One Liberty Properties (OLP) investor relations material

Portfolio overview

• Owns 111 properties totaling 12.4 million square feet, with 84% of base rent from industrial assets and 98.8% occupancy as of March 2026.

• Geographically diverse, with industrial properties in 30 states; top five tenants account for only 18% of base rent.

• Portfolio transformation since 2018 increased industrial base rent share from 46% to 84%.

• Consistent high occupancy above 98.6% for the past seven years.

• Top tenants include FedEx, Ferguson, and Toro Company, each representing 3–4% of base rent.

Growth strategy and acquisitions

• Acquired $246 million of industrial properties since January 2025, focusing on distribution assets in strong submarkets.

• Recent acquisitions include multi-tenant and single-tenant industrial buildings with yields ranging from 6% to 11%.

• Organic growth driven by contractual rent escalators and mark-to-market opportunities.

• Opportunistic recycling of non-industrial assets to maximize value.

• Case studies show strong rent growth and successful lease renewals, with rent increases of 26–35% on renewals.

Financial position and performance

• Gross assets of $1.1 billion and total debt at 51.7% of gross assets as of March 2026.

• Debt service coverage ratio of 2.1x and $92 million available on the line of credit.

• Well-laddered mortgage maturities, with a weighted average interest rate of 4.91% on fixed-rate debt.

• Dividend yield between 6.6% and 8.9% over the past four years, with a payout ratio around 90–94%.

• Paid 133 consecutive quarterly dividends, reflecting reliable cash flow.