Revenue contracted by 5.0% year-over-year in 2026Q1, while NOI margins exhibited extreme instability, swinging from -150.7% in 2025Q4 to 73.7% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 96.03M | 97.23M | 90.56M | 90.65M | 92.22M | 82.74M | 81.93M | 83.8M | 79.13M | 75.92M | 70.59M | 65.71M | 60.48M | 50.98M | 44.75M | 45.24M | 41.87M | 40.8M | 40.34M | 36.8M | 33.37M | 28.45M | 26.53M | 19.8M | 15.71M | 15.32M | 12.67M | 10.18M | 10.13M | 6.28M | 5.51M |
| Revenue Growth % | 4.33% | 7.36% | -0.09% | -1.7% | 11.45% | 0.99% | -2.24% | 5.91% | 4.23% | 7.55% | 7.42% | 8.65% | 18.63% | 13.92% | -1.08% | 8.04% | 2.63% | 1.14% | 9.61% | 10.29% | 17.31% | 7.23% | 34% | 26.05% | 2.51% | 20.93% | 24.45% | 0.47% | 61.23% | 14.03% | 12.69% |
| Property Operating Expenses | 75.28M | 74.27M | 17.9M | 16.44M | 15.51M | 13.8M | 13.63M | 14.07M | 11.6M | 11.04M | 9.84M | 6.8M | 5.19M | 3.52M | 3.75M | 3.13M | 2.86M | 992K | 993K | 598K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 20.74M | 22.96M | 72.66M | 74.2M | 76.71M | 68.94M | 68.29M | 69.73M | 67.53M | 64.87M | 60.75M | 58.91M | 55.28M | 47.46M | 41M | 42.12M | 39.01M | 39.81M | 39.35M | 36.21M | 33.37M | 28.45M | 26.53M | 19.8M | 15.71M | 15.32M | 12.67M | 10.18M | 10.13M | 6.28M | 5.51M |
| NOI Margin % | 21.6% | 23.61% | 80.23% | 81.86% | 83.18% | 83.32% | 83.36% | 83.21% | 85.34% | 85.45% | 86.07% | 89.65% | 91.41% | 93.09% | 91.61% | 93.09% | 93.17% | 97.57% | 97.54% | 98.38% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -11.29M | -10.86M | 22.76M | 23.89M | 22.56M | 11.97M | 20.12M | 29.55M | 36.46M | 32.91M | 29.06M | 26.25M | 25.04M | 19.98M | 17.48M | 16.62M | 15.77M | 15.07M | 21.46M | 14.63M | 13.31M | 10.46M | 10.07M | 6.85M | 4.93M | 4.76M | 4.27M | 2.87M | 831.13K | 2.65M | 2.43M |
| G&A Expenses | 23.99M | 16.27M | 15.39M | 15.82M | 15.26M | 14.31M | 13.67M | 12.44M | 11.94M | 11.28M | 10.69M | 9.53M | 8.8M | 7.8M | 7.32M | 7.02M | 6.94M | 6.54M | 6.51M | 6.43M | 5.25M | 4.14M | 3.13M | 2.2M | 1.68M | 1.14M | 1.09M | 933K | 678.54K | 629.42K | 663.2K |
| EBITDA | 57.92M | 61.01M | 74.19M | 75.1M | 77.93M | 79.8M | 65.74M | 57.25M | 82.33M | 75.17M | 69.71M | 49.04M | 44.91M | 23.25M | 33.22M | 35.1M | 32.07M | 33.27M | 26.86M | 29.69M | 27.15M | 23.89M | 21.22M | 16.42M | 13.65M | 13.46M | 10.76M | 8.96M | 10.68M | 5.16M | 3.79M |
| EBITDA Margin % | 60.31% | 62.75% | 81.92% | 82.85% | 84.5% | 96.45% | 80.24% | 68.31% | 104.05% | 99.02% | 98.76% | 74.63% | 74.25% | 45.6% | 74.24% | 77.58% | 76.59% | 81.54% | 66.57% | 80.66% | 81.35% | 83.97% | 79.99% | 82.93% | 86.93% | 87.89% | 84.92% | 88% | 105.4% | 82.04% | 68.77% |
| Depreciation & Amortization | 25.88M | 27.2M | 24.29M | 24.79M | 23.78M | 22.83M | 17.57M | 17.07M | 46M | 43.2M | 38.02M | 16.38M | 14.66M | 11.92M | 9.71M | 9.6M | 8.82M | 8.53M | 8.97M | 8.11M | 7.09M | 5.91M | 4.76M | 3.47M | 2.88M | 2.9M | 2.36M | 1.65M | 1.38M | 1.02M | 712.59K |
| D&A / Revenue % | 26.96% | 27.97% | 26.82% | 27.35% | 25.79% | 27.59% | 21.44% | 20.37% | 58.13% | 56.91% | 53.86% | 24.93% | 24.24% | 23.38% | 21.69% | 21.22% | 21.08% | 20.9% | 22.24% | 22.04% | 21.25% | 20.76% | 17.94% | 17.54% | 18.31% | 18.93% | 18.6% | 16.16% | 13.6% | 16.28% | 12.93% |
| Operating Income | 32.03M | 33.81M | 49.9M | 50.31M | 54.15M | 56.97M | 48.17M | 40.17M | 36.33M | 31.97M | 31.69M | 32.65M | 30.24M | 11.33M | 23.52M | 25.5M | 23.25M | 24.74M | 17.89M | 21.57M | 20.06M | 17.98M | 16.46M | 12.94M | 10.78M | 10.56M | 8.4M | 7.31M | 9.3M | 4.13M | 3.08M |
| Operating Margin % | 33.36% | 34.78% | 55.1% | 55.51% | 58.72% | 68.85% | 58.8% | 47.94% | 45.91% | 42.11% | 44.9% | 49.69% | 50.01% | 22.22% | 52.55% | 56.36% | 55.51% | 60.64% | 44.34% | 58.62% | 60.1% | 63.21% | 62.05% | 65.39% | 68.62% | 68.96% | 66.33% | 71.84% | 91.8% | 65.76% | 55.84% |
| Interest Expense | 3M | 23.8M | 19.46M | 18.78M | 17.57M | 17.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.11M | 16.28M | 14.93M | 12.52M | 10.92M | 8.43M | 6.84M | 5.96M | 5.81M | 4.26M | 0 | 2.07M | 0 | 891.95K |
| Interest Coverage | - | 2.14x | 2.58x | 2.59x | 3.40x | 3.18x | - | - | - | - | - | - | - | - | - | - | - | 1.72x | 1.29x | 1.53x | 1.51x | 1.46x | 0.62x | 2.17x | 2.30x | 2.41x | 1.97x | - | 3.55x | - | 3.45x |
| Non-Operating Income | -17.12M | -17.1M | -361K | 1.62M | -5.68M | -5K | 16.81M | 4.31M | -3.1M | -1.04M | -976K | -5.28M | -8.26M | -4.56M | -343K | 1.98M | -828K | 446K | -3.15M | -1.2M | 0 | 2.06M | 11.25M | -1.91M | -2.94M | -3.42M | 0 | -4.77M | 1.93M | -3.97M | 0 |
| Pretax Income | 26.07M | 27.11M | 30.8M | 29.92M | 42.25M | 39.03M | 27.41M | 18.54M | 20.66M | 24.15M | 24.42M | 20.52M | 22.12M | 32.32M | 32.32M | 13.72M | 41.87M | 19.64M | 4.89M | 10.59M | 36.42M | 21.28M | 10.97M | 8.53M | 5.88M | 4.87M | 7.93M | 4.88M | 6.42M | 2.98M | 2.17M |
| Pretax Margin % | 27.15% | 27.88% | 34.01% | 33.01% | 45.82% | 47.18% | 33.46% | 22.13% | 26.12% | 31.81% | 34.6% | 31.22% | 36.57% | 63.4% | 72.22% | 30.34% | 100% | 48.14% | 12.13% | 28.77% | 109.15% | 74.81% | 41.37% | 43.06% | 37.44% | 31.76% | 62.61% | 47.93% | 63.34% | 47.48% | 39.44% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.99M | 33M | 32.67M | 0 | 0 | -11.92M | 0 | 0 | 0 | 0 | 0 | 0 | -36.42M | -21.28M | -10.97M | -8.53M | -5.88M | -4.87M | -7.93M | -4.88M | -6.42M | -2.98M | -2.17M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 116.11% | 136.68% | 133.77% | 0% | 0% | -36.88% | 0% | 0% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 24.44M | 25.47M | 30.42M | 29.61M | 42.18M | 38.86M | 27.41M | 18.01M | 20.66M | 24.15M | 24.42M | 20.52M | 22.12M | 32.32M | 32.32M | 13.72M | 41.87M | 19.64M | 4.89M | 10.59M | 36.42M | 21.28M | 10.97M | 8.53M | 5.88M | 4.87M | 7.93M | 4.88M | 6.42M | 2.98M | 2.17M |
| Net Margin % | 25.45% | 26.2% | 33.59% | 32.67% | 45.74% | 46.96% | 33.45% | 21.49% | 26.12% | 31.81% | 34.6% | 31.22% | 36.57% | 63.4% | 72.22% | 30.34% | 100% | 48.14% | 12.13% | 28.77% | 109.15% | 74.81% | 41.37% | 43.06% | 37.44% | 31.76% | 62.61% | 47.93% | 63.34% | 47.48% | 39.44% |
| Net Income Growth % | -16.91% | -16.25% | 2.71% | -29.79% | 8.54% | 41.78% | 52.17% | -12.84% | -14.42% | -1.13% | 19.03% | -7.23% | -31.57% | 0% | 135.5% | -67.22% | 113.19% | 301.49% | -53.81% | -70.93% | 71.17% | 93.91% | 28.73% | 44.98% | 20.84% | -38.65% | 62.57% | -23.98% | 115.08% | 37.27% | -29.79% |
| Funds From Operations (FFO) | 50.33M | 52.67M | 54.71M | 54.4M | 65.96M | 61.69M | 44.97M | 35.08M | 66.66M | 67.35M | 62.44M | 36.9M | 36.78M | 44.24M | 42.03M | 23.32M | 50.7M | 28.17M | 13.86M | 18.7M | 43.52M | 27.18M | 15.73M | 12M | 8.76M | 7.77M | 10.29M | 6.52M | 7.8M | 4.01M | 2.89M |
| FFO Margin % | 52.41% | 54.17% | 60.41% | 60.02% | 71.53% | 74.56% | 54.9% | 41.87% | 84.25% | 88.72% | 88.46% | 56.16% | 60.81% | 86.78% | 93.91% | 51.55% | 121.08% | 69.04% | 34.36% | 50.81% | 130.4% | 95.57% | 59.31% | 60.61% | 55.75% | 50.69% | 81.21% | 64.09% | 76.94% | 63.77% | 52.37% |
| FFO Growth % | -15.82% | -3.73% | 0.56% | -17.52% | 6.92% | 37.17% | 28.19% | -47.37% | -1.02% | 7.87% | 69.21% | 0.33% | -16.87% | 5.27% | 80.19% | -54% | 79.98% | 103.19% | -25.87% | -57.03% | 60.07% | 72.8% | 31.12% | 37.03% | 12.75% | -24.51% | 57.69% | -16.32% | 94.54% | 38.84% | -19.28% |
| FFO per Share | 2.35 | 2.52 | 2.64 | 2.65 | 3.22 | 3.04 | 2.29 | 1.84 | 3.59 | 3.73 | 3.70 | 2.29 | 2.35 | 3.05 | 2.89 | 1.68 | 4.40 | 2.61 | 1.36 | 1.86 | 4.38 | 2.76 | 1.61 | 1.88 | 1.89 | 2.56 | 2.92 | 2.20 | 3.39 | 2.60 | 1.99 |
| FFO Payout Ratio % | 39% | 74.06% | 70.3% | 70.09% | 57.38% | 60.49% | 65.46% | 100.96% | 51.63% | 47.07% | 45.21% | 69.37% | 64.17% | 48.48% | 46.35% | 77.56% | 20.84% | 10.43% | 105.6% | 113.19% | 30.08% | 47.7% | 82.78% | 62.48% | 64.3% | 34.95% | 34.89% | 67.96% | 29.46% | 45.13% | 59.77% |
| EPS (Diluted) | 1.14 | 1.15 | 1.40 | 1.38 | 1.99 | 0.99 | 0.44 | -0.05 | 1.11 | 1.34 | 1.45 | 1.28 | 1.41 | 2.22 | 2.22 | 0.96 | 3.64 | 1.14 | 0.48 | 0.89 | 3.67 | 2.16 | 1.13 | 1.18 | 1.04 | 1.26 | 2.25 | 1.23 | 2.16 | 1.00 | 0.50 |
| EPS Growth % | -18.25% | -17.86% | 1.45% | -30.65% | 101.01% | 125% | 927.07% | -104.79% | -17.16% | -7.59% | 13.28% | -9.22% | -36.49% | 0% | 131.25% | -73.63% | 219.3% | 137.5% | -46.07% | -75.75% | 69.91% | 91.15% | -4.24% | 13.46% | -17.46% | -44% | 82.93% | -43.06% | 116% | 100% | -57.27% |
| EPS (Basic) | - | 1.16 | 1.41 | 1.38 | 2.00 | 0.99 | 0.44 | -0.05 | 1.11 | 1.35 | 1.46 | 1.28 | 1.42 | 2.24 | 2.24 | 0.96 | 3.65 | 1.15 | 0.48 | 0.89 | 3.67 | 2.16 | 1.13 | 1.18 | 1.05 | 1.27 | 2.30 | 1.23 | 2.16 | 1.01 | 0.50 |
| Diluted Shares Outstanding | 21.39M | 20.91M | 20.72M | 20.56M | 20.45M | 20.26M | 19.6M | 19.12M | 18.59M | 18.05M | 16.88M | 16.08M | 15.66M | 14.53M | 14.53M | 13.85M | 11.51M | 10.81M | 10.18M | 10.07M | 9.93M | 9.84M | 9.74M | 6.37M | 4.64M | 3.04M | 3.53M | 2.96M | 2.3M | 1.54M | 1.45M |
Portfolio transition execution risk
As reported in recent financial filings, OLP experienced a 5.0% year-over-year revenue decline in 2026Q1, signaling that the ongoing strategic shift toward industrial assets has yet to offset the loss of income from legacy retail and theater property dispositions currently underway across the portfolio.
The revenue trajectory appears to be struggling as the company aggressively prunes its legacy retail and theater holdings. While this pivot is intended to improve long-term asset quality, the immediate impact is a reduction in top-line stability that warrants close monitoring by investors.
Based on the company's reported figures, FFO per share dropped significantly to $0.39 in 2026Q1 from $0.80 in 2024Q4, reflecting a 21.7% quarterly decline that suggests heightened earnings volatility as the REIT navigates its transition away from traditional retail and theater-based cash flow streams.
The sharp fluctuations in FFO per share indicate that the company's earnings quality is currently compromised by the timing of asset sales and potential lease restructuring. Investors should be cautious, as the inconsistency in FFO generation may place pressure on the long-term safety of the dividend payout.
According to quarterly data, OLP's NOI margin plummeted to -150.7% in 2025Q4 before recovering to 73.7% in 2026Q1, highlighting extreme operational instability that likely stems from non-recurring property-level charges or accounting adjustments associated with the ongoing portfolio repositioning efforts within the company's diversified real estate holdings.
The extreme variance in NOI margins suggests that property-level profitability is currently being distorted by significant one-time events or accounting noise. This lack of margin predictability makes it difficult to assess the underlying efficiency of the industrial-focused portfolio compared to historical retail-heavy performance.
As indicated by the provided financial data, the 2025Q4 NOI of -$35.8M stands in stark contrast to the $10.0M FFO reported for the same period, suggesting that standard REIT metrics may be failing to capture the full extent of the cash drain from legacy asset dispositions.
The disconnect between negative NOI and positive FFO in late 2025 warrants further investigation into whether the company is capitalizing costs that should be expensed. This discrepancy may imply that the true economic cost of the portfolio transition is being obscured from the headline earnings figures.
Quick answers to the most common questions about buying OLP stock.
For fiscal year 2025, One Liberty Properties, Inc. (OLP) reported total revenue of $97.2M. This represents a 1664.1% increase compared to $5.5M in 1996.
One Liberty Properties, Inc. (OLP) is profitable, generating $25.5M in net income for the fiscal year ending 2025 with a net profit margin of 26.2%.
One Liberty Properties, Inc. (OLP) reported an operating income of $33.8M, resulting in an operating profit margin of 34.8%. This margin reflects the operational efficiency of the business before interest and taxes.
One Liberty Properties, Inc. (OLP) generated $23.0M in gross profit for the year, representing a gross profit margin of 23.6%. This demonstrates the company's core pricing power and production efficiency.