ONE LIBERTY PROPERTIES REPORTS THIRD QUARTER 2026 RESULTS
ONE LIBERTY PROPERTIES INC (OLP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 ONE LIBERTY PROPERTIES REPORTS THIRD QUARTER 2026 RESULTS – Rental Income Increases 11.9% Year Over Year – – Acquired Industrial Building for $11.3 Million and Under Contract to Acquire a $34 Million Industrial Portfolio – – Realized $30.7 Million in Net Proceeds fro
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on OLP's performance and balance sheet, offering traders actionable insight into potential price movement.
Market read
The report may move OLP's stock as investors assess the trade‑off between higher FFO growth and lower net income.
What to watch
The new revolving credit facility provides liquidity flexibility that may support future acquisitions.
Rental Income Increases 11.9% Year Over Year; industrial properties represent approximately 86% of base rent; acquired an industrial building for $11.3 million and is under contract to acquire a $34 million industrial portfolio.
Rental income, FFO and AFFO increased year over year, supported by accretive industrial acquisitions, but GAAP net income and diluted net income per share declined sharply as the prior-year quarter included a substantially larger gain on sale of real estate. Interest expense and operating expenses also increased.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $26.60M | – | 11.9 % |
| Rental income, net, three months ended September 30, 2026GAAP | $26.60M | – | 11.9% |
| Lease termination fees, three months ended September 30, 2026GAAP | — | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | 8,311 | – | – |
| Real estate expenses, three months ended September 30, 2026GAAP | 5,281 | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | 4,288 | – | – |
| Impairment losses, three months ended September 30, 2026GAAP | 1,422 | – | – |
| State tax expense, three months ended September 30, 2026GAAP | 30 | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | 19,332 | – | – |
| Gain on sale of real estate, net, three months ended September 30, 2026GAAP | 887 | – | – |
| Operating income, three months ended September 30, 2026GAAP | 8,157 | – | – |
| Other income, three months ended September 30, 2026GAAP | 53 | – | – |
| Equity in earnings from sale of unconsolidated joint venture properties, three months ended September 30, 2026GAAP | — | – | – |
| Interest expense, three months ended September 30, 2026GAAP | (6,795 ) | – | – |
| Amortization and write-off of deferred financing costs, three months ended September 30, 2026GAAP | (311 ) | – | – |
| Net income, three months ended September 30, 2026GAAP | 1,104 | – | – |
| Net income attributable to One Liberty Properties, Inc., three months ended September 30, 2026GAAP | $1.10M | – | (89.5 )% |
| Net income per share attributable to common stockholders - diluted, three months ended September 30, 2026GAAP | $ .04 | – | (91.7 ) |
| Funds from operations, three months ended September 30, 2026non-GAAP | $9.94M | – | 9.7 % |
| Funds from operations per common share - diluted, three months ended September 30, 2026non-GAAP | $ .45 | – | 7.1 % |
| Adjusted funds from operations, three months ended September 30, 2026non-GAAP | $11.01M | – | 9.3 % |
| Adjusted funds from operations per common share - diluted, three months ended September 30, 2026non-GAAP | $ .50 | – | 8.7 % |
| Weighted average number of common shares outstanding - basic, three months ended September 30, 2026GAAP | 21,126 | – | – |
| Weighted average number of common shares outstanding - diluted, three months ended September 30, 2026GAAP | 21,168 | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | 81,892 | – | – |
| Rental income, net, nine months ended September 30, 2026GAAP | $80.56M | – | – |
| Lease termination fees, nine months ended September 30, 2026GAAP | 1,327 | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | 55,651 | – | – |
| Operating income, nine months ended September 30, 2026GAAP | 44,437 | – | – |
| Net income attributable to One Liberty Properties, Inc., nine months ended September 30, 2026GAAP | $22.99M | – | – |
| Net income per share attributable to common stockholders - diluted, nine months ended September 30, 2026GAAP | $ 1.04 | – | – |
| Funds from operations, nine months ended September 30, 2026non-GAAP | 31,684 | – | – |
| Funds from operations per common share - diluted, nine months ended September 30, 2026non-GAAP | $ 1.44 | – | – |
| Adjusted funds from operations, nine months ended September 30, 2026non-GAAP | 32,756 | – | – |
| Adjusted funds from operations per common share - diluted, nine months ended September 30, 2026non-GAAP | $ 1.49 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Rental income, net, grew 11.9%, or $2.8 million, year over year due primarily to accretive acquisitions, which contributed an additional $3.4 million, partially offset by $661,000 from properties sold.
- Industrial properties represented approximately 86% of base rent and portfolio occupancy was 97.5% as of quarter end.
- The Company acquired a 100,000 square foot industrial building in Ocala, Florida for $11.3 million. The Company estimates that the property will initially generate annual rental income of approximately $890,000.
- The Company signed a definitive contract to purchase a four-building industrial portfolio totaling 277,117 square feet in the Milwaukee, Wisconsin, MSA for approximately $34 million, with closing expected in the fourth quarter of 2026.
- FFO grew 9.7% to $9.9 million and AFFO increased 9.3% to $11.0 million, driven primarily by increased rental income related to accretive industrial acquisitions.
Concerns
- Net income attributable to OLP was $1,096, compared to $10,478 in the prior-year quarter, principally reflecting a $887,000 net gain on sales of real estate in the current quarter versus a $9.1 million net gain on sales of real estate in the prior-year quarter.
- Total operating expenses were $19.3 million compared to $17.0 million year over year, primarily due to a $1.6 million increase in depreciation and amortization and higher real estate expenses related to additional industrial properties acquired.
- Interest expense was $6.8 million compared to $5.6 million in the prior-year quarter, reflecting an increase in the weighted average principal amount of mortgage debt outstanding and, to a lesser extent, higher weighted average interest rates.
- Diluted per share net income, FFO and AFFO were impacted compared to the corresponding quarter in the prior year by an average increase of approximately 224,000 in the weighted average number of shares of common stock outstanding as a result of stock issuances in connection with the equity incentive and dividend reinvestment programs.
- The Company recorded an impairment loss of $1.4 million on the sale of a retail property in Chicago, Illinois.
What to watch
- Closing of the approximately $34 million Milwaukee industrial portfolio acquisition expected in the fourth quarter of 2026.
- Execution of the five post-quarter-end property sales for approximately $25.1 million, which are estimated to generate net proceeds of approximately $24.5 million and a net gain of approximately $8.6 million.
- Deployment of $104.8 million of available liquidity and use of the new credit facility to support industrial acquisitions.
- The effect of additional industrial properties and higher mortgage debt on rental income, real estate expenses, depreciation and amortization, and interest expense.
Balance sheet and cash flow
- At September 30, 2026, cash and cash equivalents were $20.1 million.
- At September 30, 2026, total assets were $880.5 million.
- At September 30, 2026, total debt was $543.4 million, including $10.0 million outstanding under its credit facility.
- At September 30, 2026, total OLP stockholders' equity was $297.1 million.
- At October 30, 2026, available liquidity was $104.8 million, including $21.0 million of cash and cash equivalents and $83.8 million available under its credit facility.
- The new credit facility is $100 million, has a scheduled maturity in December 2029, an extension right to December 2030, and an option to increase the facility by up to $50 million.
Analysis
One Liberty reported $ 26,602 of total revenues for the three months ended September 30, 2026, compared with $ 23,771 in the prior-year quarter. Rental income, net, grew 11.9%, or $2.8 million, with accretive acquisitions contributing an additional $3.4 million and properties sold offsetting this by $661,000. Industrial properties represented approximately 86% of base rent and portfolio occupancy was 97.5% at quarter end, underscoring the portfolio's continuing industrial orientation.
The improvement in property income translated to higher non-GAAP operating measures. Funds from operations rose to $ 9,937 from $ 9,057, while adjusted funds from operations rose to $ 11,007 from $ 10,072. Diluted FFO per share was $ .45 versus $ .42 and diluted AFFO per share was $ .50 versus $ .46. The release attributes the FFO and AFFO increases primarily to rental income from accretive industrial acquisitions, partly offset by additional interest expense.
GAAP earnings declined because property-sale gains were much lower than in the prior-year period. Net income attributable to One Liberty Properties, Inc. was $ 1,096 versus $ 10,478, and diluted net income per share was $ .04 versus $ .48. Gain on sale of real estate, net, was 887 compared with 9,071. Total operating expenses were 19,332 versus 16,979, while interest expense was (6,795 ) versus (5,617 ). The Company also stated that the per-share measures were affected by an average increase of approximately 224,000 in weighted average common shares outstanding.
Capital activity continued to rotate the portfolio toward industrial assets. The Company acquired a 100,000 square foot Ocala industrial building for $11.3 million and estimates that it will initially generate annual rental income of approximately $890,000. It also signed a contract to acquire a four-building Milwaukee industrial portfolio for approximately $34 million. During the quarter, it sold two non-core retail properties for an aggregate price of $7.8 million and net proceeds of $6.2 million, and subsequent to quarter end sold five properties for approximately $25.1 million. Liquidity was $104.8 million at October 30, 2026, including $83.8 million available under the credit facility. The release provided no formal earnings or revenue guidance.
Management, verbatim
Third quarter results reflect the continued growth of our industrial portfolio, with total revenues up 11.9% from the prior year, driven by the contribution from our accretive industrial acquisitions.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty
We continue to recycle capital from retail and other assets that have reached peak value into industrial properties, which now represent approximately 86% of our base rent.
Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty
Not in the filing
stated, not guessed- Formal revenue, gross margin, operating-expense, tax-rate, EPS, FFO, AFFO, or capital-allocation guidance was not provided.
- Prior-quarter comparisons were not provided for reported income-statement metrics.
- Gross profit and gross margin were not reported.
- Operating cash flow, investing cash flow, financing cash flow, and free cash flow were not reported.
- Dividend declarations, dividend amounts, share repurchases, and repurchase authorization information were not reported.
- Segment revenue disclosures were not reported.
- No previous outlook section was provided, so comparison with prior guidance is unavailable.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
One Liberty Properties (NYSE: OLP) filed a Form 8‑K reporting its third‑quarter 2026 results, highlighting revenue growth, industrial acquisition activity, and a new credit facility.
Ticker impact
Q3 2026 earnings report showing 11.9% revenue growth, new industrial acquisitions and a new $100M credit facility.
potential modest downside as investors weigh lower net income against higher FFO and growth outlook
FFO and AFFO rose double‑digits, but net income per share fell 91%, and interest expense increased, creating uncertainty.
Market effects
Industrial REIT sector may see increased investor interest due to demonstrated acquisition strategy.
Florida and Midwest industrial property markets could benefit from OLP's expansion.
Limited to US REIT investors; no broader global impact.
Counterpoint
Despite earnings beat on FFO, the steep net income drop and higher debt costs could signal overvaluation.
Key entities
- companyOne Liberty Properties Inc.
Industrial REIT reporting Q3 2026 results.
