One Liberty Properties Acquires Portfolio Of 10 Industrial Properties; Funds Acquisition With $17M Mortgage On Six Properties, ~$30M Borrowing Under $100M Credit Facility

One Liberty Properties, Inc. (NYSE: OLP), a real estate investment trust focused on the ownership of industrial properties, today announced it has acquired a 637,633 square foot portfolio of ten well-located industrial properties, below replacement cost. The ten-property portfolio is 100% leased to six tenants, each of which has a global or national presence. The two largest tenants are wholly owned subsidiaries of investment grade companies. The average in place rent is below market, providing attractive mark to market upside.

OLP financed the acquisition with a $17 million mortgage on six properties, and an approximately $30 million borrowing under its $100 million credit facility. The 7.5-year mortgage bears interest at a fixed rate of 5.53% (interest only for six months and thereafter on a 30-year amortization schedule). The credit facility bears a current floating interest rate of 5.45%. OLP anticipates obtaining additional financing on two other properties in the portfolio and using the net proceeds to pay down the credit facility.