One Liberty Achieves 11.6% Rental Growth, 98.8% Occupancy, $0.50 FFO
One Liberty’s first-quarter rental income rose 11.6% year-over-year to drive $0.50 FFO and $0.28 net income per diluted share, with industrial assets now representing 84% of base rent and occupancy at 98.8%. The REIT closed on 637,633 sq ft of industrial acquisitions and netted $9.8M from non-core property sales.
1. First Quarter Financial Results
One Liberty reported net income of $6.24 million, or $0.28 per diluted share, and delivered FFO of $10.93 million ($0.50 per share) and AFFO of $10.52 million ($0.48 per share) for the quarter ended March 31, 2026, as rental income increased by $2.8 million (11.6% year-over-year) and portfolio occupancy reached 98.8%.
2. Industrial-Focused Portfolio and Acquisitions
Industrial assets now represent 84% of base rent following the closing of a 637,633 square foot portfolio comprising 10 industrial properties leased to six global or national tenants. The acquisition was financed with a $17 million mortgage on six properties and $30 million drawn under the credit facility, while average in-place rent remains below market, providing mark-to-market upside.
3. Non-Core Property Dispositions
During the quarter, the company sold two non-core properties for $10.2 million, generating net proceeds of $9.8 million and a $3.9 million gain. Subsequent transactions included two additional non-core sales for $9.0 million (expected net proceeds of $7.6 million and a $3.4 million gain) and an agreement to sell a retail property for $17.5 million (anticipated net gain of $9.8 million).
4. Balance Sheet and Liquidity
As of March 31, 2026, One Liberty held $20.4 million in cash, $898.6 million in total assets, $561.5 million of debt, and $297.4 million in equity. Available liquidity stood at $79.8 million on May 1, including $5.3 million of cash and $74.5 million undrawn under its $100 million credit facility.