrap; text-align: center; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Common Stock, par value $1.00 per share</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="text-indent: -10pt; padding-left: 10pt">Preferred Stock, par value $1.00 per share</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="text-indent: -10pt; padding-left: 10pt">Warrants</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="padding-bottom: 1.5pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Subscription Rights</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; width: 50%; font-weight: bold; text-indent: -10pt; padding-left: 10pt">TOTAL</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; width: 10%; font-weight: bold; text-align: right">250,000,000</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; width: 10%; font-weight: bold; text-align: right">100</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold; text-align: left">%</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; width: 9%; font-weight: bold; text-align: right">250,000,000</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; width: 9%; font-weight: bold; text-align: right">6,490.00</TD><TD STYLE="padding-bottom: 4pt; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Not specified as to each class of securities to be registered pursuant to General Instruction&nbsp;II.D. of Form&nbsp;S-3 under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Registrant is hereby registering an indeterminate number of each identified class of its securities up to a proposed maximum
aggregate offering price of $250,000,000, which may be offered from time to time in unspecified numbers at unspecified prices.
The Registrant has estimated the proposed maximum aggregate offering price solely for the purpose of calculating the registration
fee pursuant to Rule&nbsp;457(o) under the Securities Act. Securities registered hereunder may be sold separately, together or
as units with other securities registered hereunder. The Registrant is hereby also registering an indeterminate number of each
class of its securities that may be purchased by underwriters to cover over-allotments, if any, up to a proposed maximum offering
price of $250,000,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The Registrant is hereby registering such indeterminate number of each identified class of the identified securities as may
be issued upon conversion, exchange, or exercise of any other securities that provide for such conversion, exchange or exercise,
up to a proposed maximum offering price of $250,000,000. In addition, pursuant to Rule&nbsp;416 under the Securities Act, the shares
of common stock and preferred stock being registered hereunder include such indeterminate number of shares of common stock and
preferred stock as may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends
or similar transactions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Pursuant to Rule&nbsp;457(o) under the Securities Act, the registration fee is calculated on the maximum offering price of
all securities listed, and the table does not specify information by each class about the amount to be registered. Pursuant to
Rule&nbsp;415(a)(6) under the Securities Act, this registration statement includes a total of $200,000,000 of unsold securities
that had previously been registered under the Registrant&rsquo;s registration statement on Form&nbsp;S-3, initially filed with
the Securities and Exchange Commission on March 10, 2017 as amended by Amendment No. 1 thereto filed on May 9, 2017, and declared
effective on May 10, 2017, File No.&nbsp;333-216611 (the &ldquo;Prior Registration Statement&rdquo;). The Prior Registration Statement
registered securities for a maximum aggregate offering price of $250,000,000 and of that amount, the Registrant has &ldquo;taken
down&rdquo; common stock for an aggregate offering price of $50,000,000, leaving a balance of unsold securities not &ldquo;taken
down&rdquo; with an aggregate offering price of $200,000,000. The Registrant is paying a registration fee of $6,490.00 in connection
with the registration of $50,000,000 of newly registered securities. Pursuant to Rule&nbsp;415(a)(6), the offering of the unsold
securities registered under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this
registration statement. If the Registrant sells any securities in excess of the amount already &ldquo;taken down&rdquo; pursuant
to the Prior Registration Statement after the date of the initial filing, and prior to the date of effectiveness of this registration
statement, the registrant will file&nbsp;a pre-effective amendment to this registration statement which will reduce the number
of such unsold securities from the Prior Registration Statement included on this registration statement and increase the additional
securities registered herein so that the total amount of securities registered herein will equal $250,000,000, and will pay the
additional registration fee resulting therefrom.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #FF0000"><B>The information
in this prospectus is not complete and may be changed. We may not sell these securities until the Securities and Exchange Commission
declares our registration statement effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.</B></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #FF0000"><B>Subject
to Completion, dated March 17, 2020</B></FONT></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>PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$250,000,000</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock<BR>
Preferred Stock<BR>
Warrants<BR>
Subscription Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may offer and sell, from time to time,
together or separately, in one or more offerings, (i) shares of our common stock, par value $1.00 per share, (ii) shares of our
preferred stock, par value $1.00 per share, which we may issue in one or more series, (iii) warrants to purchase our equity securities
and (iv) subscription rights, up to a maximum aggregate offering price of $250,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will offer our securities in amounts,
at prices and on the terms to be determined at the time we offer the securities. Each time we offer securities, we will provide
a supplement to this prospectus that will contain more specific information about the terms of that offering, including the price
at which those securities will be sold. We may also add, update or change in the prospectus supplement any of the information contained
in this prospectus. Our common stock is listed for trading on the New York Stock Exchange under the trading symbol &ldquo;OLP.&rdquo;
Each prospectus supplement will indicate if the securities offered thereby will be listed on any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be offered on a delayed
or continuous basis and may be offered and sold directly by us, through agents, underwriters or dealers as designated from time
to time, through a combination of these methods or through any other method provided in the applicable prospectus supplement. If
any underwriters are involved in the sale of the securities, the names of such underwriters and any applicable commissions or discounts
will be set forth in a prospectus supplement. For additional information on the methods of sale of the securities, you should refer
to the section entitled &ldquo;<I>Plan of Distribution</I>&rdquo; in this prospectus and to the corresponding section in the applicable
prospectus supplement. You should read this prospectus and the applicable prospectus supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This prospectus may not be used to sell
securities unless accompanied by a prospectus supplement or a free writing prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are organized and conduct our operations
so as to qualify as a real estate investment trust, or REIT, for federal income tax purposes. The specific terms of the securities
may include limitations on actual, beneficial or constructive ownership and restrictions on the transfer of the securities that
may be appropriate to preserve our status as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in our securities involves
risks. Before buying our securities, you should refer to the risk factors included in our periodic reports, the applicable prospectus
supplement relating to the offering and other information that we file with the Securities and Exchange Commission. See &ldquo;<I>Risk
Factors</I>&rdquo; on page 3 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;, 2020</P>

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


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

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

<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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><A HREF="#a_001">ABOUT THIS PROSPECTUS </A></TD>
    <TD STYLE="width: 5%; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_002">WHERE YOU CAN FIND MORE INFORMATION </A></TD>
    <TD STYLE="text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003">WHO WE ARE </A></TD>
    <TD STYLE="text-align: center">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </A></TD>
    <TD STYLE="text-align: center">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005">RISK FACTORS </A></TD>
    <TD STYLE="text-align: center">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_006">USE OF PROCEEDS </A></TD>
    <TD STYLE="text-align: center">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007">DESCRIPTION OF CAPITAL STOCK </A></TD>
    <TD STYLE="text-align: center">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_008">DESCRIPTION OF WARRANTS </A></TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009">DESCRIPTION OF SUBSCRIPTION RIGHTS </A></TD>
    <TD STYLE="text-align: center">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_010">PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS </A></TD>
    <TD STYLE="text-align: center">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011">FEDERAL INCOME TAX CONSIDERATIONS </A></TD>
    <TD STYLE="text-align: center">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_012">IMPORTANCE OF OBTAINING PROFESSIONAL TAX ADVICE </A></TD>
    <TD STYLE="text-align: center">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013">PLAN OF DISTRIBUTION </A></TD>
    <TD STYLE="text-align: center">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_014">LEGAL MATTERS </A></TD>
    <TD STYLE="text-align: center">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015">EXPERTS </A></TD>
    <TD STYLE="text-align: center">31</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<DIV STYLE="padding: 6pt; border: Black 1.5pt solid; width: 98%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration
statement that we filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;), utilizing a &ldquo;shelf&rdquo;
registration process, which allows us to sell the securities covered by this prospectus from time to time, together or separately,
in one or more offerings up to an aggregate public offering price of $250,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus only provides you with
a general description of the securities we may offer. Each time we sell securities, we will provide a supplement to this prospectus
that will contain specific information about the terms of that offering, including the number of securities, and the price at which,
and the specific manner in which, those securities may be offered and sold. The prospectus supplement may also add to, update or
change information contained in this prospectus. Before purchasing any securities, you should carefully read both this prospectus
and any supplement, together with additional information described under the heading &ldquo;<I>Where You Can Find More Information</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the information
contained or incorporated by reference in this prospectus and any prospectus supplement or amendment. We have not authorized any
other person to provide you information different from that contained in this prospectus or incorporated by reference in this prospectus
or any prospectus supplement or amendment. You should assume that the information appearing in this prospectus or any applicable
prospectus supplement or the documents incorporated by reference herein or therein is accurate only as of the date on the cover
page. Our business, financial condition, results of operations and prospects may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this prospectus, references to &ldquo;OLP,&rdquo;
&ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; and &ldquo;registrant&rdquo; refer to One Liberty
Properties, Inc. and all of its subsidiaries. The phrase &ldquo;this prospectus&rdquo; refers to this prospectus and the applicable
prospectus supplement, unless the context otherwise requires. References to &ldquo;securities&rdquo; refer to the common stock,
preferred stock, warrants and subscription rights offered by this prospectus, unless we specify or the context indicates or requires
otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We file annual, quarterly and special reports,
proxy statements and other information with the SEC. Our electronic filings with the SEC are available to the public on the Internet
at the SEC&rsquo;s website at <I>http://www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information we file with the SEC, which means that we can disclose information to you by referring you
to those documents. Any information that we refer to in this manner is considered part of this prospectus. Any information that
we file with the SEC after the date of this prospectus will automatically update and supersede the information contained in this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are incorporating by reference the following
documents that we have previously filed with the SEC, except for any document or portion thereof &ldquo;furnished&rdquo; to the
SEC pursuant to Item 2.02 or Item 7.01 of Form 8-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Our Annual Report on Form 10-K for the year ended December 31, 2019, filed on March 16, 2020, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>The description of our shares of common stock contained in Exhibit 4.5 filed with our Annual Report on Form 10-K for the year
ended December 31, 2019, including any amendment or report filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents and reports filed by us with
the SEC (other than Current Reports on Form 8-K furnished pursuant to Item 2.02 or Item 7.01 of Form 8-K, unless otherwise indicated
therein) pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;) after the date that the registration statement of which this prospectus is a part is first filed with the SEC and prior
to the termination of this offering shall be deemed incorporated by reference in this prospectus and shall be deemed to be a part
of this prospectus from the date of filing of such documents and reports. Any statement in a document incorporated or deemed to
be incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement in this prospectus or in any subsequently filed document or report incorporated or deemed to be incorporated
by reference in this prospectus modifies or supersedes such statement. Any such statement so modified or superseded shall only
be deemed to constitute a part of this prospectus as it is so modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide without charge to each
person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request of such person, a copy
of any or all of the documents incorporated by reference in this prospectus but not delivered with the prospectus, other than exhibits,
unless such exhibits specifically are incorporated by reference into such documents or this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Requests for such documents should be addressed
in writing or by telephone to: S. Asher Gaffney, Corporate Secretary, One Liberty Properties, Inc., 60 Cutter Mill Road, Great
Neck, N.Y. 11021 or 516-466-3100.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>WHO WE ARE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a self-administered and self-managed
real estate investment trust, also known as a REIT. We acquire, own and manage a geographically diversified portfolio consisting
primarily of industrial, retail, restaurant, health and fitness, and theater properties, many of which are subject to long-term
leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were incorporated under the laws of
the State of Maryland on December 20, 1982. We have elected to be treated as a REIT for U.S. federal income tax purposes. In order
to maintain our status as a REIT, we must comply with a number of requirements under federal income tax law that are discussed
in &ldquo;<I>Federal Income Tax Considerations</I>&rdquo; beginning on page 13 of this prospectus. Additional information regarding
our business can be found under the heading &ldquo;<I>Business</I>&rdquo; contained in Part I, Item 1 in our most recent Annual
Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The address and phone number of our principal
executive office is 60 Cutter Mill Road, Great Neck, N.Y. 11021 and 516-466-3100. Our website address is: <I>www.1iberty.com.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus and other documents we
file with the SEC and our reports filed under the Exchange Act and incorporated by reference in this prospectus and other documents
we file with the SEC and other offering materials and documents deemed to be incorporated by reference herein or therein contain
certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), and Section 21E of the Exchange Act. 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
purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and
describe our future plans, strategies and expectations, are generally identifiable by use of the words &ldquo;may,&rdquo; &ldquo;will,&rdquo;
&ldquo;could,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;project,&rdquo; or similar expressions or variations thereof and include, without limitation, statements regarding our future
estimated funds from operations (&ldquo;FFO&rdquo;), adjusted funds from operations (&ldquo;AFFO&rdquo;), and our dividend. 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. Factors which
may cause actual results to differ materially from current expectations include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the financial condition of our tenants and the performance of their lease obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>general economic and business conditions, including those currently affecting our nation&rsquo;s economy and real estate markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the availability of and costs associated with sources of liquidity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>accessibility of debt and equity capital markets and our ability to renew or refinance our current debt obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>general and local real estate conditions, including any changes in the value of our real estate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>breach of credit facility covenants or other terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>more competition for leasing of vacant space due to current economic conditions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>changes in governmental laws and regulations relating to real estate and related investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the level and volatility of interest rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>competition in our industry; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the other risks described under &ldquo;<I>Risk Factors</I>&rdquo; in our most recent Annual Report on Form 10-K, Quarterly
Report on Form 10-Q, and any Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q that we file after the date the registration
statement to which this prospectus relates is first filed and prior to the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Given these uncertainties, you should not
place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking
statements included or incorporated by reference in this prospectus and other documents we file with the SEC, whether as a result
of new information, future events or otherwise. In light of the factors referred to above, the future events discussed or incorporated
by reference in this prospectus and other documents we file with the SEC may not occur and actual results, performance or achievements
could differ materially from those anticipated or implied in the forward-looking statements.</P>

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

</DIV>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Before you invest in any of our securities,
in addition to the other information in this prospectus and the applicable prospectus supplement, you should carefully consider
the risk factors described below, the risk factors described under the heading &ldquo;<I>Risk Factors</I>&rdquo; contained in Part&nbsp;I,
Item&nbsp;1A in our most recent Annual Report on Form&nbsp;10-K and any risk factors disclosed under the heading &ldquo;<I>Risk
Factors</I>&rdquo; in Part&nbsp;II, Item&nbsp;1A in any Quarterly Report on Form&nbsp;10-Q that we file after our most recent Annual
Report on Form&nbsp;10-K, as the same may be updated from time to time by our future filings under the Exchange Act.</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: 0.25in">The risks and uncertainties we describe
are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial
may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could
result in a decline in the value of the securities and the loss of all or part of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Certain provisions of our Articles of Amendment and Restatement,
as amended, our bylaws, as amended, and Maryland law may inhibit a change in control that stockholders consider favorable and could
also limit the market price of our common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain provisions of our Articles of Amendment
and Restatement, as amended, which we refer to as our &ldquo;Charter,&rdquo; our bylaws, as amended, which we refer to as the &ldquo;Bylaws,&rdquo;
and Maryland law may impede, or prevent, a third party from acquiring control of us without the approval of our board of directors.
These provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provide for a staggered board of directors consisting of three classes, with one class of directors being elected each year
and each class being elected for three-year terms and until their successors are duly elected and qualify;</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>impose restrictions on ownership and transfer of our stock (such provisions being intended to, among other purposes, facilitate
our compliance with certain requirements under the Internal Revenue Code of 1986, as amended, which we refer to as the &ldquo;Code,&rdquo;
relating to our qualification as a REIT under the Code); and</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="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provide that directors may be removed only for cause and only by the vote of at least a majority of all outstanding shares
entitled to vote.</TD></TR></TABLE>

<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: 0.25in">Certain provisions of the Maryland General
Corporation Law (the &ldquo;MGCL&rdquo;) may impede a third party from making a proposal to acquire us or inhibit a change of control
under circumstances that otherwise could be in the best interest of holders of shares of our common stock, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>&ldquo;control share&rdquo; provisions that provide that, subject to certain exceptions, holders of &ldquo;control shares&rdquo;
of our company (defined as voting shares which, when aggregated with other shares controlled by the stockholder, entitle the holder
to exercise voting power in the election of directors within one of three increasing ranges) acquired in a &ldquo;control share
acquisition&rdquo; (defined as the direct or indirect acquisition of ownership or control of issued and outstanding &ldquo;control
shares,&rdquo; subject to certain exceptions) have no voting rights with respect to the control shares except to the extent approved
by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding
all interested shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>additionally, Title 3, Subtitle 8 of the MGCL permits our board of directors, without stockholder approval and regardless of
what is currently provided in the Charter or the Bylaws, to implement certain corporate governance provisions. See &ldquo;<I>Provisions
of Maryland Law and of our Charter and Bylaws</I>.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ownership of less than 9.9% of our outstanding stock could
violate the restrictions on ownership and transfer in our Charter,&nbsp;which would result in the shares owned or acquired in violation
of such restrictions being designated as &ldquo;excess shares&rdquo; and transferred to a trust&nbsp;for the benefit of a charitable
beneficiary and loss of the right to receive dividends and other distributions on,&nbsp;and the economic benefit of any appreciation
of, such shares, and you may not have sufficient information to&nbsp;determine at any particular time whether an acquisition of
our shares will result in a loss of the economic&nbsp;benefit of such shares.</I></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: 0.25in">In order for us to qualify as a real estate
investment trust under the Code, no more than 50% of the value of the outstanding shares of our stock may be owned, directly or
indirectly or through application of certain attribution rules, by five or fewer &ldquo;individuals&rdquo; (as defined in the Code)
at any time during the last half of a taxable year. To facilitate our qualification as a REIT under the Code, among other purposes,
the Charter generally prohibits any person other than Fredric H. Gould, currently vice chairman of our board of directors, from
actually or constructively owning more than 9.9% of the outstanding shares of all classes and series of our stock, which we refer
to as the &ldquo;ownership limit.&rdquo; In addition, the Charter prohibits any person from beneficially or constructively owning
shares of our stock that would result in more than 50% of the value of the outstanding shares of our stock to be beneficially owned
by five or fewer individuals, regardless of whether such ownership is during the last half of any taxable year, which we refer
to as the &ldquo;Five or Fewer Limit.&rdquo; Shares transferred in violation of either of these restrictions will be designated
automatically as &ldquo;excess shares&rdquo; and transferred to a trust for the benefit of a charitable beneficiary selected by
us. The person that attempted to acquire the shares of our stock in violation of the restrictions in the Charter will not be entitled
to any dividends or distributions paid after the date of the transfer to the trust and, upon a sale of such shares by the trust,
will generally be entitled to receive only the lesser of the market value on the date of the event that resulted in the transfer
to the trust or the net proceeds of the sale by the trust to a person who could own the shares without violating the ownership
limits. For more information about the restrictions on ownership and transfer of our stock and the rights of stockholders whose
shares of our stock have been transferred to the charitable trust, see &ldquo;<I>Provisions of Maryland Law and of our Charter
and Bylaws - Restrictions on Ownership and Transfer</I>.&rdquo;</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: 0.25in">Pursuant to the attribution rules under
the Code, Fredric H. Gould, is our only stockholder that beneficially owned in excess of 9.9% of our capital stock on June 14,
2005, when the ownership limit became effective, and is the only person permitted to own and acquire shares of our capital stock,
directly or indirectly, in excess of the ownership limit. Based on information supplied to us, as of March 5, 2020, Mr. Gould beneficially
owns approximately 13.861% of the outstanding shares of our stock. As a result of Mr. Gould&rsquo;s beneficial ownership of our
stock, compliance with the 9.9% ownership limit will not ensure that your ownership of shares of our stock will not violate the
Five or Fewer Limit or prevent shares of stock that you intended to acquire from being designated as &ldquo;excess shares&rdquo;
and transferred to a charitable trust.</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: 0.25in">Currently, if three other individuals unrelated
to Mr. Gould were to beneficially own exactly 9.9% of our outstanding stock, no other individual could beneficially own 6.439%
or more of our outstanding stock without violating the Five or Fewer Limit and causing the newly-acquired shares to be designated
as &ldquo;excess shares&rdquo; and transferred to the charitable trust. However, there is no limitation on Mr. Gould acquiring
additional shares of our stock or otherwise increasing his percentage of ownership of our stock, meaning that the amount of our
stock that other persons or entities may acquire without potentially violating the Five or Fewer Limit could be reduced in the
future and without notice.</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: 0.25in">Fredric H. Gould will be required by the
Exchange Act and regulations promulgated thereunder to report, with certain exceptions, his acquisition of additional shares of
our stock within two days of such acquisitions, and all holders of our stock will be required to file reports of their acquisition
of beneficial ownership (as defined in the Exchange Act) of more than 5% of our outstanding stock. However, beneficial ownership
for purposes of the reporting requirements under the Exchange Act is calculated differently than beneficial ownership for purposes
of determining compliance with the Five or Fewer Limit. As a result, you may not have enough information currently available to
you at any time to determine the percentage of ownership of our stock that you can acquire without violating the Five or Fewer
Limit and losing the economic benefit of the ownership of such newly-acquired shares.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated in the applicable
prospectus supplement, we anticipate that the net proceeds from the sale of the securities that we may offer under this prospectus
will be used for the acquisition of additional real estate properties and for general corporate purposes. General corporate purposes
may include repayment of debt, capital expenditures and any other purposes that we may specify in the applicable prospectus supplement.
If a material part of the net proceeds is used to repay indebtedness, we will set forth the interest rate and maturity of such
indebtedness in a prospectus supplement, as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will have significant discretion in
the use of any net proceeds. Investors will be relying on the judgment of our management regarding the application of the proceeds
from any sale of the securities. We may invest the net proceeds temporarily until we use them for their stated purpose.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following paragraphs constitute
a summary as of the date of this prospectus and do not purport to be a complete description of our capital stock. The following
paragraphs are qualified in their entirety by reference to our Charter, our Bylaws, and Maryland law. For a complete description
of our capital stock, we refer you to our Charter, and our Bylaws, each of which is incorporated by reference in this prospectus
and any accompanying prospectus supplement.</I></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>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter provides that we may issue
up to 37,500,000 shares of stock, consisting of 25,000,000 shares of common stock, par value $1.00 per share, and 12,500,000 shares
of preferred stock, par value $1.00 per share. We refer to our common stock and preferred stock collectively as &ldquo;capital
stock.&rdquo; As of March 1, 2020, 20,081,682 shares of common stock (excluding 225,026 shares subject to issuance upon satisfaction
of performance and time based vesting conditions with respect to the related restricted stock units) and no shares of preferred
stock were outstanding. We may issue additional shares of capital stock, either independently or together with other offered securities.
The shares of capital stock may be attached to or separate from those offered securities. For a description of restrictions on
ownership and transfer that apply to our capital stock, please refer to &ldquo;<I>Provisions of Maryland Law and of our Charter
and Bylaws&mdash;Restrictions on Ownership and Transfer.&rdquo;</I></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>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the preferential rights of any
other class or series of capital stock, holders of shares of our common stock are entitled to receive distributions on such shares
if, as and when authorized by our board of directors and declared by us out of assets legally available for distribution and to
share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution
or winding-up after payment of, or adequate provision for, all known debts and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the preferential rights of any
other class or series of capital stock, each outstanding share of our common stock entitles the holder to one vote on all matters
submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors,
which means that the holders of a majority of the outstanding shares of our common stock, voting as one class, can elect all of
the directors then standing for election and the holders of the remaining shares of our common stock will not be able to elect
any directors. Holders of shares of common stock have no preference, conversion, sinking fund, redemption, exchange or preemptive
rights to subscribe for any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter authorizes our board of directors
to take such action, in addition to the other provisions contained in the Charter, as it deems necessary or advisable, to protect
us and the interests of our stockholders by preserving our status as a REIT. Our Charter authorizes our board of directors to refuse
or prevent a transfer of shares of our capital stock to any person whose acquisition of such shares would, in the opinion of our
board of directors, result in our disqualification as a REIT. In addition, any transfer of our capital stock that, if effective,
would result in (i) a stockholder owning shares in excess of the ownership limit set forth in our Charter (as described under &ldquo;<I>Provisions
of Maryland Law and of our Charter and Bylaws&mdash;Restrictions on Ownership and Transfer&rdquo;</I>), (ii) our shares of capital
stock being owned by less than 100 persons or (iii) our company being &ldquo;closely held,&rdquo; shall be void from the date of
the purported transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the MGCL, a corporation generally
cannot (except under and in compliance with specifically enumerated provisions of the MGCL) dissolve, amend its charter, merge,
sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary
course of business unless the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be
cast on the matter, approves such action, unless a lesser percentage (but not less than a majority of all of the votes entitled
to be cast on the matter) is set forth in the corporation&rsquo;s charter. Our Charter provides for approval of any such action
by a majority of the votes entitled to be cast in the matter, except that an amendment to our Charter changing the rights, privileges
or preferences of any class or series of outstanding stock must be approved by not less than two-thirds of the outstanding shares
of such class or series of stock.</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>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter grants authority to our board
of directors to authorize from time to time the issue, in one or more classes or series, of up to 12,500,000 shares of preferred
stock, par value $1.00 per share. As of the date of this prospectus, no shares of preferred stock are outstanding. Our Charter
also authorizes our board of directors to classify and reclassify any unissued shares of our preferred stock into one or more classes
or series of preferred stock. Before authorizing the issuance of a new class or series of preferred stock, our board of directors
must, subject to the provisions of the Charter regarding the restrictions on ownership and transfer of our stock, fix the preferences,
conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and
terms and conditions of redemption for each class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These actions may be taken without stockholder
approval unless such approval is required by applicable law, the terms of any other class or series of our stock or the rules of
any stock exchange or automated quotation system on which any shares of our stock are listed or traded. Therefore, our board of
directors could authorize the issuance of shares of preferred stock that have priority over our common stock with respect to dividends
or other distributions or rights upon liquidation or the issuance of shares of common stock or preferred stock with terms and conditions
that could have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium
price for our common stock or otherwise be in the best interest of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we issue preferred stock, the shares
we issue will be fully paid and non-assessable. Prior to the issuance of a new series of preferred stock, we will file, with the
State Department of Assessments and Taxation of Maryland, Articles Supplementary that will become part of our Charter and that
will set forth the terms of the new series including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the title and stated value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the number of shares offered, liquidation preference and offering price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the dividend rate, if any, and, if applicable, the dividend periods and payment dates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the date on which dividends, if any, begin to accrue, and, if applicable, accumulate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any auction and remarketing procedures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any retirement or sinking fund requirement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the terms and conditions of any redemption right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the terms and conditions of any conversion or exchange right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any listing of the offered shares on any securities exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any voting rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the relative ranking and preferences of the preferred shares as to dividends, liquidation, dissolution or winding up;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any limitations on issuances of any other series of preferred stock ranking senior to or on a parity with the series of preferred
stock as to dividends, liquidation, dissolution or winding up;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any limitations on direct or beneficial ownership and restrictions on transfer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any other specific terms, preferences, rights, limitations or restrictions, including any restrictions on the repurchases or
redemption of shares by us while there is any arrearage in the payment of applicable dividends or sinking fund installments.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following paragraphs constitute
a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will
be described in the prospectus supplement relating to such warrants. The description in the applicable prospectus supplement of
any warrants we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable warrant
certificate or warrant agreement, which will be filed with the SEC if we offer warrants. For more information on how you can obtain
copies of any warrant certificate or warrant agreement if we offer warrants, see &ldquo;Where You Can Find Additional Information&rdquo;
on page 1 of this prospectus. We urge you to read the applicable warrant certificate, warrant agreement and any applicable prospectus
supplement in their entirety.</I></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>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue warrants to purchase our equity
securities. We may issue warrants independently or together with any other offered securities. The warrants may be attached to
or separate from those offered securities. We may issue the warrants under warrant agreements to be entered into between us and
a bank or trust company to be named in the applicable prospectus supplement, as warrant agent, all as described in the applicable
prospectus supplement. Any warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation
or relationship of agency or trust for or with any holders or beneficial owners of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The prospectus supplement relating to any
warrants that we may offer will contain the specific terms of the warrants. These terms may include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the title of the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the designation, amount and terms of the securities for which the warrants are exercisable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the designation and terms of the other securities, if any, with which the warrants are to be issued and the number of warrants
issued with each other security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the price or prices at which the warrants will be issued;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the aggregate number of warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise
price of the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the price or prices at which the securities purchasable upon exercise of the warrants may be purchased;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the date on which the right to exercise the warrants will commence, and the date on which the right will expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if applicable, the date on and after which the warrants and the securities purchasable upon exercise of the warrants will be
separately transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if applicable, a discussion of certain material U.S. federal income tax considerations applicable to the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the maximum or minimum number of warrants that may be exercised at any time; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>information with respect to book-entry procedures, if any.</TD></TR></TABLE>

<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>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each warrant will entitle the holder of
warrants to purchase for cash the amount of debt or equity securities, at the exercise price stated or determinable in the prospectus
supplement for the warrants. A warrant holder may exercise such warrants at any time up to the close of business on the expiration
date shown in the applicable prospectus supplement, unless otherwise specified in such prospectus supplement. After the close of
business on the expiration date, unexercised warrants will become void. Warrants may be exercised as described in the applicable
prospectus supplement. When the warrant holder makes the payment and properly completes and signs the warrant certificate at the
corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as possible,
forward the equity securities that the warrant holder has purchased. If the warrant holder exercises the warrant for less than
all of the warrants represented by the warrant certificate, we will issue a new warrant certificate for the remaining warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF SUBSCRIPTION RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The following paragraphs constitute
a general description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription
rights we offer will be described in the prospectus supplement relating to such subscription rights. The description in the applicable
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety
by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC
if we offer subscription rights. For more information on how you can obtain copies of any subscription rights certificate or subscription
rights agreement if we offer subscription rights, see &ldquo;Where You Can Find Additional Information&rdquo; on page 1 of this
prospectus. We urge you to read the applicable subscription rights certificate, subscription rights agreement and any applicable
prospectus supplement in their entirety.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue subscription rights to purchase
shares of our common stock, preferred stock or other securities. These subscription rights may be issued independently or together
with any other security offered hereby and may or may not be transferable by the security holder receiving the subscription rights
in such offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more
underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities
remaining unsubscribed for after such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The applicable prospectus supplement will
describe the specific terms of any offering of subscription rights for which this prospectus is being delivered, including the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the price, if any, for the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the exercise price payable for each share of our common stock, preferred stock or other security upon the exercise of the subscription
rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the number of subscription rights issued to each security holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the number and terms of the shares of our common stock, preferred stock or other securities which may be purchased per each
subscription right;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the extent to which the subscription rights are transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise
of the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights
shall expire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with
the offering of subscription rights.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>PROVISIONS OF MARYLAND LAW AND OF OUR
CHARTER AND BYLAWS</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>Restrictions on Ownership and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order for us to qualify as a REIT under
the Code, not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals
(defined in the Code to include certain entities such as qualified pension plans) during the last half of a taxable year and shares
must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of twelve months (or during a proportionate
part of a shorter taxable year).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because our board of directors determined
that it is important for us to continue to qualify as a REIT, our charter was amended in 2005, to restrict, subject to certain
exceptions, the number of shares that a person may own. These restrictions are designed to safeguard us against an inadvertent
loss of REIT status&mdash;they terminate in the event the board of directors determines that it is not in our best interest to
qualify as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to our Charter, (i) any stockholder
who beneficially owned (as determined pursuant to our Charter), a total amount or value in excess of 9.9% of our capital stock
on June 14, 2005 was prohibited from beneficially owning in excess of a total amount or value of our capital stock that may cause
us to violate such provisions of the Code relating to REITs, and (ii) any other person was restricted from beneficially owning
a total amount or value of 9.9% or more of any class or series of common stock and preferred stock of our company, which we refer
to as the &ldquo;ownership limit&rdquo; or &ldquo;ownership limitation.&rdquo; Pursuant to the attribution rules under the Code,
Fredric H. Gould, vice-chairman of our board of directors, is our only stockholder that beneficially owned in excess of 9.9% of
our capital stock on June 14, 2005. Therefore, except as limited by the Code and the rules and regulations promulgated thereunder,
or as our board of directors may otherwise require, Mr. Gould is the only person permitted to own and acquire shares of our capital
stock, directly or indirectly, in excess of 9.9% of total amount or value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The stock ownership rules under the Code
are complex and may cause the outstanding shares of capital stock owned by a group of related individuals or entities to be deemed
to be beneficially owned by one individual or entity. Specific attribution rules apply in determining whether an individual or
entity owns any class or series of common stock or preferred stock of the Company. Under these rules, any shares owned by a corporation,
partnership, estate or trust are deemed to be owned proportionately by such entities&rsquo; stockholders, partners, or beneficiaries.
Furthermore, an individual stockholder is deemed to own any shares that are owned, directly or indirectly, by that stockholders&rsquo;
brothers and sisters, spouse, parents or other ancestors, and children or other descendants. In addition, a stockholder is deemed
to own any shares that he can acquire by exercising options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of these attribution rules,
even though a stockholder may own less than 9.9% of a class of outstanding shares, that individual or entity may be deemed to beneficially
own 9.9% or more of the class of outstanding stock, which would subject the individual or entity to the ownership limitations contained
in our Charter. Our Charter provides that any attempt to acquire or transfer shares of common stock or preferred stock and any
resulting transfer thereof which would result in a stockholder owning an amount that equals or exceeds the ownership limit without
the consent of the board of directors shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that the board of directors
or its designees determines in good faith that a prohibited transfer has taken place or is intended, the board or its designee
is authorized to take any action it deems advisable to void or to prevent the transfer. These actions include, among other things,
refusing to give effect to the transfer on the books of our company, instituting legal proceedings to enjoin the transfer, redeeming
the shares purported to be transferred for an amount which may be less than the price the stockholder paid for such shares, and
transferring the shares by operation of law to a charitable trust. In the event the shares are transferred to a charitable trust,
any dividends on such shares shall inure to such charitable trust and the trustee of such charitable trust shall be entitled to
all voting rights with respect to such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our board of directors may increase or
decrease the ownership limits, provided (1) any decrease may, with specified exceptions, only be made prospectively to subsequent
holders and (2) any increase may only be made if, after giving effect to the increase, five or fewer beneficial stockholders could
not beneficially own in the aggregate more than 49% of the outstanding shares. Prior to modification of the ownership limit, our
board may require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order
to determine or ensure our status as a REIT. In addition, our board of directors, upon receipt of a ruling from the Internal Revenue
Service, an opinion of counsel that such exemption will not result in our being &ldquo;closely held&rdquo; or such other evidence
as our board of directors may require, may exempt a person from the ownership limits on such conditions as the board of directors
deems necessary in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the ownership restrictions described
above nor the ownership limit will be removed automatically even if the REIT provisions of the Code are changed so as no longer
to contain any ownership concentration limitation or if the ownership concentration limitation is increased. Except as described
above, any change in the ownership restrictions would require an amendment to our Charter. Amendments to our Charter generally
require the affirmative vote of holders owning not less than a majority of the outstanding shares entitled to vote thereon. In
addition to preserving our status as a REIT, the ownership restrictions and the ownership limit may have the effect of precluding
an acquisition of control of our company without the approval of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ownership limit could have the effect
of delaying, deferring or preventing a transaction or a change in control of our company that might involve a premium price for
the common shares or otherwise be in the best interest of our stockholders.</P>


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<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>Classification of Our Board of Directors, Vacancies and Removal
of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter provides that our board of
directors is divided into three classes. Directors of each class serve for terms ending at the third annual meeting of our stockholders
and upon their successors being elected and qualifying, with the terms of each class beginning in different years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At each annual meeting of our stockholders,
successors of the class of directors whose term expires at that meeting are elected for a term ending at the third annual meeting
of our stockholders and upon their successors being elected and qualifying, and the directors in the other two classes continue
in office. A classified board may delay, defer or prevent a change in control or other transaction that might involve a premium
over the then prevailing market price for our common stock or other attributes that our stockholders may consider desirable. In
addition, a classified board could prevent stockholders who do not agree with the policies of our board of directors from replacing
a majority of the board of directors for two years, except in the event of removal for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Bylaws provide that any vacancy on
our board may be filled by action of a majority of the remaining directors. A director elected by the board to fill a vacancy will
hold office until the next annual meeting of stockholders or until his or her successor is elected and qualified. Our charter provides
that our stockholders may only remove an incumbent director for cause, at a meeting of the stockholders duly called and at which
a quorum is present, upon an affirmative vote of the majority of all of the outstanding shares entitled to vote thereon.</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>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Charter and Bylaws obligate us to indemnify
our directors and officers to the maximum extent permitted by Maryland law. The MGCL permits a Maryland corporation to indemnify
its present and former directors and officers against judgments, penalties, fines, settlements and reasonable expenses actually
incurred by them in connection with any proceeding to which they may be a party by reason of their service in those or other capacities,
unless it is established that (1) the act or omission of the director or officer was material to the matter giving rise to the
proceeding and (a) was committed in bad faith, or (b) was the result of active and deliberate dishonesty, or (2) the director or
officer actually received an improper personal benefit in money, property or services, or (3) in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the act or omission was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A corporation may not indemnify a director
or officer in a suit by or on behalf of the corporation in which the director or officer was adjudged liable to the corporation
or in a suit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received. A
court may order indemnification if it determines that the director or officer is fairly and reasonably entitled to indemnification,
even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal
benefit was improperly received. However, indemnification for an adverse judgment in a suit by or on behalf of the corporation,
or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.</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>Limitation of Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The MGCL permits the charter of a Maryland
corporation to include a provision limiting the liability of its directors and officers to the corporation and its stockholders
for money damages, except to the extent that (1) it is proved that the person actually received an improper benefit or profit in
money, property or services, or (2) a judgment or other final adjudication is entered in a proceeding based on a finding that the
person&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action
adjudicated in the proceeding. Our Charter provides for the elimination of the liability of our directors and officers to us or
our stockholders for money damages to the maximum extent permitted by Maryland law from time to time.</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>Maryland Business Combination Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Article IX of our Charter,
we have expressly elected not to be subject to, or governed by, the MGCL&rsquo;s requirements for &ldquo;business combinations&rdquo;
between a Maryland corporation and &ldquo;interested stockholders.&rdquo;</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>Maryland Control Share Acquisition Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Maryland law provides that &ldquo;control
shares&rdquo; of a Maryland corporation acquired in a &ldquo;control share acquisition&rdquo; have no voting rights except to the
extent approved by a stockholder vote. Two-thirds of the shares eligible to vote (excluding all interested shares) must vote in
favor of granting the &ldquo;control shares&rdquo; voting rights. &ldquo;Control shares&rdquo; are voting shares which, if aggregated
with all other shares previously acquired by the acquiring person, or in respect of which the acquiring person is able to exercise
or direct the exercise of voting power, other than by revocable proxy, would entitle the acquiring person to exercise voting power
of at least 10% of the voting power in electing directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Control shares do not include shares of
stock the acquiring person is entitled to vote as a result of having previously obtained stockholder approval. A &ldquo;control
share acquisition&rdquo; means the acquisition of control shares, subject to certain exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a person who has made (or proposes to
make) a control share acquisition satisfies certain conditions (including agreeing to pay expenses), that person may compel our
board of directors to call a special meeting of stockholders to be held within 50 days to consider the voting rights of the shares.
If that person makes no request for a meeting, we have the option to present the question at any stockholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If voting rights are not approved at a
meeting of stockholders, we may redeem any or all of the control shares (except those for which voting rights have previously been
approved) for fair value. We will determine the fair value of the shares, without regard to voting rights, as of the date of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the last control share acquisition by the acquiring person; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if any meeting is held at which stockholders considered and did not approve voting rights of the control shares, as of the
date of such meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If voting rights for control shares are
approved at a stockholders&rsquo; meeting and the acquiror becomes entitled to vote a majority of the shares of stock entitled
to vote, all other stockholders may exercise appraisal rights. This means that you would be able to cause us to redeem your stock
for fair value. Under the MGCL, the fair value may not be less than the highest price per share paid in the control share acquisition.
Furthermore, certain limitations otherwise applicable to the exercise of appraisal rights would not apply in the context of a control
share acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The control share acquisition statute would
not apply to shares acquired in a merger, consolidation or share exchange if we were a party to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article II, Section 11 of our Bylaws exempts
any acquisition by Gould Investors L.P. of our equity securities from the provisions of the control share acquisition statute.
This section of our Bylaws may not be amended or repealed without the written consent of Gould Investors L.P. or approval of the
holders of at least two-thirds of the outstanding shares of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The control share acquisition statute could
have the effect of discouraging offers to acquire us and of increasing the difficulty of consummating any such offers, even if
our acquisition would be in our stockholders&rsquo; best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subtitle 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subtitle 8 of Title 3 of the MGCL permits
a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors
to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any
contrary provision in the charter or bylaws, to any or all of five provisions of the MGCL which provide, respectively, for:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a classified board;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a two-thirds vote requirement for removing a director;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a requirement that the number of directors be fixed only by vote of the board of directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term
of the class of directors in which the vacancy occurred; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD>a majority requirement for the calling of a special meeting of stockholders.</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: 0.25in">Through provisions in our Charter and our
Bylaws unrelated to Subtitle 8, we already have a classified board.</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>Amendment to Our Charter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The vote of a majority of the shares entitled
to vote may amend our Charter, except that no amendment changing the terms or rights of any class or series of outstanding stock,
by classification, re-classification or otherwise, will be valid unless such amendment is authorized by not less than two-thirds
of the outstanding voting shares of such class or series of stock.</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>Amendment to Our Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our board of directors has the power to
alter, modify or repeal any of our Bylaws and to make new Bylaws, except that our board may not alter, modify or repeal (1) any
bylaws made by stockholders; (2) Section 11 of Article II of our Bylaws governing the Gould Investors L.P. exemption from the control
share acquisition statute; (3) Section 17 of Article III of our Bylaws that governs our investment policies and restrictions; or
(4) Section 18 of Article III of our Bylaws that governs management arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our stockholders have the
power to alter, modify or repeal any of our Bylaws and to make new bylaws by majority vote; however at least two- thirds of the
holders of outstanding shares of any preferred stock must vote in favor of any amendment which changes the rights, privileges or
preferences of such preferred stock, and the vote of at least two-thirds of the holders of our outstanding shares of capital stock
is needed to amend or repeal the Gould Investors L.P. exemption from the control share acquisition statute, as discussed above
under <I>&ldquo;Maryland Control Share Acquisition Act.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This section summarizes certain U.S. federal
income tax issues that you, as a prospective investor, may consider relevant. Because this section is a summary, it does not address
all of the tax issues that may be important to you. In addition, this section does not address the tax issues that may be important
to certain types of prospective investors that are subject to special treatment under U.S. federal income tax laws, including,
without limitation, insurance companies, tax-exempt organizations (except to the extent discussed in <I>&ldquo;Taxation of Tax-Exempt
Stockholders,&rdquo;</I> below), financial institutions or broker-dealers, and non-U.S. individuals and foreign corporations (except
to the extent discussed in <I>&ldquo;Taxation of Non-U.S. Stockholders,&rdquo;</I> below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion describes certain
of the material U.S. federal income tax considerations relating to our taxation as a REIT under the Code, and the ownership and
disposition of shares of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because this summary is only intended to
address certain of the material U.S. federal income tax considerations relating to the ownership and disposition of shares of our
capital stock, it may not contain all of the information that may be important to you. As you review this discussion, you should
keep in mind that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the tax consequences to you may vary depending on your particular tax situation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>you may be a person that is subject to special tax treatment or special rules under the Code (e.g., regulated investment companies,
insurance companies, tax-exempt entities, financial institutions or broker-dealers, expatriates, persons subject to the alternative
minimum tax and partnerships, trusts, estates or other pass through entities) that the discussion below does not address;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the discussion below does not address any state, local or non-U.S. tax considerations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the discussion below deals only with stockholders that hold shares of our capital stock as a &ldquo;capital asset,&rdquo; within
the meaning of Section 1221 of the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">WE URGE YOU TO CONSULT WITH YOUR OWN TAX
ADVISORS REGARDING THE SPECIFIC TAX CONSEQUENCES TO YOU OF ACQUIRING, OWNING AND SELLING SHARES OF OUR CAPITAL STOCK, INCLUDING
THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF ACQUIRING, OWNING AND SELLING SHARES OF OUR CAPITAL STOCK IN YOUR PARTICULAR
CIRCUMSTANCES AND POTENTIAL CHANGES IN APPLICABLE LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information contained in this section
is based on the Code, final, temporary and proposed Treasury Regulations promulgated thereunder, the legislative history of the
Code, current administrative interpretations and practices of the Internal Revenue Service (the &ldquo;IRS&rdquo;) (including in
private letter rulings and other non-binding guidance issued by the IRS), as well as court decisions all as of the date hereof.
No assurance can be given that future legislation, Treasury Regulations, administrative interpretations and court decisions will
not significantly change current law or adversely affect existing interpretations of current law, or that any such change would
not apply retroactively to transactions or events preceding the date of the change. We have not obtained, and do not intend to
obtain, any rulings from the IRS concerning the U.S. federal income tax treatment of the matters discussed below. Furthermore,
neither the IRS nor any court is bound by any of the statements set forth herein and no assurance can be given that the IRS will
not assert any position contrary to statements set forth herein or that a court will not sustain such position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation of One Liberty Properties, Inc. as a REIT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dentons US LLP (&ldquo;Dentons&rdquo;),
which has acted as our tax counsel, has reviewed the following discussion and is of the opinion that, to the extent that it constitutes
matters of law or legal conclusions, it fairly summarizes the material U.S. federal income tax considerations relevant to our status
as a REIT under the Code and to investors in shares of our capital stock. The following summary of certain U.S. federal income
tax considerations is based on current law, is for general information only, and is not intended to be (and is not) tax advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is the opinion of Dentons that we have
been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code, commencing
with our taxable year ended December 31, 2006 through and including our taxable year ended December 31, 2019, and that our current
and proposed method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT under
the Code for our taxable year ending December 31, 2020 and thereafter. We emphasize that this opinion of Dentons is based on various
assumptions, certain representations and statements made by us as to factual matters and is conditioned upon such assumptions,
representations and statements being accurate and complete. Dentons has advised us that it is not aware of any facts or circumstances
that are not consistent with these representations, assumptions and statements. Potential purchasers of shares of our capital stock
should be aware, however, that opinions of counsel are not binding upon the IRS or any court. In general, our qualification and
taxation as a REIT depends upon our ability to satisfy, through actual operating results, distribution, diversity of share ownership,
and other requirements imposed under the Code, none of which has been, or will be, reviewed by Dentons. Accordingly, while we intend
to continue to qualify to be taxed as a REIT under the Code no assurance can be given that the actual results of our operations
for any particular taxable year has satisfied, or will satisfy, the requirements for REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Commencing with our taxable year ended
December 31, 1983, we elected to be taxed as a REIT under the Code. We believe that commencing with our taxable year ended December
31, 1983, we have been organized and have operated in such a manner so as to qualify as a REIT under the Code, and we intend to
continue to operate in such a manner. However, we cannot assure you that we will, in fact, continue to operate in such a manner
or continue to so qualify as a REIT under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we qualify for taxation as a REIT under
the Code, we generally will not be subject to a corporate-level tax on our net income that we distribute currently to our stockholders.
This treatment substantially eliminates the &ldquo;double taxation&rdquo; (i.e., a corporate-level tax and stockholder-level tax)
that generally results from investment in a regular subchapter C corporation. However, we will be subject to U.S. federal income
tax as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>First, we would be taxed at regular corporate rates on any of our undistributed REIT taxable income, including our undistributed
net capital gains (although, to the extent so designated by us, stockholders would receive an offsetting credit against their own
U.S. federal income tax liability for U.S. federal income taxes paid by us with respect to any such gains).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Second, if we have (a) net income from the sale or other disposition of &ldquo;foreclosure property,&rdquo; which is, in general,
property acquired on foreclosure or otherwise on default on a loan secured by such real property or a lease of such property, which
is held primarily for sale to customers in the ordinary course of business or (b) other nonqualifying income from foreclosure property,
we will be subject to tax at the highest corporate rate on such income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Third, if we have net income from prohibited transactions such income will be subject to a 100% tax. Prohibited transactions
are, in general, certain sales or other dispositions of property held primarily for sale to customers in the ordinary course of
business other than foreclosure property.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Fourth, if we should fail to satisfy the annual 75% gross income test or 95% gross income test (as discussed below), but nonetheless
maintain our qualification as a REIT under the Code because certain other requirements have been met, we will have to pay a 100%
tax on an amount equal to (a) the gross income attributable to the greater of (i) 75% of our gross income over the amount of gross
income that is qualifying income for purposes of the 75% test, and (ii) 95% of our gross income (90% for taxable years beginning
on or before October 22, 2004) over the amount of gross income that is qualifying income for purposes of the 95% test, multiplied
by (b) a fraction intended to reflect our profitability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Fifth, if we should fail to distribute during each calendar year at least the sum of (i) 85% of our REIT ordinary income for
such year, (ii) 95% of our REIT capital gain net income for such year, and (iii) any undistributed taxable income required to be
distributed from prior years, we would be subject to a 4% excise tax on the excess of such required distribution over the amount
actually distributed by us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Sixth, if we were to acquire an asset from a corporation that is or has been a subchapter C corporation in a transaction in
which the basis of the asset in our hands is determined by reference to the basis of the asset in the hands of the subchapter C
corporation, and we subsequently recognize gain on the disposition of the asset within the five-year period beginning on the day
that we acquired the asset, then we will have to pay tax on the built-in gain at the highest regular corporate rate. The results
described in this paragraph assume that no election will be made under Treasury Regulations Section 1.337(d)-7 for the subchapter
C corporation to be subject to an immediate tax when the asset is acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Seventh, for taxable years beginning after December 31, 2000, we could be subject to a 100% tax on certain payments that we
receive from one of our taxable REIT subsidiaries, (&ldquo;TRSs&rdquo;), or on certain expenses deducted by one of our TRSs, if
the economic arrangement between us, the TRS and the tenants at our properties are not comparable to similar arrangements among
unrelated parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Eighth, if we fail to satisfy a REIT asset test, as described below, during our 2005 and subsequent taxable years, due to reasonable
cause and we nonetheless maintain our REIT qualification under the Code because of specified cure provisions, we will generally
be required to pay a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated
by the nonqualifying assets that caused us to fail such test.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Ninth, if we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a
violation of the REIT gross income tests or a violation of the asset tests described below) during our 2005 and subsequent taxable
years and the violation is due to reasonable cause, we may retain our REIT qualification but will be required to pay a penalty
of $50,000 for each such failure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Tenth, we may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping
requirements intended to monitor our compliance with rules relating to the composition of a REIT&rsquo;s stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Finally, the earnings of our lower-tier entities that are subchapter C corporations, including TRSs but excluding our QRSs
(as defined below), are subject to federal corporate income tax.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we may be subject to a variety
of taxes, including payroll taxes and state, local and foreign income, property and other taxes on our assets and operations. We
could also be subject to tax in situations and on transactions not presently contemplated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Requirements for REIT Qualification&mdash;In General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To qualify as a REIT under the Code, we
must elect to be treated as a REIT and must satisfy the annual gross income tests, the quarterly asset tests, distribution requirements,
diversity of share ownership and other requirements imposed under the Code. In general, the Code defines a REIT as a corporation,
trust or association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>that is managed by one or more trustees or directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>that would otherwise be taxable as a domestic corporation, but for Sections 856 through 859 of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>that is neither a financial institution nor an insurance company to which certain provisions of the Code apply;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>the beneficial ownership of which is held by 100 or more persons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>during the last half of each taxable year, not more than 50% in value of the outstanding capital stock of which is owned, directly
or constructively, by five or fewer individuals, as defined in the Code to include certain entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>that uses a calendar year for federal income tax purposes and complies with the recordkeeping requirements of the federal income
tax laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>that meets certain other tests, described below, regarding the nature of its income and assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Code provides that the requirements
(1)-(4), (7) and (8) above must be met during the entire taxable year and that requirements (5) and (6) above do not apply to the
first taxable year for which a REIT election is made and, thereafter, requirement (5) must be met during at least 335 days of a
taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. For purposes of requirement
(6) above, generally (although subject to certain exceptions that should not apply with respect to us), any stock held by a trust
described in Section 401(a) of the Code and exempt from tax under Section 501(a) of the Code is treated as not held by the trust
itself but directly by the trust beneficiaries in proportion to their actuarial interests in the trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that we have satisfied the requirements
above for REIT qualification. In addition, our Charter currently includes restrictions regarding the ownership and transfer of
shares of our capital stock, which restrictions are intended to assist us in satisfying some of these requirements (and, in particular
requirements (5) and (6) above). The ownership and transfer restrictions pertaining to shares of our capital stock are described
in the prospectus under the heading &ldquo;<I>Description of Capital Stock&rdquo; and &ldquo;Provisions of Maryland Law and of
our Charter and Bylaws-Restrictions on Ownership and Transfer.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In applying the REIT gross income and asset
tests, all of the assets, liabilities and items of income, deduction and credit of a corporate subsidiary of a REIT that is a &ldquo;qualified
REIT subsidiary&rdquo; (as defined in Section 856(i)(2) of the Code) (&ldquo;QRS&rdquo;) are treated as the assets, liabilities
and items of income, deduction and credit of the REIT itself. Moreover, the separate existence of a QRS is disregarded for U.S.
federal income tax purposes and the QRS is not subject to U.S. federal corporate income tax (although it may be subject to state
and local tax in some states and localities). In general, a QRS is any corporation if all of the stock of such corporation is owned
by the REIT, except that it does not include any corporation that is a TRS of the REIT. Thus, for U.S. federal income tax purposes,
our QRSs are disregarded, and all assets, liabilities and items of income, deduction and credit of these QRSs are treated as OLP&rsquo;s
assets, liabilities and items of income, deduction and credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A TRS is any corporation in which a REIT
directly or indirectly owns stock, provided that the REIT and that corporation make a joint election to treat that corporation
as a TRS. The election can be revoked at any time as long as the REIT and the TRS revoke such election jointly. In addition, if
a TRS holds, directly or indirectly, more than 35% of the securities of any other corporation other than a REIT (by vote or by
value), then that other corporation is also treated as a TRS. A TRS is subject to U.S. federal income tax at regular corporate
rates (currently a maximum rate of 21%) and may also be subject to state and local tax. Any dividends paid or deemed paid to us
by any one of our TRSs will also be taxable, either (1) to us to the extent the dividend is retained by us, or (2) to our stockholders
to the extent the dividends received from the TRS are paid to our stockholders. We may hold more than 10% of the stock of a TRS
without jeopardizing our qualification as a REIT notwithstanding the rule described below under &ldquo;REIT Asset Tests&rdquo;
that generally precludes ownership of more than 10% of any issuer&rsquo;s securities. However, as noted below, in order to qualify
as a REIT, the securities of all of our TRSs in which we have invested either directly or indirectly may not represent more than
20% of the total value of our assets. We expect that the aggregate value of all of our interests in TRSs will represent less than
20% of the total value of our assets; however, we cannot assure that this will always be true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A TRS may generally engage in any business
including the provision of customary or non-customary services to tenants of its parent REIT, which, if performed by the REIT itself,
could cause rents received by the REIT to be disqualified as &ldquo;rents from real property.&rdquo; However, a TRS may not directly
or indirectly operate or manage any hotels or health care facilities or provide rights to any brand name under which any hotel
or health care facility is operated, unless such rights are provided to an &ldquo;eligible independent contractor&rdquo; to operate
or manage a hotel if such rights are held by the TRS as a franchisee, licensee, or in a similar capacity and such hotel is either
owned by the TRS or leased to the TRS by its parent REIT. However, for taxable years beginning after July 30, 2008, a TRS may provide
rights to a brand name under which a health care facility is operated, if such rights are provided to an &ldquo;eligible independent
contractor&rdquo; to operate or manage the health care facility and such health care facility is either owned by the TRS or leased
to the TRS by its parent REIT. A TRS will not be considered to operate or manage a qualified health care property or a qualified
lodging facility solely because the TRS (i) directly or indirectly possesses a license, permit, or similar instrument enabling
it to do so, or (ii) employs individuals working at such facility or property located outside the U.S., but only if an &ldquo;eligible
independent contractor&rdquo; is responsible for the daily supervision and direction of such individuals on behalf of the TRS pursuant
to a management agreement or similar service contract. However, the Code contains several provisions which address the arrangements
between a REIT and its TRSs which are intended to ensure that a TRS recognizes an appropriate amount of taxable income and is subject
to an appropriate level of federal income tax. For example, a TRS is limited in its ability to deduct interest payments made to
the REIT. In addition, a REIT would be subject to a 100% penalty on some payments that it receives from a TRS, or on certain expenses
deducted by the TRS, if the economic arrangements between the REIT, the REIT&rsquo;s tenants and the TRS are not comparable to
similar arrangements among unrelated parties. Further, for taxable years beginning after 2015, a 100% excise tax is imposed on
&ldquo;redetermined TRS service income,&rdquo; which is income of a taxable REIT subsidiary attributable to services provided to,
or on behalf of, its associated REIT and which would otherwise be increased on distribution, apportionment, or allocation under
the Code (i.e., as a result of a determination that the amount of income to be paid for such services was not set at arm&rsquo;s
length).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Also, a REIT that is a partner in a partnership
is deemed to own its proportionate share of each of the assets of the partnership and is deemed to be entitled to income of the
partnership attributable to such proportionate share. For purposes of Section 856 of the Code, the interest of a REIT in the assets
of a partnership of which it is a partner is determined in accordance with the REIT&rsquo;s capital interest in the partnership
and the character of the assets and items of gross income of the partnership retain the same character in the hands of the REIT.
For example, if the partnership holds any property primarily for sale to customers in the ordinary course of its trade or business,
the REIT is treated as holding its proportionate share of such property primarily for such purpose. Thus, our proportionate share
(based on our capital interest) of the assets, liabilities and items of income of any partnership in which we are a partner, will
be treated as our assets, liabilities and items of income for purposes of applying the requirements described in this section.
For purposes of the 10% Value Test (described under <I>&ldquo;REIT Asset Tests&rdquo;</I> below) our proportionate share is based
on our proportionate interest in the equity interests and certain debt securities issued by a partnership. Also, actions taken
by the partnerships can affect our ability to satisfy the REIT gross income and asset tests and the determination of whether we
have net income from a prohibited transaction. For purposes of this section any reference to &ldquo;partnership&rdquo; shall refer
to and include any partnership, limited liability company, joint venture and other entity or arrangement that is treated as a partnership
for federal income tax purposes, and any reference to &ldquo;partner&rdquo; shall refer to and include a partner, member, joint
venturer and other beneficial owner of any such partnership, limited liability company, joint venture and other entity or arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>REIT Gross Income Tests:</I> In order
to maintain our qualification as a REIT under the Code, we must satisfy, on an annual basis, two gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>First, at least 75% of our gross income, excluding gross income from prohibited transactions and certain &ldquo;hedging transactions&rdquo;
entered into after July 30, 2008, for each taxable year must be derived directly or indirectly from investments relating to real
property or mortgages on real property, including &ldquo;rents from real property,&rdquo; gains on the disposition of real estate,
dividends paid by another REIT and interest on obligations secured by mortgages on real property or on interests in real property,
or from some types of temporary investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Second, at least 95% of our gross income, excluding gross income from prohibited transactions and, commencing with our 2005
taxable year, certain &ldquo;hedging transactions,&rdquo; for each taxable year must be derived from any combination of income
qualifying under the 75% test and dividends, interest, and gain from the sale or disposition of stock or securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For this purpose, the term &ldquo;rents
from real property&rdquo; includes: (a) rents from interests in real property; (b) charges for services customarily furnished or
rendered in connection with the rental of real property, whether or not such charges are separately stated; and (c) (i) rent attributable
to personal property which is leased under, or in connection with, a lease of real property, but only if the rent attributable
to such personal property for the taxable year does not exceed 15% of the total rent for the taxable year attributable to both
the real and personal property leased under, or in connection with, such lease; and (ii) for taxable years beginning after December
31, 2015, personal property leased in connection with a lease of real property will be treated as a real estate asset for purposes
of the 75% asset test only to the extent that rents attributable to such personal property meets the 15% test described above.
For purposes of (c), the rent attributable to personal property is equal to that amount which bears the same ratio to total rent
for the taxable year as the average of the fair market values of the personal property at the beginning and at the end of the taxable
year bears to the average of the aggregate fair market values of both the real property and the personal property at the beginning
and at the end of such taxable year. In addition, for taxable years beginning after December 31, 2015, debt secured by a mortgage
on both real and personal property will qualify as a real estate asset for purposes of the 75% asset test, and interest on such
debt will be qualifying income for purposes of both the 95% and 75% income tests, if the fair market value of the personal property
does not exceed 15% of the total fair market value of all property securing the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, in order for rent received or
accrued, directly or indirectly, with respect to any real or personal property, to qualify as &ldquo;rents from real property,&rdquo;
the following conditions must be satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>such rent must not be based in whole or in part on the income or profits derived by any person from the property (although
the rent may be based on a fixed percentage of receipts or sales);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>such rent may not be received or accrued, directly or indirectly, from any person if the REIT owns, directly or indirectly
(including by attribution, upon the application of certain attribution rules): (i) in the case of any person which is a corporation,
at least 10% of such person&rsquo;s voting stock or at least 10% of the value of such person&rsquo;s stock; or (ii) in the case
of any person which is not a corporation, an interest of at least 10% in the assets or net profits of such person, except that
under certain circumstances, rents received from a TRS will not be disqualified as &ldquo;rents from real property&rdquo; even
if we own more than 10% of the TRS; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the portion of such rent that is attributable to personal property for a taxable year that is leased under, or in connection
with, a lease of real property may not exceed 15% of the total rent received or accrued under the lease for the taxable year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all amounts (including rents
that would otherwise qualify as &ldquo;rents from real property&rdquo;) received or accrued during a taxable year directly or indirectly
by a REIT with respect to a property, will constitute &ldquo;impermissible tenant services income&rdquo; (and, thus, will not qualify
as &ldquo;rents from real property&rdquo;) if the amount received or accrued directly or indirectly by the REIT for: (x) noncustomary
services furnished or rendered by the REIT to tenants of the property; or (y) managing or operating the property ((x) and (y) collectively,
&ldquo;Impermissible Services&rdquo;) exceeds 1% of all amounts received or accrued during such taxable year directly or indirectly
by the REIT with respect to the property. For this purpose, however, the following services and activities are not treated as Impermissible
Services: (i) services furnished or rendered, or management or operation provided, through an independent contractor from whom
the REIT itself does not derive or receive any income or through a TRS; and (ii) services usually or customarily rendered in connection
with the rental of space for occupancy (such as, for example, the furnishing of heat and light, the cleaning of public entrances,
and the collection of trash), as opposed to services rendered primarily to a tenant for the tenant&rsquo;s convenience. If the
amount treated as being received or accrued for Impermissible Services does not exceed the 1% threshold, then only the amount attributable
to the Impermissible Services (and not, for example, all tenant rents received or accrued that otherwise qualify as &ldquo;rents
from real property&rdquo;) will fail to qualify as &ldquo;rents from real property.&rdquo; For purposes of the 1% threshold, the
amount that we will be deemed to have received for performing Impermissible Services will be the greater of the actual amounts
so received or 150% of the direct cost to us of providing those services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest income constitutes qualifying
mortgage interest for purposes of the 75% gross income test (as described above) to the extent that the obligation is secured by
a mortgage on real property. If we receive interest income with respect to a mortgage loan that is secured by both real property
and other property, and the highest principal amount of the loan outstanding during a taxable year exceeds the fair market value
of the real property on the date that we have a binding commitment to acquire or originate the mortgage loan, the interest income
will be apportioned between the real property and the other collateral, and its income from the arrangement will qualify for purposes
of the 75% gross income test only to the extent that the interest is allocable to the real property. Even if a loan is not secured
by real property, or is undersecured, the income that it generates may nonetheless qualify for purposes of the 95% gross income
test. In addition, for tax years beginning after December 31, 2015, debt instruments issued by publicly offered REITs are treated
as real estate assets for purposes of the 75% asset test. Income from such debt instruments is qualifying income for purposes of
the 95% income test, but it is not qualifying income for purposes of the 75% income test. Not more than 25% of the value of our
assets can consist of debt instruments of publicly offered REITs unless it would otherwise be treated as a real estate asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that the terms of a loan
provide for contingent interest that is based on the cash proceeds realized upon the sale of the property securing the loan (a
&ldquo;shared appreciation provision&rdquo;), income attributable to the participation feature will be treated as gain from sale
of the underlying property, which generally will be qualifying income for purposes of both the 75% and 95% gross income tests provided
that the property is not inventory or dealer property in the hands of the borrower or the REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that a REIT derives interest
income from a mortgage loan or income from the rental of real property where all or a portion of the amount of interest or rental
income payable is contingent, such income generally will qualify for purposes of the gross income tests only if it is based upon
the gross receipts or sales, and not the net income or profits, of the borrower or lessee. This limitation does not apply, however,
where the borrower or lessee leases substantially all of its interest in the property to tenants or subtenants, to the extent that
the rental income derived by the borrower or lessee, as the case may be, would qualify as rents from real property had it been
earned directly by a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, we may enter into hedging
transactions with respect to one or more of our assets or liabilities. Prior to our 2005 taxable year, any periodic income or gain
from the disposition of any financial instrument for transactions to hedge indebtedness we incurred to acquire or carry &ldquo;real
estate assets&rdquo; was qualifying income for purposes of the 95% gross income test, but not the 75% gross income test. To the
extent we hedged in other situations, it is not entirely clear how the income from those transactions should have been treated
for the gross income tests. Commencing with our 2005 taxable year, income and gain from &ldquo;hedging transactions&rdquo; will
be excluded from gross income for purposes of the 95% gross income test, but not the 75% gross income test. For hedging transactions
entered into after July 30, 2008, income and gain from &ldquo;hedging transactions&rdquo; will be excluded from gross income for
purposes of both the 75% and 95% gross income tests. For tax years beginning after December 31, 2015, certain income from hedging
transactions entered into to hedge existing hedging positions after any portion of the hedged indebtedness or property is disposed
of will not be included in income for purposes of the 95% and 75% income tests. For this purpose, a &ldquo;hedging transaction&rdquo;
means either (1) any transaction entered into in the normal course of our trade or business primarily to manage the risk of interest
rate, price changes, or currency fluctuations with respect to borrowings made or to be made, or ordinary obligations incurred or
to be incurred, to acquire or carry real estate assets or (2) for transactions entered into after July 30, 2008, any transaction
entered into primarily to manage the risk of currency fluctuations with respect to any item of income or gain that would be qualifying
income under the 75% or 95% gross income test (or any property which generates such income or gain). We will be required to clearly
identify any such hedging transaction before the close of the day on which it was acquired, originated, or entered into and to
satisfy other identification requirements. We intend to structure any hedging transactions in a manner that does not jeopardize
our status as a REIT under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A REIT will incur a 100% tax on the net
income derived from any sale or other disposition of property, other than foreclosure property, that the REIT holds primarily for
sale to customers in the ordinary course of a trade or business. We believe that none of our assets are held primarily for sale
to customers and that a sale of any of our assets will not be in the ordinary course of our business. Whether a REIT holds an asset
&ldquo;primarily for sale to customers in the ordinary course of a trade or business&rdquo; depends, however, on the facts and
circumstances in effect from time to time, including those related to a particular asset. A safe harbor to the characterization
of the sale of property by a REIT as a prohibited transaction and the 100% prohibited transaction tax is available if the following
requirements are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the REIT has held the property for not less than two years;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the aggregate capital expenditures made by the REIT, or any partner of the REIT, during the two-year period preceding the date
of the sale that are includable in the basis of the property do not exceed 30% of the selling price of the property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>either (1) during the year in question, the REIT did not make more than seven sales of property other than foreclosure property
or sales to which Section 1033 of the Internal Revenue Code applies, (2) the aggregate adjusted bases of all such properties sold
by the REIT during the year did not exceed 10% of the aggregate bases of all of the assets of the REIT at the beginning of the
year or (3) for sales made after July 30, 2008, the aggregate fair market value of all such properties sold by the REIT during
the year did not exceed 10% of the aggregate fair market value of all of the assets of the REIT at the beginning of the year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>in the case of property not acquired through foreclosure or lease termination, the REIT has held the property for at least
two years for the production of rental income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the REIT has made more than seven sales of non-foreclosure property during the taxable year, substantially all of the marketing
and development expenditures with respect to the property were made through an independent contractor from whom the REIT derives
no income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain alternative tests for satisfying
the rules contained in the safe harbor provisions, under which certain sales of real estate assets will not be treated as prohibited
transactions, were enacted and signed into law on December 18, 2015. We will attempt to comply with the terms of safe-harbor provision
in the federal income tax laws prescribing when an asset sale will not be characterized as a prohibited transaction. We cannot
assure you, however, that we can comply with the safe-harbor provision or that we will avoid owning property that may be characterized
as property that we hold &ldquo;primarily for sale to customers in the ordinary course of a trade or business.&rdquo; The 100%
tax will not apply to gains from the sale of property that is held through a TRS or other taxable corporation, although such income
will be taxed to such corporation at regular corporate income tax rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not in the past owned and do not
intend to acquire in the future investments in foreign countries. However, to the extent that we or our subsidiaries hold or acquire
investments in foreign countries, taxes that we pay in foreign jurisdictions may not be passed through to, or used by, our stockholders
as a foreign tax credit or otherwise. Any foreign investments may also generate foreign currency gains and losses. Certain foreign
currency gains recognized after July 30, 2008 will be excluded from gross income for purposes of one or both of the gross income
tests. &ldquo;Real estate foreign exchange gain&rdquo; will be excluded from gross income for purposes of the 75% and the 95% gross
income tests. Real estate foreign exchange gain generally includes foreign currency gain attributable to any item of income or
gain that is qualifying income for purposes of the 75% gross income test, foreign currency gain attributable to the acquisition
or ownership of (or becoming or being the obligor under) obligations secured by mortgages on real property or interests in real
property and certain foreign currency gains attributable to certain &ldquo;qualified business units&rdquo; of a REIT. &ldquo;Passive
foreign exchange gain&rdquo; will be excluded from gross income only for purposes of the 95% gross income test. Passive foreign
exchange gain generally includes real estate foreign exchange gain as described above, and also includes foreign currency gain
attributable to any item of income or gain that is qualifying income for purposes of the 95% gross income test and foreign currency
gain attributable to the acquisition or ownership of (or becoming or being the obligor under) obligations secured by mortgages
on real property or interests in real property. Because passive foreign exchange gain includes real estate foreign exchange gain,
real estate foreign exchange gain is excluded from gross income for purposes of both the 75% and 95% gross income tests. These
exclusions for real estate foreign exchange gain and passive foreign exchange gain do not apply to any foreign currency gain derived
from dealing, or engaging in substantial and regular trading, in securities. Such gain is treated as nonqualifying income for purposes
of both the 75% and 95% gross income tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, for taxable
years beginning after June 30, 2008, the Secretary of the Treasury may determine that any item of income or gain not otherwise
qualifying for purposes of the 75% and 95% gross income tests may be considered as not constituting gross income for purposes of
those tests, and that any item of income or gain that otherwise constitutes nonqualifying income may be considered as qualifying
income for purposes of such tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to satisfy either or both of
the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for that year pursuant to a special
relief provision of the Code which may be available to us if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>our failure to meet these tests was due to reasonable cause and not due to willful neglect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>we attach a schedule of the nature and amount of each item of income to our U.S. federal income tax return; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for our 2004 and prior taxable years, the inclusion of any incorrect information on the schedule is not due to fraud with intent
to evade tax.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot state whether in all circumstances,
if we were to fail to satisfy either of the gross income tests, we would still be entitled to the benefit of this relief provision.
Even if this relief provision were to apply, we would nonetheless be subject to a 100% tax on the gross income attributable to
the greater of (1) the amount by which we fail the 75% gross income test and (2) the amount by which 95% (or 90% for our 2004 and
prior taxable years) of our income exceeds the amount of qualifying income under the 95% gross income test, in each case, multiplied
by a fraction intended to reflect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>REIT Asset Tests:</I> At the close of
each quarter of our taxable year, we must also satisfy the following tests relating to the nature and diversification of our assets
(collectively, the &ldquo;Asset Tests&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>at least 75% of the value of our total assets must be represented by &ldquo;real estate assets&rdquo; (which also includes
any property attributable to the temporary investment of new capital, but only if such property is stock or a debt instrument and
only for the 1-year period beginning on the date the REIT receives such proceeds), cash and cash items (including receivables)
and government securities (&ldquo;75% Value Test&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not more than 25% of the value of our total assets may be represented by securities other than securities that constitute qualifying
assets for purposes of the 75% Value Test;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>except with respect to securities of a TRS or QRS and securities that constitute qualifying assets for purposes of the 75%
Value Test:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD>not more than 5% of the value of our total assets may be represented by securities of any one issuer (the &ldquo;5% Value Test&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>we may not hold securities possessing more than 10% of the total voting power of the outstanding securities of any one issuer
(the &ldquo;10% Vote Test&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>we may not hold securities having a value of more than 10% of the total value of the outstanding securities of any one issuer
(&ldquo;10% Value Test&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>not more than 20% of the value of our total assets may be represented by securities of one or more TRSs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for tax years beginning after December 31, 2015, not more than 25% of the value of our total assets may be represented by debt
instruments of publicly offered REITs unless it would otherwise be treated as a real estate asset for purposes of the 75% Value
Test.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After initially meeting the Asset Tests
at the close of any quarter of our taxable year, we would not lose our status as a REIT under the Code for failure to satisfy these
tests at the end of a later quarter solely by reason of changes in asset values. If the failure to satisfy the Asset Tests results
from an acquisition of securities or other property during a quarter, we can cure the failure by disposing of a sufficient amount
of non-qualifying assets within 30 days after the close of that quarter. We intend to maintain adequate records of the value of
our assets to facilitate compliance with the Asset Tests and to take such other actions within 30 days after the close of any quarter
as necessary to cure any noncompliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In applying the Asset Tests, we are treated
as owning all of the assets held by any of our QRSs and our proportionate share of the assets held by the partnerships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the 5% Value Test, the
10% Vote Test or the 10% Value Test, the term &ldquo;securities&rdquo; does not include shares in another REIT, equity or debt
securities of a QRS or TRS, mortgage loans that constitute real estate assets, or equity interests in a partnership. Securities,
for purposes of the Asset Tests, may include debt that we hold in other issuers. However, the Code specifically provides that the
following types of debt will not be taken into account as securities for purposes of the 10% Value Test: (1) securities that meet
the &ldquo;straight debt&rdquo; safe harbor; (2) loans to individuals or estates; (3) obligations to pay rents from real property;
(4) rental agreements described in Section 467 of the Code (other than such agreements with related party tenants); (5) securities
issued by other REITs; (6) debt issued by partnerships that derive at least 75% of their gross income from sources that constitute
qualifying income for purposes of the 75% gross income test; (7) any debt not otherwise described in this paragraph that is issued
by a partnership, but only to the extent of our interest as a partner in the partnership; (8) certain securities issued by a state,
the District of Columbia, a foreign government, or a political subdivision of any of the foregoing, or the Commonwealth of Puerto
Rico; and (9) any other arrangement described in future Treasury Regulations. For purposes of the 10% Value Test, our proportionate
share of the assets of a partnership is our proportionate interest in any securities issued by the partnership, without regard
to the securities described in (6) and (7) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For taxable years beginning after July
30, 2008, for purposes of the 75% Value Test, cash includes any foreign currency used by the REIT or its qualified business unit
as its &ldquo;functional currency&rdquo; (as defined in section 985(b) of the Code), provided that the foreign currency (a) is
held by the REIT or its qualified business unit in the normal course of activities which give rise to qualifying income under the
75% or 95% gross income tests or which are related to acquiring or holding assets described in section 856(c)(4) of the Code and
(b) is not held in connection with dealing, or engaging in substantial and regular trading, in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on our regular quarterly asset tests,
we believe that we have not violated any of the Asset Tests. However, we cannot provide any assurance that the IRS would concur
with our beliefs in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to satisfy the Asset Tests at
the end of a calendar quarter, we will not lose our REIT qualification if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>we satisfied the Asset Tests at the end of the preceding calendar quarter; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the discrepancy between the value of our assets and the Asset Test requirements arose from changes in the market values of
our assets and was not wholly or partly caused by the acquisition of one or more non-qualifying assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we did not satisfy the condition described
in the second item above, we still could avoid disqualification by eliminating any discrepancy within 30 days after the close of
the calendar quarter in which it arose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If at the end of any calendar quarter commencing
with our 2005 taxable year, we violate the 5% Value Test, the 10% Vote Test or the 10% Value Test described above, we will not
lose our REIT qualification if (1) the failure is de minimis (up to the lesser of 1% of our assets or $10 million) and (2) we dispose
of assets or otherwise comply with the Asset Tests within six months after the last day of the quarter in which we identify such
failure. In the event of a failure of any of the Asset Tests (other than de minimis failures described in the preceding sentence),
as long as the failure was due to reasonable cause and not to willful neglect, we will not lose our REIT status if we (1) dispose
of assets or otherwise comply with the Asset Tests within six months after the last day of the quarter in which we identify the
failure, (2) we file a description of each asset causing the failure with the IRS and (3) pay a tax equal to the greater of $50,000
or 21% of the net income from the nonqualifying assets during the period in which we failed to satisfy the Asset Tests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>REIT Distribution Requirements:</I>
To qualify for taxation as a REIT, we must, each year, make distributions (other than capital gain distributions) to our stockholders
in an amount at least equal to (1) the sum of: (A) 90% of our &ldquo;REIT taxable income,&rdquo; computed without regard to the
dividends paid deduction and our net capital gain, and (B) 90% of the net income, after tax, from foreclosure property, minus (2)
the sum of certain specified items of noncash income. In addition, if we were to dispose of any asset acquired from a subchapter
C corporation in a &ldquo;carryover basis&rdquo; transaction within five years of the acquisition, we would be required to distribute
at least 90% of the after-tax &ldquo;built-in gain&rdquo; recognized on the disposition of such asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We must pay dividend distributions in the
taxable year to which they relate. Dividends paid in the subsequent year, however, will be treated as if paid in the prior year
for purposes of the prior year&rsquo;s distribution requirement if one of the following two sets of criteria are satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the dividends are declared in October, November or December and are made payable to stockholders of record on a specified date
in any of these months, and such dividends are actually paid during January of the following year; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the dividends are declared before we timely file our U.S. federal income tax return for such year, the dividends are paid in
the 12-month period following the close of the year and not later than the first regular dividend payment after the declaration,
and we elect on our U.S. federal income tax return for such year to have a specified amount of the subsequent dividend treated
as if paid in such year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we satisfy our distribution requirements
for maintaining our REIT status, we will nonetheless be subject to a corporate-level tax on any of our net capital gain or REIT
taxable income that we do not distribute to our stockholders. In addition, we will be subject to a 4% excise tax to the extent
that we fail to distribute during any calendar year (or by the end of January of the following calendar year in the case of distributions
with declaration and record dates falling in the last 3 months of the calendar year) an amount at least equal to the sum of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>85% of our ordinary income for such year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>95% of our capital gain net income for such year; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any undistributed taxable income required to be distributed from prior periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As discussed below, we may retain, rather
than distribute, all or a portion of our net capital gains and pay the tax on the gains and may elect to have our stockholders
include their proportionate share of such undistributed gains as long-term capital gain income on their own income tax returns
and receive a credit for their share of the tax paid by us. For purposes of the 4% excise tax described above, any such retained
gains would be treated as having been distributed by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to make timely distributions
sufficient to satisfy our annual distribution requirements for REIT qualification under the Code and which are eligible for the
dividends-paid deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our cash flow will exceed
our REIT taxable income due to the allowance of depreciation and other non-cash deductions allowed in computing REIT taxable income.
Accordingly, in general, we anticipate that we should have sufficient cash or liquid assets to enable us to satisfy the 90% distribution
requirement for REIT qualification under the Code. It is possible, however, that we, from time to time, may not have sufficient
cash or other liquid assets to meet this requirement or to distribute an amount sufficient to enable us to avoid income and/or
excise taxes. In such event, we may find it necessary to arrange for borrowings to raise cash or, if possible, make taxable stock
dividends in order to make such distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that we are subject to an
adjustment to our REIT taxable income (as defined in Section 860(d)(2) of the Code) resulting from an adverse determination by
either a final court decision, a closing agreement between us and the IRS under Section 7121 of the Code, or an agreement as to
tax liability between us and an IRS district director, we may be able to rectify any resulting failure to meet the 90% distribution
requirement by paying &ldquo;deficiency dividends&rdquo; to stockholders that relate to the adjusted year but that are paid in
a subsequent year. To qualify as a deficiency dividend, we must make the distribution within ninety days of the adverse determination
and we also must satisfy other procedural requirements. If we satisfy the statutory requirements of Section 860 of the Code, a
deduction is allowed for any deficiency dividend subsequently paid by us to offset an increase in our REIT taxable income resulting
from the adverse determination. We, however, must pay statutory interest on the amount of any deduction taken for deficiency dividends
to compensate for the deferral of the tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Recordkeeping Requirements:</I> We must
maintain certain records in order to qualify as a REIT. In addition, to avoid a monetary penalty, we must request on an annual
basis information from certain of our stockholders designed to disclose the actual ownership of our outstanding shares of capital
stock. We have complied, and we intend to continue to comply, with these requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Failure to Qualify as a REIT:</I> Commencing
with our 2005 taxable year, if we would otherwise fail to qualify as a REIT under the Code because of a violation of one of the
requirements described above, our qualification as a REIT will not be terminated if the violation is due to reasonable cause and
not willful neglect and we pay a penalty tax of $50,000 for the violation. The immediately preceding sentence does not apply to
violations of the gross income tests described above or a violation of the asset tests described above each of which have specific
relief provisions that are described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we fail to qualify for taxation as a
REIT under the Code in any taxable year, and the relief provisions do not apply, we will have to pay tax on our taxable income
at regular corporate rates. We will not be able to deduct distributions to stockholders in any year in which we fail to qualify,
nor will we be required to make distributions to stockholders. In this event, to the extent of current and accumulated earnings
and profits, all distributions to stockholders will be taxable to the stockholders as dividend income (which may be subject to
tax at preferential rates) and corporate distributees may be eligible for the dividends received deduction if they satisfy the
relevant provisions of the Code. Unless entitled to relief under specific statutory provisions, we will also be disqualified from
taxation as a REIT for the four taxable years following the year during which qualification was lost. We might not be entitled
to the statutory relief described in the preceding paragraph in all circumstances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation of U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When we refer to the term U.S. Stockholders,
we mean a holder of shares of our capital stock that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a corporation (including an entity treated as a corporation for federal income tax purposes) created or organized under the
laws of the United States, any of its states or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>an estate the income of which is subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a trust if a court within the United States can exercise primary supervision over the administration of the trust, and one
or more United States persons have the authority to control all substantial decisions of the trust.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a partnership, entity or arrangement
treated as a partnership for federal income tax purposes holds shares of our capital stock, the federal income tax treatment of
a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. If you are
a partner in a partnership holding shares of our capital stock, you should consult your tax advisor regarding the consequences
of the ownership and disposition of shares of our capital stock by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Distributions Generally:</I> For any
taxable year for which we qualify for taxation as a REIT under the Code, amounts distributed to taxable U.S. Stockholders will
be taxed as discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As long as we qualify as a REIT, distributions
made by us out of our current or accumulated earnings and profits, and not designated as capital gain dividends, will constitute
dividends taxable to our taxable U.S. Stockholders as ordinary income. A U.S. Stockholder taxed at individual rates will generally
not be entitled to the reduced tax rate applicable to certain types of dividends except with respect to the portion of any distribution
(a) that represents income from dividends received from a non-REIT corporation in which we own shares (but only if such dividends
would be eligible for the lower rate on dividends if paid by the corporation to its individual stockholders), and (b) that is equal
to our REIT taxable income (taking into account the dividends paid deduction available to us) for our previous taxable year less
any taxes paid by us during the previous taxable year, provided that certain holding period and other requirements are satisfied
at both the REIT and individual stockholder level. U.S. Stockholders taxed at individual rates should consult their own tax advisors
to determine the impact of tax rates on dividends received from us. Distributions of this kind will not be eligible for the dividends
received deduction in the case of U.S. Stockholders that are corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions made by us that we properly
designate as capital gain dividends will be taxable to U.S. Stockholders as gain from the sale of a capital asset held for more
than one year, to the extent that they do not exceed our actual net capital gain for the taxable year, without regard to the period
for which a U.S. Stockholder has held his shares of our capital stock. The highest marginal individual income tax rate is currently
37%. However, the maximum tax rate on long-term capital gain applicable to U.S. Stockholders taxed at individual rates is 20%.
The maximum tax rate on long-term capital gain from the sale or exchange of &ldquo;Section 1250 property,&rdquo; or depreciable
real property, is 25% computed on the lesser of the total amount of the gain or the accumulated Section 1250 depreciation. Thus,
with certain limitations, capital gain dividends received by U.S. Stockholders taxed at individual rates may be eligible for preferential
rates of taxation, and the tax rate differential between capital gain and ordinary income may be significant. We will generally
designate our capital gain dividends as either 20% or 25% rate distributions. In addition, the characterization of income as capital
gain or ordinary income may affect the deductibility of capital losses. U.S. Stockholders taxed at individual rates may generally
deduct capital losses not offset by capital gains against their ordinary income only up to a maximum annual amount of $3,000. Such
taxpayers may carry forward unused capital losses indefinitely. A corporate U.S. Stockholder must generally pay tax on its net
capital gain at ordinary corporate rates. A corporate U.S. Stockholder may generally deduct capital losses only to the extent of
capital gains, with unused losses being carried back three years and forward five years. Finally, U.S. Stockholders that are corporations
may be required to treat up to 20% of certain capital gain dividends as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In determining the extent to which a distribution
constitutes a dividend for tax purposes, our earnings and profits generally will be allocated first to distributions with respect
to preferred stock prior to allocating any remaining earnings and profits to distributions on our common stock. If we have net
capital gains and designate some or all of our distributions as capital gain dividends to that extent, the capital gain dividends
will be allocated among different classes of capital stock in proportion to the allocation of earnings and profits as described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Special rules in the Code regarding earnings
and profits are designed to ensure that stockholders will not be treated as receiving dividends from a REIT that exceed the earnings
and profits of the REIT. To the extent that we make distributions, not designated as capital gain dividends, in excess of our current
and accumulated earnings and profits, these distributions will be treated first as a tax-free return of capital to each U.S. Stockholder.
Thus, these distributions will reduce the adjusted basis which the U.S. Stockholder has in its shares for tax purposes by the amount
of the distribution, but not below zero. Distributions in excess of a U.S. Stockholder&rsquo;s adjusted basis in its shares will
be taxable as capital gains, provided that the shares have been held as a capital asset. If the shares have been held for more
than one year it will produce long-term capital gain. For purposes of determining the portion of distributions on separate classes
of shares that will be treated as dividends for U.S. federal income tax purposes, current and accumulated earnings and profits
will be allocated to distributions resulting from priority rights of preferred shares before being allocated to other distributions.
The aggregate amount of dividends that we may designate as qualified dividends or capital gain dividends with respect to any taxable
year cannot exceed the dividends actually paid by us during such year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends declared by us in October, November,
or December of any year and payable to a stockholder of record on a specified date in any of these months will be treated as both
paid by us and received by the stockholder on December 31 of that year, provided that we actually pay the dividend on or before
January 31 of the following calendar year. Stockholders may not include in their own income tax returns any of our net operating
losses or capital losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. Stockholders holding shares at the
close of our taxable year will be required to include, in computing their long-term capital gains for the taxable year in which
the last day of our taxable year falls, the amount that we designate as long-term capital gains in a written notice mailed to our
stockholders. We may not designate amounts in excess of our undistributed net capital gain for the taxable year. Each U.S. Stockholder
required to include the designated amount in determining the U.S. Stockholder&rsquo;s long-term capital gains will be deemed to
have paid, in the taxable year of the inclusion, the tax paid by us in respect of the undistributed net capital gains. U.S. Stockholders
to whom these rules apply will be allowed a credit or a refund, as the case may be, for the tax they are deemed to have paid. U.S.
Stockholders will increase their basis in their shares by the difference between the amount of the includible gains and the tax
deemed paid by the stockholder in respect of these gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March 2010, the Health Care and Education
Reconciliation Act of 2010 (the &ldquo;Reconciliation Act&rdquo;) became law. The Reconciliation Act requires certain U.S. Stockholders
who are individuals, estates or trusts to pay 3.8% Medicare tax on, among other things, dividend income and capital gains from
the sale or other dispositions of stock, subject to certain exceptions. This tax applies for taxable years beginning after December
31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Passive Activity Loss and Investment
Interest Limitations:</I> Distributions from us and gain from the disposition of our shares will not be treated as passive activity
income and, therefore, a U.S. Stockholder will not be able to offset any of this income with any passive losses of the stockholder
from other activities. Dividends received by a U.S. Stockholder from us generally will be treated as investment income for purposes
of the investment interest limitation. Net capital gain from the disposition of shares of our shares or capital gain dividends
generally will be excluded from investment income unless the stockholder elects to have the gain taxed at ordinary income rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Sale/Other Taxable Disposition of Shares
of our Capital Stock:</I> In general, a U.S. Stockholder who is not a dealer in securities will recognize gain or loss on its sale
or other taxable disposition of our shares equal to the difference between the amount of cash and the fair market value of any
other property received on such sale or other taxable disposition and the stockholder&rsquo;s adjusted basis in said shares at
such time. This gain or loss will be a capital gain or loss if the shares have been held by the U.S. Stockholder as a capital asset.
The applicable tax rate will depend on the stockholder&rsquo;s holding period in the asset (generally, if an asset has been held
for more than one year it will produce long-term capital gain) and the stockholder&rsquo;s tax bracket. The IRS has the authority
to prescribe, but has not yet prescribed, regulations that would apply a capital gain tax rate of 25% (which is generally higher
than the 20% long-term capital gain tax rate for stockholders taxed at individual rates) to a portion of capital gain realized
by a non-corporate stockholder on the sale of REIT stock that would correspond to the REIT&rsquo;s &ldquo;unrecaptured Section
1250 gain.&rdquo; U.S. Stockholders should consult with their tax advisors with respect to their capital gain tax liability. A
corporate U.S. Stockholder will be subject to tax at a maximum rate of 21% on capital gain from the sale of shares of our capital
stock held for more than one year. In general, any loss recognized by a U.S. Stockholder upon the sale or other disposition of
shares that have been held for six months or less, after applying the holding period rules, will be treated as a long-term capital
loss, to the extent of distributions received by the U.S. Stockholder from us that were required to be treated as long-term capital
gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A redemption of our capital stock (including
preferred stock or common stock) will be treated under Section 302 of the Code as a dividend subject to tax at ordinary income
tax rates (to the extent of our current or accumulated earnings and profits), unless the redemption satisfies certain tests set
forth in Section 302(b) of the Code enabling the redemption to be treated as a sale or exchange of the stock. The redemption will
satisfy such test if it (i) is &ldquo;substantially disproportionate&rdquo; with respect to the holder, (ii) results in a &ldquo;complete
termination&rdquo; of the holder&rsquo;s stock interest in us, or (iii) is &ldquo;not essentially equivalent to a dividend&rdquo;
with respect to the holder, all within the meaning of Section 302(b) of the Code. In determining whether any of these tests have
been met, shares considered to be owned by the holder by reason of certain constructive ownership rules set forth in the Code,
as well as shares actually owned, must generally be taken into account. Because the determination as to whether any of the alternative
tests of Section 302(b) of the Code is satisfied with respect to any particular holder of the stock will depend upon the facts
and circumstances as of the time the determination is made, prospective investors are advised to consult their own tax advisors
to determine such tax treatment. If a redemption of the stock is treated as a distribution that is taxable as a dividend, the amount
of the distribution would be measured by the amount of cash and the fair market value of any property received by the stockholders.
The stockholder&rsquo;s adjusted tax basis in such redeemed stock would be transferred to the holder&rsquo;s remaining stockholdings
in us. If, however, the stockholder has no remaining stockholdings in us, such basis may, under certain circumstances, be transferred
to a related person or it may be lost entirely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stockholders should consult with their
own tax advisors with respect to their capital gain tax liability in respect of distributions received from us and gains recognized
upon the sale or other disposition of shares of shares of our capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Treatment of Tax-Exempt Stockholders:</I>
Based upon published rulings by the IRS, distributions by us to a U.S. Stockholder that is a tax-exempt entity generally should
not constitute &ldquo;unrelated business taxable income&rdquo; (&ldquo;UBTI&rdquo;), provided that the tax-exempt entity has not
financed the acquisition of its shares with &ldquo;acquisition indebtedness,&rdquo; within the meaning of the Code, and the shares
are not otherwise used in an unrelated trade or business of the tax-exempt entity. Similarly, income from the sale of shares of
our capital stock will not constitute UBTI, provided that the tax-exempt entity has not financed the acquisition of its shares
with &ldquo;acquisition indebtedness&rdquo; and the shares are not otherwise used in an unrelated trade or business of the tax-exempt
entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For tax-exempt U.S. Stockholders which
are social clubs, voluntary employee benefit associations, and supplemental unemployment benefit trusts exempt from federal income
taxation under Code Sections 501(c)(7), (9) and (17), respectively, income from an investment in shares of our capital stock generally
will constitute UBTI unless the organization is able to properly deduct amounts set aside or placed in reserve for certain purposes
so as to offset the income generated by its shares of shares of our capital stock. Such prospective investors should consult their
own tax advisors concerning these &ldquo;set-aside&rdquo; and reserve requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the above, however, a portion
of the dividends paid by a &ldquo;pension-held REIT&rdquo; is treated as UBTI as to any trust which (i) is described in Section
401(a) of the Code, (ii) is tax-exempt under Section 501(a) of the Code and (iii) holds more than 10% (by value) of the interests
in the REIT. Tax-exempt pension funds that are described in Section 401(a) of the Code and exempt from tax under Section 501(a)
of the Code are referred to below as &ldquo;qualified trusts.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A REIT is a &ldquo;pension-held REIT&rdquo;
if (i) it would not have qualified as a REIT under the Code but for the fact that Section 856(h)(3) of the Code provides that stock
owned by qualified trusts shall be treated, for purposes of the &ldquo;not closely held&rdquo; requirement, as owned by the beneficiaries
of the trust (rather than by the trust itself), (ii) the percentage of the REIT&rsquo;s dividends that the tax-exempt trust must
treat as UBTI is at least 5%, and (iii) either (a) at least one such qualified trust holds more than 25% (by value) of the interests
in the REIT or (b) one or more such qualified trusts, each of whom owns more than 10% (by value) of the interests in the REIT,
hold in the aggregate more than 50% (by value) of the interests in the REIT. The percentage of any REIT dividend treated as UBTI
is equal to the ratio of (i) the gross income of the REIT from unrelated trades or businesses, determined as though the REIT were
a qualified trust, less direct expenses related to this gross income, to (ii) the total gross income of the REIT, less direct expenses
related to the total gross income. The provisions requiring qualified trusts to treat a portion of REIT distributions as UBTI will
not apply if the REIT is able to satisfy the &ldquo;not closely held&rdquo; requirement without relying upon the &ldquo;look-through&rdquo;
exception with respect to qualified trusts. We do not expect to be classified as a &ldquo;pension-held REIT.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The rules described above under the heading
&ldquo;<I>Taxation of U.S. Stockholders</I>&rdquo; concerning the inclusion of our designated undistributed net capital gains in
the income of its stockholders will apply to tax-exempt entities. Thus, tax-exempt entities will be allowed a credit or refund
of the tax deemed paid by these entities in respect of the includible gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Certain U.S. Federal Income Tax Consequences
of the Stock Dividend to United States Stockholders:</I> Each stockholder must include the sum of the value of the shares of our
capital stock and the amount of cash, if any, received pursuant to the dividend in its gross income as dividend income to the extent
that such stockholder&rsquo;s share of the dividend is made out of its share of the portion of our current and accumulated earnings
and profits allocable to the dividend. For this purpose, the amount of the dividend paid in shares of our capital stock will be
equal to the amount of cash that could have been received instead of the shares of our capital stock. A stockholder that receives
shares of our capital stock pursuant to the dividend would have a tax basis in such shares equal to the amount of cash that could
have been received instead of such shares as described above, and the holding period in such shares would begin on the day following
the payment date for the dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dividend will not be eligible for the
dividends received deduction available to U.S. Stockholders that are domestic corporations other than S corporations. Such corporate
holders should also consider the possible effects of section 1059 of the Code, which reduces a corporate holder&rsquo;s basis in
its shares, but not below zero, by the non-taxed portion of an extraordinary dividend, where the holder has not held such shares
for more than two years before the dividend announcement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For certain U.S. Stockholders, the dividend
may be an &ldquo;extraordinary dividend.&rdquo; An &ldquo;extraordinary dividend&rdquo; is a dividend that is equal to at least
10% of a stockholder&rsquo;s adjusted basis in its shares of our capital stock. A U.S. Stockholder that receives an extraordinary
dividend and later sells its underlying shares at a loss will be treated as realizing a long-term capital loss, regardless of its
holding period in its shares, to the extent of the extraordinary dividend.</P>

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

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

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<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><I>Special Tax Considerations For Non-U.S. Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Taxation of Non-U.S. Stockholders:</I>
The rules governing U.S. federal income taxation of nonresident alien individuals, foreign corporations, foreign partnerships and
other foreign stockholders (collectively, &ldquo;Non-U.S. Stockholders&rdquo;) are complex, and no attempt will be made herein
to provide more than a limited summary of such rules. Prospective Non-U.S. Stockholders should consult with their tax advisors
to determine the impact of U.S. federal, state and local income tax laws with regard to an investment in shares of our capital
stock, including any reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions by us to a Non-U.S. Stockholder
that are neither attributable to gain from sales or exchanges by us of United States real property interests (&ldquo;USRPIs&rdquo;)
(as defined below) nor designated by us as capital gain dividends will be treated as dividends of ordinary income to the extent
that they are made out of our current or accumulated earnings and profits. Such distributions will ordinarily be subject to a withholding
tax equal to 30% of the gross amount of the distribution unless an applicable tax treaty reduces that tax. Under certain treaties,
lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. However, if income from the investment
in shares of our capital stock is treated as effectively connected with the Non-U.S. Stockholder&rsquo;s conduct of a U.S. trade
or business or is attributable to a permanent establishment that the Non-U.S. Stockholder maintains in the United States (if that
is required by an applicable income tax treaty as a condition for subjecting the Non-U.S. Stockholder to U.S. taxation on a net
income basis) the Non-U.S. Stockholder generally will be subject to tax at graduated rates, in the same manner as U.S. Stockholders
are taxed with respect to such income and is generally not subject to withholding. Any such effectively connected distributions
received by a Non-U.S. Stockholder that is a corporation may also be subject to an additional branch profits tax at a 30% rate
or such lower rate as may be specified by an applicable income tax treaty. We expect to withhold U.S. income tax at the rate of
30% on the gross amount of any dividends paid to a Non-U.S. Stockholder, other than dividends treated as attributable to gain from
sales or exchanges of USRPIs and capital gain dividends, paid to a Non-U.S. Stockholder, unless (a) a lower treaty rate applies
and the required form evidencing eligibility for that reduced rate is submitted to us or the appropriate withholding agent or (b)
the Non-U.S. Stockholder submits an IRS Form W-8 ECI (or a successor form) to us or the appropriate withholding agent claiming
that the distributions are effectively connected with the Non-U.S. Stockholder&rsquo;s conduct of a U.S. trade or business and,
in either case, other applicable requirements were met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions in excess of our current
and accumulated earnings and profits will not be taxable to a Non-U.S. Stockholder to the extent that they do not exceed the adjusted
basis of the Non-U.S. Stockholder&rsquo;s shares, but rather will reduce the adjusted basis of such shares. For FIRPTA (as defined
below) withholding purposes (discussed below) such distribution will be treated as consideration for the sale or exchange of shares.
To the extent that such distributions exceed the adjusted basis of a Non-U.S. Stockholder&rsquo;s shares, these distributions will
give rise to tax liability if the Non-U.S. Stockholder would otherwise be subject to tax on any gain from the sale or disposition
of its shares, as described below. If it cannot be determined at the time a distribution is made whether or not such distribution
will be in excess of current and accumulated earnings and profits, the distribution will be subject to withholding at the rate
applicable to dividends. However, the Non-U.S. Stockholder may seek a refund of such amounts from the IRS if it is subsequently
determined that such distribution was, in fact, in excess of our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Distributions to a Non-U.S. Stockholder
that are designated by us at the time of distribution as capital gain dividends (other than those arising from the disposition
of a USRPI) generally will not be subject to U.S. federal income taxation unless (i) investment in the shares is effectively connected
with the Non-U.S. Stockholder&rsquo;s U.S. trade or business, in which case the Non-U.S. Stockholder will be subject to the same
treatment as a U.S. Stockholder with respect to such gain (except that a corporate Non-U.S. Stockholder may also be subject to
the 30% branch profits tax, as discussed above), or (ii) the Non-U.S. Stockholder is a nonresident alien individual who is present
in the United States for 183 days or more during the taxable year and has a &ldquo;tax home&rdquo; in the United States, in which
case such stockholder will be subject to a 30% tax on his or her capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For any year in which we qualify as a REIT,
distributions that are attributable to gain from sales or exchanges by us of USRPIs will be taxed to a Non-U.S. Stockholder under
the provisions of the Foreign Investment in Real Property Tax Act of 1980 (&ldquo;FIRPTA&rdquo;). A USRPI includes certain interests
in real property and stock in corporations at least 50% of whose assets consist of interests in real property. Under FIRPTA, these
distributions are taxed to a Non-U.S. Stockholder as if such gain were effectively connected with a U.S. business. Thus, Non-U.S.
Stockholders would be taxed at the normal capital gain rates applicable to U.S. Stockholders (subject to applicable alternative
minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). Also, distributions subject to
FIRPTA may be subject to a 30% branch profits tax in the hands of a corporate Non-U.S. Stockholder not entitled to treaty relief
or exemption. We are required by applicable Treasury Regulations to withhold 21% of any distribution to a Non-U.S. Stockholder
that could be designated by us as a capital gain dividend. This amount is creditable against the Non-U.S. Stockholder&rsquo;s U.S.
federal income tax liability. We or any nominee (<I>e.g.</I>, a broker holding shares in street name) may rely on a certificate
of Non-U.S. Stockholder status on IRS Form W-8 to determine whether withholding is required on gains realized from the disposition
of USRPIs. A U.S. Stockholder who holds shares on behalf of a Non-U.S. Stockholder will bear the burden of withholding, provided
that we have properly designated the appropriate portion of a distribution as a capital gain dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Capital gain distributions to Non-U.S.
Stockholders that are attributable to our sale of real property will be treated as ordinary dividends rather than as gain from
the sale of a USRPI, as long as (1) shares of our capital stock continue to be treated as being &ldquo;regularly traded&rdquo;
on an established securities market in the United States and (2) the Non-U.S. Stockholder did not own more than 10% of shares of
our capital stock at any time during the one-year period preceding the distribution. As a result, Non-U.S. Stockholders owning
10% or less of shares of our capital stock generally will be subject to withholding tax on such capital gain distributions in the
same manner as they are subject to withholding tax on ordinary dividends. If shares of our capital stock cease to be regularly
traded on an established securities market in the United States or the Non-U.S. Stockholder owned more than 10% of shares of our
capital stock at any time during the one-year period preceding the distribution, capital gain distributions that are attributable
to our sale of real property would be subject to tax under FIRPTA, as described in the preceding paragraph. If a Non-U.S. Stockholder
disposes of shares of our capital stock during the 30-day period preceding the ex-dividend date of any dividend payment, and such
Non-U.S. Stockholder (or a person related to such Non-U.S. Stockholder) acquires or enters into a contract or option to acquire
shares of our capital stock within 61 days of the first day of such 30-day period described above, and any portion of such dividend
payment would, but for the disposition, be treated as a USRPI capital gain to such Non-U.S. Stockholder under FIRPTA, then such
Non-U.S. Stockholder shall be treated as having USRPI capital gain in an amount that, but for the disposition, would have been
treated as USRPI capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stock of a REIT held (directly or through
partnerships) by a &ldquo;qualified shareholder&rdquo; will not be a USRPI, and capital gain dividends from such a REIT will not
be treated as gain from the sale of a USRPI, unless a person (other than a qualified shareholder) that holds an interest (other
than an interest solely as a creditor) in such qualified shareholders owns, taking into account applicable constructive ownership
rules, more than 10% of the stock of the REIT. If the qualified shareholder has such an &ldquo;applicable investor,&rdquo; the
portion of REIT stock held by the qualified shareholder indirectly owned through the qualified shareholder by the applicable investor
will be treated as gains from the sale of USRPIs. For these purposes, a &ldquo;qualified shareholder&rdquo; is a foreign person
which is in a treaty jurisdiction and satisfies certain publicly traded requirements, is a &ldquo;qualified collective investment
vehicle,&rsquo; and maintains records on the identity of certain 5% owners. A &ldquo;qualified collective investment vehicle&rdquo;
is a foreign person that is eligible for a reduced withholding rate with respect to ordinary REIT dividends even if such person
holds more than 10% of the REIT&rsquo;s stock, a publicly traded partnership that is a withholding foreign partnership that would
be a United States real property holding corporation if it were a United States corporation, or is designated as a qualified collective
investment vehicle by the Secretary of the Treasury and is either fiscally transparent within the meaning of the Code or required
to include dividends in its gross income but entitled to a deduction for distribution to its investors. Finally, capital gain dividends
and non-dividend redemption and liquidating distributions to a qualified shareholder that are not allocable to an applicable investor
will be treated as ordinary dividends. These changes apply to dispositions and distributions on or after December 18, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Gain recognized by a Non-U.S. Stockholder
upon a sale of stock of a REIT generally will not be taxed under FIRPTA if the REIT is a &ldquo;domestically-controlled REIT&rdquo;
(generally, a REIT in which at all times during a specified testing period less than 50% in value of its stock is held directly
or indirectly by foreign persons). Effective December 18, 2015, in determining whether a REIT is domestically controlled, the REIT
may presume that holders of less than 5% of a class of stock regularly traded on an established securities market in the United
States are U.S. persons throughout the testing period, except to the extent that the REIT has actual knowledge to the contrary.
In addition, any stock in the REIT held by another REIT that is publicly traded will be treated as held by a non-U.S. person unless
the other REIT is domestically controlled, in which case the stock will be treated as held by a U.S. person. Finally, any stock
in a REIT held by another REIT that is not publicly traded will be treated as held by a U.S. person to the extent that U.S. persons
hold the other REIT&rsquo;s stock. Since it is currently anticipated that we will be a &ldquo;domestically-controlled REIT,&rdquo;
a Non-U.S. Stockholder&rsquo;s sale of shares of our capital stock should not be subject to taxation under FIRPTA. However, because
shares of our capital stock are publicly traded, no assurance can be given that we will continue to be a &ldquo;domestically-controlled
REIT.&rdquo; Notwithstanding the foregoing, gain from the sale of shares of our capital stock that is not subject to FIRPTA will
be taxable to a Non-U.S. Stockholder if (i) the Non-U.S. Stockholder&rsquo;s investment in the shares is &ldquo;effectively connected&rdquo;
with the Non-U.S. Stockholder&rsquo;s U.S. trade or business, in which case the Non-U.S. Stockholder will be subject to the same
treatment as a U.S. Stockholder with respect to such gain (a Non-U.S. Stockholder that is a foreign corporation may also be subject
to a 30% branch profits tax, as discussed above), or (ii) the Non-U.S. Stockholder is a nonresident alien individual who was present
in the United States for 183 days or more during the taxable year and has a &ldquo;tax home&rdquo; in the United States, in which
case the nonresident alien individual will be subject to a 30% tax on the individual&rsquo;s capital gains. If the gain on the
sale of shares were to be subject to taxation under FIRPTA, the Non-U.S. Stockholder would be subject to the same treatment as
a U.S. Stockholder with respect to such gain (subject to applicable alternative minimum tax, possible withholding tax and a special
alternative minimum tax in the case of nonresident alien individuals).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are not, or cease to be, a &ldquo;domestically-controlled
REIT,&rdquo; whether gain arising from the sale or exchange of shares by a Non-U.S. Stockholder would be subject to United States
taxation under FIRPTA as a sale of a USRPI will depend on whether any class of our shares is &ldquo;regularly traded&rdquo; (as
defined by applicable Treasury Regulations) on an established securities market (<I>e.g.</I>, the New York Stock Exchange), as
is the case with shares of our capital stock, and on the size of the selling Non-U.S. Stockholder&rsquo;s interest in us. In the
case where we are not, or cease to be, a &ldquo;domestically-controlled REIT&rdquo; and any class of our shares is &ldquo;regularly
traded&rdquo; on an established securities market at any time during the calendar year, a sale of shares of that class by a Non-U.S.
Stockholder will only be treated as a sale of a USRPI (and thus subject to taxation under FIRPTA) if such selling stockholder beneficially
owns (including by attribution) more than 5% of the total fair market value of all of the shares of such class at any time during
the five-year period ending either on the date of such sale or other applicable determination date. To the extent we have one or
more classes of shares outstanding that are &ldquo;regularly traded,&rdquo; but the Non-U.S. Stockholder sells shares of a class
of our shares that is not &ldquo;regularly traded,&rdquo; the sale of shares of such class would be treated as a sale of a USRPI
under the foregoing rule only if the shares of such latter class acquired by the Non-U.S. Stockholder have a total net market value
on the date they are acquired that is greater than 5% of the total fair market value of the &ldquo;regularly traded&rdquo; class
of our shares having the lowest fair market value (or with respect to a nontraded class of our shares convertible into a &ldquo;regularly
traded&rdquo; market value on the date of acquisition of the total fair market value of the &ldquo;regularly traded&rdquo; class
into which it is convertible). If gain on the sale or exchange of shares were subject to taxation under FIRPTA, the Non-U.S. Stockholder
would be subject to regular United States income tax with respect to such gain in the same manner as a U.S. Stockholder (subject
to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals);
provided, however, that deductions otherwise allowable will be allowed as deductions only if the tax returns were filed within
the time prescribed by law. In general, the purchaser of the shares would be required to withhold and remit to the IRS 15% of the
amount realized by the seller on the sale of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Qualified foreign pension funds&rdquo;
and entities that are wholly owned by a qualified foreign pension fund are exempted from FIRPTA and FIRPTA withholding. For these
purposes, a &ldquo;qualified foreign pension fund&rdquo; is any trust, corporation, or other organization or arrangement if (i)
it was created or organized under foreign law, (ii) it was established to provide retirement or pension benefits to participants
or beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration
for services rendered, (iii) it does not have a single participant or beneficiary with a right to more than 5% of its assets or
income, (iv) it is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant
tax authorities in the country in which it is established or operates, and (v) under the laws of the country in which it is established
or operates, either contributions to such fund which would otherwise be subject to tax under such laws are deductible or excluded
from the gross income of such fund or taxed at a reduced rate, or taxation of any investment income of such fund is deferred or
such income is taxed at a reduced rate. This provision is effective for dispositions and distributions occurring after December
18, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting Requirements and Backup Withholding
Tax</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>U.S. Stockholders:</I> We will report
to our U.S. Stockholders and the IRS the amount of dividends paid during each calendar year, and the amount of tax withheld, if
any. Under the backup withholding rules, backup withholding may apply to a U.S. Stockholder with respect to dividends paid unless
the U.S. Stockholder (a) is a corporation or comes within certain other exempt categories and, when required, demonstrates this
fact, or (b) provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and otherwise
complies with applicable requirements of the backup withholding rules. The IRS may also impose penalties on a U.S. Stockholder
that does not provide us with its correct taxpayer identification number. A U.S. Stockholder may credit any amount paid as backup
withholding against the stockholder&rsquo;s income tax liability. In addition, we may be required to withhold a portion of capital
gain distributions to any U.S. Stockholder who fails to certify to us its non-foreign status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 18, 2010, the Hiring Incentives
to Restore Employment Act of 2010 (the &ldquo;HIRE Act&rdquo;) became law. The HIRE Act imposes a U.S. withholding tax at a 30%
rate on dividends after June 30, 2014 and proceeds of a sale or other disposition in respect of our shares after December 31, 2018
(subject to the caveat below) that are realized by U.S. Stockholders who own their shares through foreign accounts or foreign intermediaries
and certain non-U.S. Stockholders if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. If
payment of withholding taxes is required, non-U.S. Stockholders that are otherwise eligible for an exemption from, or reduction
of, U.S. withholding taxes with respect to such dividends and proceeds will be required to seek a refund from the IRS to obtain
the benefit of such exemption or reduction. We will not pay any additional amounts in respect of any amounts withheld. Notwithstanding
the foregoing, the IRS has issued proposed regulations indicating its intent to eliminate the requirements under the HIRE Act of
withholding on gross proceeds from the sale, exchange, maturity or other disposition of relevant financial instruments. The IRS
has indicated that taxpayers may rely on these proposed regulations pending their finalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Non-U.S. Stockholders:</I> If you are
a Non-U.S. Stockholder, you are generally exempt from backup withholding and information reporting requirements with respect to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>dividend payments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the payment of the proceeds from the sale of shares of our capital stock effected at a United States office of a broker as
long as the income associated with these payments is otherwise exempt from U.S. federal income tax, and provided that the following
additional requirements are met:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>the payor or broker does not have actual knowledge or reason to know that you are a United States person and you have furnished
to the payor or broker either (i) a valid IRS Form W-8BEN or IRS Form W-8 BEN-E, as applicable, or an acceptable substitute form
upon which you certify, under penalties of perjury, that you are a non-United States person or (ii) other documentation upon which
it may rely to treat the payments as made to a non-United States person in accordance with Treasury Regulations, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>you otherwise establish your right to an exemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the proceeds from the sale of
shares of our capital stock effected at a foreign office of a broker generally will not be subject to information reporting or
backup withholding. However, a sale of shares of our capital stock that is affected at a foreign office of a broker will be subject
to information reporting and backup withholding if:</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the proceeds are transferred to an account maintained by you in the United States;</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the payment of proceeds or the confirmation of the sale is mailed to you at a United States address; or</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the sale has some other specified connection with the United States as provided in the Treasury Regulations, unless the broker
does not have actual knowledge or reason to know that you are a United States person and the documentation requirements described
above are met or you otherwise establish an exemption.</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, a sale of shares of our capital
stock will be subject to information reporting if it is affected at a foreign office of a broker that is:</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a United States person;</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a controlled foreign corporation for United States tax purposes;</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a foreign person 50% or more of whose gross income is effectively connected with the conduct of a United States trade or business
for a specified three-year period; or</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a foreign partnership, if at any time during its taxable year:</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>one or more of its partners are &ldquo;U.S. persons,&rdquo; as defined in Treasury Regulations, who in the aggregate hold more
than 50% of the income or capital interest in the partnership; or</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>such foreign partnership is engaged in the conduct of a United States trade or business,</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">unless the broker does not have actual knowledge or reason to
know that you are a United States person and the documentation requirements described above are met or you otherwise establish
your right to an exemption. Backup withholding will apply if the sale is subject to information reporting and the broker has actual
knowledge that you are a United States person.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You generally may obtain a refund of any
amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund claim with the IRS.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Allocation of Liability in the Event a Partnership is
Audited, and an Adjustment is Assessed </I></B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On November 2, 2015, the Bipartisan Budget
Act of 2015 became law. Among other things, the Bipartisan Budget Act of 2015 changed the rules applicable to federal income tax
audits of partnerships (such as any partnership of which we are a partner) and the collection of any tax resulting from such audits
or other tax proceedings. Under these rules, the partnership itself must pay any &ldquo;imputed underpayments,&rdquo; consisting
of delinquent taxes, interest, and penalties deemed to arise out of an audit of the partnership, unless certain alternative methods
are available and the partnership elects to utilize them.</P>

<P STYLE="font: 7pt 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: 0.25in">It is possible that in the future, we or
any partnership of which we are a partner, or both, could be subject to, or otherwise bear the economic burden of, federal income
tax, interest, and penalties resulting from a federal income tax audit as a result of the changes enacted by the Bipartisan Budget
Act of 2015.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Impact of the Tax Cuts and Jobs Act on the Company and
its Stockholders</I></B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Enactment of
Tax Act: </I>On December 22, 2017, President Trump signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the &ldquo;Tax
Act&rdquo; or the &ldquo;Act&rdquo;). The Tax Act makes major changes to the Code, including a number of provisions of the Code
that may affect the taxation of REITs and their security holders. The most significant of these provisions are described below.
The individual and collective impact of these changes on REITs and their security holders may not become evident for some period
of time. Prospective investors should consult their tax advisors regarding the implications of the Tax Act on their investment.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Revised Individual
Tax Rates and Deductions</I>: The Tax Act creates seven income tax brackets for individuals ranging from 10% to 37% that generally
apply at higher thresholds than under the law in effect immediately prior to the enactment of the Tax Act. For example, the highest
37% rate applies to joint return filer incomes above $600,000, instead of the highest 39.6% rate that applies to incomes above
$470,700 under pre-Tax Act law. The maximum 20% rate that applies to long-term capital gains and qualified dividend income is unchanged,
as is the 3.8% Medicare tax on net investment income.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Act also eliminates
personal exemptions, but nearly doubles the standard deduction for most individuals (for example, the standard deduction for joint
return filers rises from $12,700 in 2017 to $24,000 upon the Act&rsquo;s effectiveness). The Act also eliminates many itemized
deductions, limits individual deductions for state and local income, property and sales taxes (other than those paid in a trade
or business) to $10,000 collectively for joint return filers (with a special provision to prevent 2017 deductions for prepayment
of 2018 taxes), and limits the amount of new acquisition indebtedness on principal or second residences for which mortgage interest
deductions are available to $750,000. Interest deductions for new home equity debt are eliminated. Charitable deductions are generally
preserved. The phaseout of itemized deductions based on income is eliminated.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Tax Act does
not eliminate the individual alternative minimum tax, but it raises the exemption and exemption phaseout threshold for application
of the tax.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">These individual
income tax changes are generally effective beginning in 2018, but without further legislation, they sunset after 2025.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Pass-Through
Business Income Tax Rate Lowered through Deduction</I>: Under the Tax Act, individuals and some trusts and estates generally may
deduct up to 20% of &ldquo;qualified business income&rdquo; (generally, domestic trade or business income other than certain investment
items) of a partnership, S corporation, or sole proprietorship. In addition, individuals and some trusts and estates may deduct
up to 20% of &ldquo;qualified REIT dividends&rdquo; (i.e., REIT dividends other than capital gain dividends and portions of REIT
dividends designated as qualified dividend income eligible for capital gain tax rates) and certain other income items. The overall
deduction is limited to 20% of the sum of the taxpayer&rsquo;s taxable income (less net capital gain) and certain cooperative dividends,
subject to further limitations based on taxable income. In addition, for taxpayers with income above a certain threshold (e.g.,
$315,000 for joint return filers), the deduction for each trade or business is generally limited to no more than the greater of
(i) 50% of the taxpayer&rsquo;s proportionate share of total wages from a partnership, S corporation or sole proprietorship, or
(ii) 25% of the taxpayer&rsquo;s proportionate share of such total wages plus 2.5% of the unadjusted basis of acquired tangible
depreciable property that is used to produce qualified business income and satisfies certain other requirements. The deduction
for qualified REIT dividends is not subject to these wage and property basis limits. The deduction, if allowed in full, equates
to a maximum 29.6% tax rate on domestic qualified business income of partnerships, S corporations, or sole proprietorships, and
a maximum 29.6% tax rate of REIT dividends. As with the other individual income tax changes, the deduction provisions are effective
beginning in 2018. Without further legislation, the deduction sunsets after 2025.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Net Operating Loss Modifications: </I>Net
operating loss (&ldquo;NOL&rdquo;) provisions are modified by the Tax Act. The Act limits the NOL deduction to 80% of taxable income
(before the deduction). It also generally eliminates NOL carrybacks for individuals and non-REIT corporations (NOL carrybacks did
not apply to REITs under prior law) but allows indefinite NOL carryforwards.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Certain changes
to Dividends-Received Deduction; Elimination of Corporate Alternative Minimum Tax: </I>The Tax Act reduces the dividends-received
deduction for certain corporate subsidiaries. The Act also permanently eliminates the corporate alternative minimum tax.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Limitations
on Interest Deductibility; Real Property Trades or Businesses Can Elect Out Subject to Longer Asset Cost Recovery Periods</I>:
The Tax Act limits a taxpayer&rsquo;s net interest expense deduction to 30% of the sum of adjusted taxable income, business interest,
and certain other amounts. Adjusted taxable income does not include items of income or expense not allocable to a trade or business,
business interest or expense, the new deduction for qualified business income, NOLs, and for years prior to 2022, deductions for
depreciation, amortization, or depletion. For partnerships, the interest deduction limit is applied at the partnership level, subject
to certain adjustments to the partners for unused deduction limitation at the partnership level. The Act allows a real property
trade or business to elect out of this interest limit so long as it uses a 40-year recovery period for nonresidential real property,
a 30-year recovery period for residential rental property (40 year recovery period for residential rental property placed in service
before 2018), and a 20-year recovery period for related improvements described below. Disallowed interest expense is carried forward
indefinitely (subject to special rules for partnerships).</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Maintains Cost
Recovery Period for Buildings; Reduced Cost Recovery Periods for Tenant Improvements; Increased Expensing for Equipment: </I>For
taxpayers that do not use the Act&rsquo;s real property trade or business exception to the business interest deduction limits,
the Act maintains the current 39-year and 27.5-year straight line recovery periods for nonresidential real property and residential
rental property, respectively, and provides that tenant improvements for such taxpayers are subject to a general 15-year recovery
period. Barring changes in a Technical Corrections Bill, Qualified Leasehold Property, formerly depreciated under straight-line
method using a 15-year recovery period, is now depreciated over 39 years. Also, the Act temporarily allows 100% expensing of certain
new or used tangible property through 2022, phasing out at 20% for each following year (with an election available for 50% expensing
of such property if placed in service during the first taxable year ending after Sept. 27, 2017). The changes apply, generally,
to property acquired after September 27, 2017 and placed in service after Sept. 27, 2017.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Like Kind Exchanges
Retained for Real Property but Eliminated for Most Personal Property</I>: The Tax Act continues the deferral of gain from the like
kind exchange of real property but provides that foreign real property is no longer &ldquo;like kind&rdquo; to domestic real property.
Furthermore, the Act eliminates like kind exchanges for most personal property.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>International
Provisions: Modified Territorial Tax Regime</I>: The Act moves the United States from a worldwide to a modified territorial tax
system, with provisions included to prevent corporate base erosion. We currently do not have any foreign subsidiaries or properties,
but these provisions could affect any such future subsidiaries or properties.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><I>Other Provisions</I>:
The Tax Act makes other significant changes to the Code. These changes include provisions limiting the ability to offset dividend
and interest income with partnership or S corporation net active business losses. These provisions, without further legislation,
sunset after 2025.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and our stockholders may be subject
to state and local tax in various states and localities, including those in which we or they transact business, own property or
reside. Our tax treatment and that of our stockholders in such jurisdictions may differ from the U.S. federal income tax treatment
described above. Consequently, prospective stockholders should consult their own tax advisors regarding the effect of state and
local tax laws on an investment in shares of our capital stock.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>IMPORTANCE OF OBTAINING PROFESSIONAL
TAX ADVICE</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">THE TAX DISCUSSION SET FORTH ABOVE IS FOR
GENERAL INFORMATION ONLY. TAX CONSEQUENCES MAY VARY BASED UPON THE PARTICULAR CIRCUMSTANCES OF EACH INVESTOR. PROSPECTIVE INVESTORS
ARE URGED TO CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE U.S. FEDERAL, STATE AND LOCAL AND APPLICABLE FOREIGN TAX CONSEQUENCES
OF AN INVESTMENT IN OUR SECURITIES.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These securities may be offered and sold
directly by us, through dealers or agents designated from time to time, or to or through underwriters or may be offered and sold
directly by us for consideration consisting of goods and property, including real property directly by us or through a specific
bidding or auction process, a rights offering or through a combination of these methods. The prospectus supplement with respect
to the securities being offered will set forth the terms of the offering, including the names of the underwriters, dealers or agents,
if any, the purchase price of the securities, our net proceeds, any underwriting discounts and other items constituting underwriters&rsquo;
compensation, public offering price and any discounts or concessions allowed or reallowed or paid to dealers and any securities
exchanges on which such securities may be listed. These securities may also be offered by us to our stockholders in lieu of dividends.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The distribution of securities may be affected,
from time to time, in one or more transactions, including:</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>block transactions (which may involve crosses) and transactions on the New York Stock Exchange or any other organized market
where the securities may be traded;</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>purchases by a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement;</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>sales &ldquo;at the market&rdquo; to or through a market maker or into an existing trading market, on an exchange or otherwise;
and</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>sales in other ways not involving market makers or established trading markets, including direct sales to purchasers.</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be sold at a fixed price
or prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating to the prevailing market
prices or at negotiated prices. The consideration may be cash, or another form negotiated by the parties. Agents, underwriters
or broker-dealers may be paid compensation for offering and selling the securities. That compensation may be in the form of discounts,
concessions or commissions to be received from us or from the purchasers of the securities. Dealers and agents participating in
the distribution of the securities may be deemed to be underwriters, and compensation received by them on resale of the securities
may be deemed to be underwriting discounts and commissions under the Securities Act. If such dealers or agents were deemed to be
underwriters, they may be subject to statutory liabilities under the Securities Act.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may also make direct sales through subscription
rights distributed to our existing stockholders on a pro rata basis, which may or may not be transferable. In any distribution
of subscription rights to our stockholders, if all of the underlying securities are not subscribed for, we may then sell the unsubscribed
securities directly to third parties or may engage the services of one or more underwriters, dealers or agents, including standby
underwriters, to sell the unsubscribed securities to third parties.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If underwriters are used in an offering,
we will execute an underwriting agreement with such underwriters and will specify the name of each underwriter and the terms of
the transaction (including any underwriting discounts and other terms constituting compensation of the underwriters and any dealers)
in a prospectus supplement. If an underwriting syndicate is used, the managing underwriter(s) will be specified on the cover of
the prospectus supplement. If underwriters are used in the sale, the offered securities will be acquired by the underwriters for
their own accounts and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed
public offering price or at varying prices determined at the time of sale. Any public offering price and any discounts or concessions
allowed or reallowed or paid to dealers may be changed from time to time. Unless otherwise set forth in the prospectus supplement,
the obligations of the underwriters to purchase the offered securities will be subject to conditions precedent and the underwriters
will be obligated to purchase all of the offered securities if any are purchased.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If dealers are used in an offering, we
will sell the securities to the dealers as principals. The dealers may resell the securities to the public at varying prices, which
they determine at the time of resale. The names of the dealers and the terms of the transaction will be specified in a prospectus
supplement.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be sold directly by
us or through agents we designate. If agents are used in an offering, the names of the agents and the terms of the agency will
be specified in a prospectus supplement. Unless otherwise indicated in a prospectus supplement, the agents will act on best efforts
basis for the period of their appointment.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dealers and agents named in a prospectus
supplement may be deemed to be underwriters (within the meaning of the Securities Act) of the securities described therein. In
addition, we may sell the securities directly to institutional investors or others who may be deemed to be underwriters within
the meaning of the Securities Act with respect to any resales thereof.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In compliance with the guidelines of the
Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), the aggregate value of all compensation to be received by participating
FINRA members in any offering will not exceed 8% of the offering proceeds.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Underwriters, dealers and agents, may be
entitled to indemnification by us against specific civil liabilities, including liabilities under the Securities Act, or to contribution
with respect to payments which the underwriters or agents may be required to make in respect thereof, under underwriting or other
agreements. The terms of any indemnification provisions will be set forth in a prospectus supplement. Certain underwriters, dealers
or agents and their associates may engage in transactions with and perform services for us in the ordinary course of business.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If so indicated in a prospectus supplement,
we will authorize underwriters or other persons acting as our agents to solicit offers by institutional investors to purchase securities
pursuant to contracts providing for payment and delivery on a future date. We may enter contracts with commercial and savings banks,
insurance companies, pension funds, investment companies, educational and charitable institutions and other institutional investors.
The obligations of any institutional investor will be subject to the condition that its purchase of the offered securities will
not be illegal at the time of delivery. The underwriters and other agents will not be responsible for the validity or performance
of contracts.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each prospectus supplement will indicate
if the securities offered thereby will be listed on any securities exchange; however, we anticipate that any common shares sold
pursuant to a prospectus supplement will be eligible for trading on the New York Stock Exchange, subject to official notice of
issuance. Any underwriters to whom securities are sold by us for Public offering and sale may make a market in the securities,
but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the securities offered
hereby, and certain U.S. federal income tax matters will be passed upon for us by Dentons US LLP, New York, New York. If legal
matters in connection with offerings made pursuant to this prospectus are passed upon by counsel for the underwriters, dealers
or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements of
One Liberty Properties, Inc. appearing in One Liberty Properties, Inc.&rsquo;s Annual Report (Form 10-K) for the year ended December
31, 2019, and the effectiveness of One Liberty Properties, Inc.&rsquo;s internal control over financial reporting as of December
31, 2019, have been audited by Ernst &amp; Young LLP, independent registered public accounting firm, as set forth in their reports
thereon included therein, and incorporated herein by reference. Such financial statements are, and audited financial statements
to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst &amp; Young LLP
pertaining to such financial statements and the effectiveness of our internal control over financial reporting as of the respective
dates (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm
as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II. INFORMATION NOT REQUIRED IN
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 14.</B></TD><TD><B>Other Expenses of Issuance and Distribution.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth the estimated
expenses payable in connection with the sale and distribution of the securities registered hereby. All amounts other than the SEC
registration fee are estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC Registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,490.00</TD><TD STYLE="width: 1%; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal Fees and Disbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt; text-indent: -8.65pt; padding-left: 17.3pt">Total:</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">6,490.00</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The registration fee of $6,490.00 is calculated pursuant to Rule 457(o) and reflects an offset resulting from the inclusion
of previously registered and unsold securities pursuant to Rule 415(a)(6).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Does not include expenses of preparing any accompanying prospectus supplements, listing fees, transfer agent fees and other
expenses related to offerings of particular securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 15.</B></TD><TD><B>Indemnification of Officers and Directors.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The registrant&rsquo;s charter obligates
it to indemnify its directors and officers to the maximum extent permitted by Maryland law. The Maryland General Corporation Law
(the &ldquo;MGCL&rdquo;) permits a corporation to indemnify its present and former directors and officers against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be a party
by reason of their service in those or other capacities, unless it is established that (1) the act or omission of the director
or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith, or (b) was the result of
active and deliberate dishonesty, or (2) the director or officer actually received an improper personal benefit in money, property
or services, or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act
or omission was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The MGCL permits the charter of a Maryland
corporation to include a provision limiting the liability of its directors and officers to the corporation and its stockholders
for money damages, except to the extent that (1) it is proved that the person actually received an improper benefit or profit in
money, property or services, or (2) a judgment or other final adjudication is entered in a proceeding based on a finding that the
person&rsquo;s action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action
adjudicated in the proceeding. The registrant&rsquo;s charter provides for elimination of the liability of its directors and officers
to the registrant or its stockholders for money damages to the maximum extent permitted by Maryland law from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 16.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit <BR>
No.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 5%; text-align: center">1.1</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 93%">Form of Underwriting Agreement for common stock, preferred stock, warrants or subscription rights.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/712770/000095012302004152/y59271ex4-1.txt">Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to One Liberty Properties, Inc.&rsquo;s Registration Statement on Form S-2, Registration No. 333-86850, filed on April 24, 2002 and declared effective on May 24, 2002).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Articles Supplementary with respect to any preferred stock to be issued hereunder.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>Form of preferred stock certificate.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>Form of warrant agreement.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>Form of warrant certificate.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.6</TD>
    <TD>&nbsp;</TD>
    <TD>Form of subscription rights agreement.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>Form of subscription rights certificate.**</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea119639ex5-1_oneliberty.htm">Opinion of Dentons US LLP.</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">8.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea119639ex8-1_oneliberty.htm">Tax Opinion of Dentons US LLP.</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea119639ex5-1_oneliberty.htm">Consent of Dentons US LLP (included in its opinions filed as Exhibits 5.1 and 8.1).</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ea119639ex23-2_oneliberty.htm">Consent of Ernst &amp; Young LLP, independent registered public accountants.*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">24.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="#a_016">Powers of Attorney (included on the signature page of this Registration Statement).</A> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD>Filed herewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">**</TD><TD>To be incorporated by reference in connection with the offering of the offered securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 17.</B></TD><TD><B>Undertakings. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(A)</TD><TD>The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><I>Provided, however</I>, that paragraphs (A)(1)(i),
(A)(1)(ii) and (A)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or 15(d) of the Exchange Act
that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule
424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>That, for the purpose of determining liability under the Securities Act to any purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement
as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to
a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such effective date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(B)</TD><TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each
filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(C)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</TD></TR></TABLE>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the Village of Great Neck Plaza, State of New York on March 17, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>&nbsp;</TD>
    <TD COLSPAN="2"><B>ONE LIBERTY PROPERTIES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Patrick J. Callan, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick J. Callan, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>President and Chief Executive Officer</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL MEN BY THESE PRESENTS, each of
the undersigned constitutes and appoints Patrick J. Callan, Jr., Mark H. Lundy and David W. Kalish, and each of them, as attorneys-in-fact
and agents, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in any
and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement or any
registration statement for this offering that is to be effective upon the filing pursuant to Rule 462(b) under the Securities Act
of 1933, as amended, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all other documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that each of said
attorney-in-fact or substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated, on March
17, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 40%; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature</B></P></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 58%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Matthew J. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>Chairman of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Matthew J. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Fredric H. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>Vice Chairman of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Fredric H. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Patrick J. Callan, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>President, Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Patrick J. Callan, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Charles Biederman</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Joseph A. DeLuca</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Joseph A. DeLuca</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Jeffrey A. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jeffrey A. Gould</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ J. Robert Lovejoy</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>J. Robert Lovejoy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Leor Siri</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Leor Siri</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Karen A. Till</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Karen A. Till</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>/s/ Eugene I. Zuriff</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid">Eugene I. Zuriff</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ David W. Kalish</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2">Senior Vice President and Chief Financial Officer (Principal Financial Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>David W. Kalish</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid">/s/ Karen Dunleavy</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President, Financial (Principal Accounting Officer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Karen Dunleavy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-4</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea119639ex5-1_oneliberty.htm
<DESCRIPTION>OPINION OF DENTONS US LLP
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
5.1</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><IMG SRC="ex5-1_001.jpg" ALT=""></TD>
    <TD STYLE="width: 60%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dentons
US LLP<BR>
1221 Avenue of the Americas<BR>
New York, NY 10020-1089<BR>
United States</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#22823;&#25104;
Salans FMC SNR Denton McKenna Long</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dentons.com</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
17, 2020</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">One Liberty Properties, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60 Cutter Mill Road, Suite 303</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Great Neck, NY 11021</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel to One Liberty Properties, Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), in connection
with a Registration Statement on Form S-3 being filed contemporaneously herewith by the Company with the Securities and Exchange
Commission under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;) (such registration statement,
as it may be amended, the &ldquo;<U>Registration Statement</U>&rdquo;) for the issuance and sale from time to time pursuant to
Rule 415(a)(1)(x), promulgated under the Securities Act, of securities (collectively, the &ldquo;<U>Securities</U>&rdquo;) with
an aggregate public offering price of $250,000,000, consisting of: (i) shares of common stock, $1.00 par value per share, of the
Company (the &ldquo;<U>Common Stock</U>&rdquo;), (ii) shares of preferred stock, $1.00 par value per share, of the Company (the
&ldquo;<U>Preferred Stock</U>&rdquo;), (iii) warrants to purchase Common Stock or Preferred Stock (the &ldquo;<U>Warrants</U>&rdquo;),
and (iv) subscription rights to purchase Common Stock or Preferred Stock (the &ldquo;<U>Rights</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are delivering this opinion to you at your request in accordance with the requirements of Item 16 of Form S-3 and Item 601(b)(5)
of Regulation S-K under the Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with rendering this opinion, we have examined originals, certified copies or copies otherwise identified as being true
copies of the following documents (hereinafter collectively referred to as the &ldquo;<U>Documents</U>&rdquo;):</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Registration Statement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Articles of Incorporation of the Company, as amended and restated to date (as so amended and restated, the &ldquo;Articles
    of Incorporation&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    By-Laws of the Company, as amended to date (as so amended, the &ldquo;Bylaws&rdquo;);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
    proceedings of the Company relating to its proposed issuance of the Securities; and</FONT></TD></TR>
</TABLE>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    other instruments and documents as we have deemed relevant or necessary in connection with our opinions set forth herein.</FONT></TD></TR>
</TABLE>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><IMG SRC="ex5-1_001.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 29%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
                                         Liberty Properties, Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
        17, 2020</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
2&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#22823;&#25104;
                                         Salans FMC SNR Denton McKenna Long</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>dentons.com</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making the aforesaid examinations, we have assumed the genuineness and authenticity of all documents examined by us and all signatures
thereon, and the conformity to originals of all copies of all documents examined by us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, and in reliance thereon, and subject to the qualifications, limitations and exceptions stated herein, we are
of the opinion, having due regard for such legal considerations as we deem relevant, that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
When (i) the Registration Statement has become effective under the Securities Act and (ii) an issuance of the Common Stock
has been duly authorized by the Company and, upon issuance and delivery of the Common Stock against payment therefor in
accordance with the terms of such corporate proceeding taken by the Company and any applicable underwriting agreement or
purchase agreement, and as contemplated by the Registration Statement and/or the applicable prospectus supplement, or upon
the exercise of any Warrants to purchase Common Stock in accordance with the terms thereof, or conversion or exchange of
Preferred Stock that, by its terms, is convertible into or exchangeable for Common Stock, or upon the exercise of any Rights
to purchase Common Stock in accordance with the terms thereof and receipt by the Company of any additional consideration
payable upon such conversion, exchange or exercise, as applicable, the shares of Common Stock will be validly issued, fully
paid and non-assessable</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;When
(i) the Registration Statement has become effective under the Securities Act, (ii) a series of Preferred Stock has been duly authorized
and established by the Company in accordance with the terms of the Articles of Incorporation, the By-Laws and applicable law,
(iii) appropriate Articles Supplementary setting forth the number of shares and the terms of any class or series of Preferred
Stock to be issued by the Company have been filed with and accepted for record by the State Department of Assessments and Taxation
of Maryland and (iv) the issuance of such series of Preferred Stock has been appropriately authorized by the Company and, upon
issuance and delivery of such series of Preferred Stock against payment therefor in accordance with the terms of such corporate
proceeding taken by the Company and any applicable underwriting agreement or purchase agreement, and as contemplated by the Registration
Statement and/or the applicable prospectus supplement, or upon the exercise of any Warrants for such series of Preferred Stock
in accordance with the terms thereof, or upon the exercise of any Rights for Preferred Stock in accordance with the terms thereof
and receipt by the Company of any additional consideration payable upon conversion, exchange or exercise, as applicable, such
series of Preferred Stock will be validly issued, fully paid and non-assessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
When (i) the Registration Statement has become effective under the Securities Act, (ii) the Warrants and, if applicable, a
warrant agreement conforming to the description thereof in the Registration Statement and/or the applicable prospectus
supplement have been duly authorized by the Company and any such warrant agreement has been delivered by the Company and the
warrant agent named therein and (iii) Warrants conforming to the requirements of any related warrant agreement have been duly
authenticated by the applicable warrant agent and the Warrants have been duly executed and delivered on behalf of the Company
against payment therefor in accordance with the terms of such corporate proceeding taken by the Company, any applicable
underwriting agreement or purchase agreement and any applicable warrant agreement, and as contemplated by the Registration
Statement and/or the applicable prospectus supplement, the Warrants will constitute valid and binding obligations of the
Company, enforceable in accordance with their terms.</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 29%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
                                         Liberty Properties, Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
        17, 2020</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
3&nbsp;</FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#22823;&#25104;
                                         Salans FMC SNR Denton McKenna Long</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>dentons.com</B></FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
When (i) the Registration Statement has become effective under the Securities Act and (ii) the Rights and, if applicable, a
standby underwriting agreement conforming to the description thereof in the Registration Statement and/or the applicable
prospectus supplement have been duly authorized by the Company and any such standby underwriting agreement has been delivered
by the Company and the underwriter(s) named therein, and assuming (a) that the terms of the Rights are as described in the
Registration Statement and/or the applicable prospectus supplement, (b) that the terms of the Rights do not violate any law
applicable to the Company or result in a default under or breach of any agreement or instrument binding upon the Company and
(c) that the Rights are then issued as contemplated in the Registration Statement and/or the applicable prospectus
supplement, the Rights will constitute valid and binding obligations of the Company, enforceable in accordance with their
terms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing opinion is limited to the laws of the State of Maryland (excluding local laws) and the federal law of the United States
of America. In this regard, we note that we do not practice law in the State of&nbsp;Maryland and do not maintain any office therein.
Any opinions expressed herein with respect to the law of the State of Maryland have been reviewed by a member of our firm admitted
to practice law in the State of Maryland.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the use of our opinion as an exhibit to the Registration Statement and to the reference to this firm and this
opinion under the heading &ldquo;Legal Matters&rdquo; in the Prospectus comprising a part of the Registration Statement and any
amendment thereto. In giving such consent, we do not hereby admit that we come within the category of persons whose consent is
required under Section 7 of the Act, or the rules and regulations of the Commission thereunder.</FONT></P>

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

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Dentons US LLP</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>ea119639ex8-1_oneliberty.htm
<DESCRIPTION>TAX OPINION OF DENTONS US LLP
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 8.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5in; text-align: center; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-left: 10pt; font-size: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;Dentons US LLP<BR>
1221 Avenue of the Americas<BR>
New York, NY 10020-1089 USA<BR>
<BR>
T&nbsp;&nbsp;+1 212 768 6700<BR>
F&nbsp;&nbsp;+1 212 768 6800</TD>
    <TD STYLE="width: 1%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt">Salans FMC SNR Denton<BR>
dentons.com</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
17, 2020</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
Liberty Properties,&nbsp;Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60
Cutter Mill Road, Suite 303</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Great
Neck, New York 11021</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel to One Liberty Properties,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;) in connection with
the filing of a registration statement on Form&nbsp;S-3 (the &ldquo;Registration Statement&rdquo;) with the Securities and Exchange
Commission, to register under the Securities Act of 1933, as amended, the issuance and sale from time to time pursuant to Rule&nbsp;415(a)(1)(x),
promulgated under the Securities Act of 1933, as amended, of securities (collectively, the &ldquo;Securities&rdquo;) with an aggregate
public offering price of $250,000,000, consisting of: (i)&nbsp;shares of common stock, $1.00 par value per share, (ii)&nbsp;shares
of preferred stock, $1.00 par value per share, (iii)&nbsp;warrants to purchase Common Stock or Preferred Stock, and (iv)&nbsp;subscription
rights to purchase Common Stock or Preferred Stock. In connection with the Registration Statement, you have asked us to provide
you with the opinions set forth below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of delivering this opinion, we have examined the Articles of Incorporation (including related Articles of Amendment)
and Bylaws of the Company, the Registration Statement, the Company&rsquo;s annual report on Form&nbsp;10-K (other than documents
incorporated therein by reference) for its year ended December&nbsp;31, 2019 and certain internal income and asset tests conducted
by the Company (the &ldquo;Company REIT Tests&rdquo;). We have relied upon, with your consent, the representations of a duly appointed
officer of the Company contained in a letter dated as of this date (the &ldquo;Officer&rsquo;s Certificate&rdquo;) regarding various
factual matters, including the manner in which the Company and entities in which it owns a direct or indirect interest has been
and will continue to be operated. We have assumed that each representation in the Officer&rsquo;s Certificate is and will be true,
correct and complete and that all representations that (a)&nbsp;address future matters or conditions, (b)&nbsp;address the intentions
of, or (c)&nbsp;are given to the belief and/or knowledge of any person(s) or party(ies) are and will be true, correct and complete
as if made without such qualification. Our opinion is based solely on the information and representations in such documents and
the Officer&rsquo;s Certificate. We assume that the Company will be operated in accordance with all applicable laws and the terms
and conditions of applicable documents. In addition, we have relied upon certain additional facts and assumptions described below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
rendering the opinion set forth herein, we have assumed the authenticity of all documents submitted to us as originals, the genuineness
of all signatures thereon, the legal capacity of natural persons executing such documents and the conformity to authentic original
documents of documents submitted to us as copies. In addition, we have assumed the factual accuracy of all representations, warranties
and other statements in the documents we have examined.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have assumed that for the remainder of 2020 and in subsequent taxable years, the Company will operate in a manner
that will make the representations contained in the Officer&rsquo;s Certificate true for all such years, and that the Company
will not make any amendments to its organizational documents (or to those of its incorporated and/or unincorporated subsidiaries)
after the date of this opinion that would affect the Company&rsquo;s qualification as a real estate investment trust for any taxable
year. For purposes of this opinion, we have made no independent investigation of the factual matters contained in the documents
set forth above, or in the representations set forth in the Officer&rsquo;s Certificate and/or the Registration Statement. No
facts have come to our attention, however, that would cause us to question the accuracy and completeness of such facts or factual
representations in a material way.&nbsp;</FONT></P>


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


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<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
Liberty Properties, Inc.</FONT></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
17, 2020</FONT></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinion set forth below is based upon the Internal Revenue Code of 1986 (the &ldquo;Code&rdquo;), the Income Tax Regulations and
Procedure and Administration Regulations promulgated thereunder and administrative and judicial interpretations thereof, in each
case as they currently exist and all of which are subject to change, and the opinion below is rendered as of the date hereof,
and we disclaim any obligation to advise you of any change in any of the foregoing sources of law or subsequent developments in
law or changes in facts or circumstances which might affect any matters or opinion set forth herein. No assurance can be given
that the federal income tax consequences described below will not be altered in the future.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the documents and assumptions set forth above and the representations set forth in the Officer&rsquo;s Certificate, and provided
that the Company continues to meet the applicable asset composition, source of income, shareholder diversification, distribution,
and other requirements of the Code necessary for a corporation to qualify as a real estate investment trust, we are of the opinion
that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Commencing with the Company&rsquo;s taxable year ended December&nbsp;31, 2006, the Company has been organized and operated in
conformity with the requirements for qualification as a &ldquo;real estate investment trust&rdquo; under the Code, and its
method of operation enables it to continue to meet the requirements for qualification as a &ldquo;real estate investment
trust&rdquo; under the Code, provided that the Company continues to meet the applicable asset composition, source of income,
shareholder diversification, distribution, record-keeping and other requirements of the Code necessary for a corporation to
qualify as a real estate investment trust, and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
The information in the Registration Statement under the caption &ldquo;Federal Income Tax Considerations,&rdquo; to the
extent that it constitutes matters of law or legal conclusions, has been reviewed by us and is correct in all material
respects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not review, on a continuing basis, the Company&rsquo;s compliance with the documents or assumptions set forth above, or the
representations set forth in the Officer&rsquo;s Certificate. Accordingly, no assurance can be given that the actual results of
the Company&rsquo;s operations for any given taxable year will satisfy the requirements for qualification and taxation as a real
estate investment trust under the Code. The ability of the Company to continue to meet the requirements for qualification and
taxation as a real estate investment trust will be dependent upon the Company&rsquo;s ability to continue to meet in each year
the applicable asset composition, source of income, shareholder diversification, distribution, and other requirements of the Code
necessary for a corporation to qualify as a real estate investment trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing opinion is limited to the federal income tax matters addressed herein, and no other opinion is rendered with respect
to other federal tax matters or to any issues arising out of the tax laws of any state or locality. We express no opinion with
respect to the matters described herein other than those expressly set forth herein. You should recognize that our opinion is
not binding on the Internal Revenue Service and that the Internal Revenue Service may disagree with the opinion contained herein.
Although we believe that our opinion will be sustained if challenged, there is no guarantee that this will be the case. Except
as specifically discussed above, the opinion expressed herein is based upon the laws that currently exist. Consequently, future
changes in the law may cause the federal income tax treatment of the Company to be materially and adversely different from that
described above. Except as described in the next paragraph, this opinion letter may not be distributed, relied upon for any purpose
by any other person, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency
without our express written consent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is rendered for the sole benefit of the Company and investors who receive Securities pursuant to the Registration Statement,
and no other person or entity is entitled to rely hereon. Copies of this opinion may not be furnished to any other person or entity
without our prior written consent, except as may be required by law, nor may any portion of this opinion be quoted, circulated
or referred to in any other document, without our prior written consent. We consent to the filing of this opinion as an exhibit
to the Registration Statement and to the reference thereto in the prospectus included in the Registration Statement under the
heading &ldquo;Federal Income Tax Considerations&rdquo;. In giving such consent, we do not thereby admit that we come within the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 60%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/
    DENTONS US&nbsp;LLP</B></FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea119639ex23-2_oneliberty.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
23.2</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the reference to our firm under the caption &quot;Experts&quot; in the Registration Statement (Form S-3) and related
Prospectus of One Liberty Properties, Inc. for the registration of common stock, preferred stock, warrants and subscription rights
up to a maximum aggregate offering price of $250,000,000 and to the incorporation by reference therein of our reports dated&nbsp;March
16, 2020, with respect to the consolidated financial statements and schedule of One Liberty Properties, Inc. and Subsidiaries,
and the effectiveness of internal control over financial reporting of One Liberty Properties, Inc. and Subsidiaries, included
in its Annual Report (Form 10-K) for the year ended December 31, 2019, filed with the Securities and Exchange Commission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ernst&nbsp;&amp; Young&nbsp;LLP</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
17, 2020</FONT></P>

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

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

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