One-glance verdict
Within fair range
$19.78 our estimate vs market $22.16
Wall Street consensus: $27.17 (37.3% higher than our fair-value estimate)
12% above our estimate
Fundamentals snapshot
One Liberty Properties, Inc.
OLP · NYQ · Real Estate · REIT - Diversified
Current price
$22.16
52-week range
$19.62 - $25.88
Market cap
$485.31M
Balance sheet
Stretched
1.48x Concerning
Net debt $517.59M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 0.9% last year.
- Reward Returns 11.6% on equity, ahead of 83% of its peers.
- Risk Forward P/E (58.3x) is higher than trailing (14.0x) - earnings are expected to drop.
- Risk Net debt grew 19.9% over 3 years.
What this company does
One Liberty Properties, Inc.
One Liberty Properties, Inc. is a company that owns and manages industrial buildings, like warehouses and factories, all across the United States. The money they make primarily comes from rent paid by businesses that use these buildings, which is a form of recurring revenue (income that is predictable and comes in regularly). This is important because it gives the company a stable income stream that helps them pay their bills and continue owning and managing their properties.
How the company got here
One Liberty Properties, Inc. (OLP) was founded in 1982 and has since evolved into a self-administered and self-managed Real Estate Investment Trust (REIT). A REIT is a company that owns, operates, or finances income-producing real estate, allowing investors to own a piece of large-scale real estate portfolios. Over the years, OLP has strategically shifted its focus, moving away from a more diversified portfolio to concentrate heavily on industrial properties. This transformation has been driven by a deliberate strategy of selling off non-core assets and reinvesting the proceeds into industrial real estate. This evolution reflects a long-term approach to building a more focused and resilient business.
What it actually does
At its core, One Liberty Properties acquires, owns, and manages commercial real estate. The company primarily leases these properties to tenants under long-term 'net leases.' In a net lease arrangement, the tenant is responsible for paying not only rent but also most of the property's operating expenses, such as property taxes, insurance, and maintenance. This model provides OLP with a predictable stream of rental income, as the majority of its revenue comes from these long-term contracts. The company's portfolio is geographically diversified across the United States, with a significant emphasis on industrial properties.
Real Estate Investment and Operations
One Liberty Properties operates as a single reportable segment focused on real estate investment and operations. This segment encompasses the acquisition, ownership, financing, leasing, and management of its commercial property portfolio. The company's strategy involves acquiring properties, often single-tenant industrial buildings, where tenants commit to long-term net leases. This approach aims to generate stable and durable cash flow, as tenants bear many of the property-level costs. While historically more diversified, the company has significantly increased its concentration in industrial assets, which now represent the vast majority of its rental income. This focus is designed to enhance earnings visibility and position the company for sustained growth.
What management is betting on now
Management's current strategy centers on refining the portfolio to emphasize high-quality industrial properties in attractive U.S. markets. This involves disciplined capital allocation, meaning they are careful about where and how they invest the company's money, prioritizing investments that are expected to add value ('accretive acquisitions'). A key part of this is 'capital recycling,' where they sell less strategic assets to fund new acquisitions, particularly in the industrial sector. They are also focused on maintaining financial flexibility, ensuring the company has the resources to pursue opportunities and manage its balance sheet effectively, even in changing economic conditions. This disciplined approach aims to drive long-term earnings growth and shareholder value.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
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Net income
$15.66M
Diluted EPS
0.71
Operating cash flow
$12.04M
Free cash flow
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Sources
Revenue
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Net income
$6.24M
Diluted EPS
0.28
Operating cash flow
$11.22M
Free cash flow
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Sources
Revenue
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Net income
$2.41M
Diluted EPS
0.10
Operating cash flow
$4.42M
Free cash flow
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Sources
Revenue
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Net income
$10.48M
Diluted EPS
0.48
Operating cash flow
$10.87M
Free cash flow
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Sources
Revenue
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Net income
$8.43M
Diluted EPS
0.39
Operating cash flow
$11.23M
Free cash flow
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Sources
Revenue
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Net income
$4.16M
Diluted EPS
0.18
Operating cash flow
$11.00M
Free cash flow
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Sources
Revenue
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Net income
$10.53M
Diluted EPS
0.49
Operating cash flow
$11.57M
Free cash flow
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Revenue
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Net income
$5.18M
Diluted EPS
0.23
Operating cash flow
$9.97M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $19.78 vs current price $22.16
Wall Street consensus is the average analyst price target: $27.17 (37.3% higher than our fair-value estimate).
Our most-likely fair value is $19.78 a share — about 10.7% away from today's price of $22.16, so the stock currently looks fairly priced.
Is it drowning in debt?
Stretched
Net debt $517.6M. Interest coverage 1.5x.
Net debt
$517.59M
Interest coverage
1.48x
One Liberty Properties, Inc.'s profit covers its interest bill about 1.5 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
OLP
BASELINE
One Liberty Properties, Inc.
Total debt $530.68M Interest coverage 1.48x This is the baseline the peer rows are being compared against.
Total debt $2.44B Interest coverage 0.96x -35% vs OLP Carries about 1.5x less debt cushion than OLP.
Total debt $1.71B Interest coverage 1.30x -12% vs OLP Has roughly the same debt cushion as OLP.
Total debt $658.88M Interest coverage 1.29x -13% vs OLP Has roughly the same debt cushion as OLP.
Total debt $17.84B Interest coverage 4.33x +192% vs OLP Carries about 2.9x more debt cushion than OLP.
Total debt $31.33B Interest coverage 2.34x +58% vs OLP Carries about 1.6x more debt cushion than OLP.
What you should know
The case for and against OLP
3 Rewards
3 Risks
Rewards
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Revenue grew 0.9% last year.
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Returns 11.6% on equity, ahead of 83% of its peers.
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Free cash flow was positive in 4/10 years.
Risks
-
Forward P/E (58.3x) is higher than trailing (14.0x) - earnings are expected to drop.
-
Net debt grew 19.9% over 3 years.
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Operating margin compressed from 40.5% to 35.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
14.03x
Forward P/E
58.32x
P/B
1.53x
P/S
4.74x
EV/EBITDA
16.88x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
79.6%
Operating margin
35.2%
Net margin
33.9%
ROE
11.6%
ROA
2.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.74x
Current ratio
0.85x
Quick ratio
0.80x
Total debt
$530.68M
Total cash
$13.09M
Growth
How the business has been compounding
Revenue TTM
$83.48M
Revenue 5Y CAGR
2.2%
EPS TTM
1.58
EPS 5Y CAGR
-16.7%
Cash flow
How much cash the business throws off
Operating CF TTM
$38.56M
Free CF TTM
$37.52M
FCF margin
44.9%
Dividend
Shareholder payout
Yield
8.1%
Payout ratio
113.9%
Last ex-div date
2026-09-28