Executive Summary

Q1 2025 showed steady operating performance: rental income rose 7.7% YoY to $24.2M, while GAAP diluted EPS was $0.18 (vs. $0.23 YoY) as higher interest expense and a larger share count compressed per-share results .
Against S&P Global consensus, revenue modestly missed ($24.17M actual vs. $24.59M estimate*) and EPS was a penny light ($0.18 actual vs. $0.19 estimate*); coverage remains thin (1–2 estimates)*. Expect modest estimate fine-tuning rather than wholesale revisions. Values retrieved from S&P Global .
Strategy execution remained a positive: OLP closed four industrial properties for $88.3M, lifting industrial base rent mix to ~75%, and sold two non‑industrial assets for a $1.1M gain .
Balance sheet/liquidity intact: $96.4M of available liquidity at May 1; quarterly dividend maintained at $0.45 and declared for July 9, 2025 payout, marking the 130th consecutive dividend .
Near-term stock drivers: industrial mix expansion and stable AFFO ($0.48/sh) vs. interest expense headwinds and the impact of a higher share count on per‑share metrics .

What Went Well and What Went Wrong

What Went Well
- Portfolio transformation: “approximately 75% of our base rent being derived from [industrial]” following $88.3M of industrial acquisitions; management emphasized stability of cash flow from the industrial platform .
- Top-line growth: rental income +7.7% YoY to $24.2M, driven by seven industrial property acquisitions and partially offset by dispositions .
- Capital recycling: sold two non‑industrial assets for $3.7M gross proceeds, recognizing a $1.1M gain, continuing the shift toward industrial .
What Went Wrong
- Per-share compression: diluted EPS fell to $0.18 from $0.23 YoY; management cited a ~376k increase in weighted average shares from equity incentive and DRIP programs as a drag on per‑share metrics .
- Interest expense headwind: total interest expense increased to $5.43M (+15.2% YoY) on higher average debt and rates, pressuring GAAP EPS .
- Operating cost drift: real estate expenses rose to $5.04M (+12.7% YoY), though a substantial portion is rebilled to tenants .

Financial Results

GAAP and non‑GAAP results vs. estimates (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($M)	$22.211	$23.856	$24.170
Revenue Consensus Mean ($M)	$21.8335*	$22.7850*	$24.5915*
GAAP Diluted EPS ($)	$0.23	$0.49	$0.18
Primary EPS Consensus Mean ($)	$0.14*	—	$0.19*
FFO/share, diluted ($)	$0.43	$0.46	$0.44
AFFO/share, diluted ($)	$0.46	$0.50	$0.48

Notes: Asterisks indicate S&P Global consensus values. Values retrieved from S&P Global.

YoY/Sequential context (computed from cited GAAP values):
- Revenue grew: $22.211M → $23.856M → $24.170M .
- Net income attributable to OLP ($M): $5.177 → $10.532 → $4.155 .
- Net income margin (%): 23.3% (5.177/22.211) → 44.1% (10.532/23.856) → 17.2% (4.155/24.170) .
KPI snapshot

KPI	Q3 2024	Q4 2024	Q1 2025
Properties (count)	—	—	105
Occupancy (by sf)	—	—	~98.5%
Industrial % of base rent	~70%	>75% (post-close plan)	~75%
Available liquidity ($M)	~$129.8 (11/1/24)	$110.1 (2/28/25)	$96.4 (5/1/25)
Cash & equivalents ($M)	$25.7	$42.3	$8.2
Total debt ($M)	$426.1	$420.6	$471.0
Stockholders’ equity ($M)	$304.2	$307.4	$303.2
Dividend per share ($)	—	$0.45 (declared 3/5/25)	$0.45 (declared 6/5/25; payable 7/9/25)

Estimate comparison highlights (Q1 2025):

Revenue: $24.170M actual vs. $24.5915M consensus* → modest miss. Values retrieved from S&P Global .
EPS (GAAP diluted): $0.18 actual vs. $0.19 consensus* → slight miss. Values retrieved from S&P Global .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Base rent (excl. tenant reimbursements)	FY 2025	N/A	~$77.4M (includes $235k from a tenant that filed bankruptcy in Apr-2025)	New disclosure
Contribution from four Q1 acquisitions (ex‑variable rent)	From Q2 2025 (quarterly run‑rate)	N/A	Rental income ~$1.6M; D&A ~$0.85M; Mortgage interest ~$0.81M	New disclosure
Quarterly dividend	Q2 2025	$0.45/sh (Q1 2025)	$0.45/sh (payable 7/9/25)	Maintained

Notes: OLP does not issue formal revenue/EPS/FFO guidance; disclosures above are company estimates and policy updates from filings/press releases.

Earnings Call Themes & Trends

Note: We were unable to locate a Q1 2025 earnings call transcript on OLP’s investor site or major transcript aggregators; the company’s news page lists press releases only for the period .

Topic	Previous Mentions (Q3 2024 and Q4 2024)	Current Period (Q1 2025)	Trend
Industrial portfolio shift	Q3: ~70% base rent industrial; acquired $33M Council Bluffs asset . Q4: ~$133M industrial added since 1/2024; >75% base rent industrial targeted .	~75% base rent industrial; closed four industrial assets for $88.3M .	Continued positive mix shift
Acquisitions/dispositions	Q3: $2.1M gain on three property sales; new Council Bluffs mortgage 6.08% . Q4: $6.7M gain on sales; $44.7M industrial acquisitions in 2024; early 2025 buys underway .	$88.3M acquisitions; $1.1M gain on two sales; new mortgage debt $52.1M at ~6.2% .	Active recycling; higher-rate debt backdrop
Interest expense	Q3: Interest expense $4.93M . Q4: Interest expense $5.06M .	Interest expense $5.43M (+15.2% YoY) .	Rising headwind
Occupancy/tenants	Q3/Q4: Stable occupancy, selective retail exits .	~98.5% occupancy; base rent includes $235k from a tenant that filed bankruptcy in Apr-2025 .	Solid occupancy; isolated credit watch
Macro/tariffs & rates	Ongoing macro caution in releases .	MD&A flags tariffs, interest rate volatility as risks .	Risk backdrop persistent

Management Commentary

Strategy and portfolio mix: “We… strengthened our industrial platform with approximately 75% of our base rent being derived from this property sector… We have progressed our portfolio towards greater cash flow stability…” — Patrick J. Callan, Jr., President & CEO .
Execution detail: Closed four industrial properties for $88.3M; estimated quarterly impact beginning April 1, 2025: rental income ~$1.6M, D&A ~$0.85M, interest ~$0.81M .
Liquidity posture: Available liquidity of $96.4M at May 1, 2025 (cash $8.9M, $87.5M under revolver) .

Q&A Highlights

No Q1 2025 earnings call transcript was available on the company’s investor relations site or common transcript platforms at the time of this review; therefore, no Q&A disclosures or clarifications beyond the 8‑K/press release/10‑Q could be assessed .

Estimates Context

Coverage remains thin: 1 estimate for EPS and 2 for revenue in Q1 2025; Q4 2024 had only revenue coverage. Values retrieved from S&P Global.
Q1 2025 vs. S&P Global consensus: Revenue $24.170M vs. $24.5915M estimate* (miss); EPS $0.18 vs. $0.19 estimate* (miss). Values retrieved from S&P Global .
Prior two quarters context (S&P Global): Q3 2024 revenue $22.211M vs. $21.8335M estimate* (beat); Q4 2024 revenue $23.856M vs. $22.7850M estimate* (beat). Values retrieved from S&P Global .