One Liberty Properties Announces Agreement to Acquire Industrial Properties in Alabama

On November 19, 2024, One Liberty Properties, Inc. (NYSE: OLP) disclosed in a Form 8-K filing with the Securities and Exchange Commission that it has entered into an agreement to acquire two industrial properties located in Theodore, Alabama for $49 million. The properties, spanning 371,586 square feet on approximately 31 acres, each house a building leased to two tenants. The combined annual base rent amounts to approximately $3.1 million, with annual rental increases ranging from 2.3% to 3.5%. The weighted average remaining lease term is about seven years.

The financing of the acquisition is envisioned to be supported by a combination of cash and a ten-year $29 million mortgage. The mortgage will have an interest-only period for five years, followed by amortization over a 30-year schedule at an interest rate of 6.12%. The completion of this transaction is contingent upon customary conditions, including the satisfactory completion of due diligence investigations by One Liberty Properties. Although the company expects the deal to finalize in early 2025, no absolute assurance can be provided at this stage.

In compliance with regulations, the filing also included a cautionary statement regarding forward-looking statements. It highlighted the risks and uncertainties associated with the transaction, ranging from the ability to meet the terms and closing conditions to unforeseen expenses and effects following the announcement of the acquisition. The document accentuated the importance of considering the potential impact of various factors, including those detailed in the company’s SEC filings and reports.

The filing concluded with details of the financial statements and exhibits accompanying the Form 8-K. One Liberty Properties ensured compliance by providing the necessary exhibits, underscoring its commitment to transparency and regulatory adherence.

This article is based on the information disclosed in the Form 8-K filed by One Liberty Properties with the SEC. The content contained within this filing offers insights into the company’s strategic expansion plans and financial decision-making processes.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read One Liberty Properties’s 8K filing here.

One Liberty Properties Company Profile

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial and retail properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for the property’s real estate taxes, insurance and ordinary maintenance and repairs.