Executive Summary

GAAP EPS of $0.48, driven by a $9.1M gain on real estate sales; FFO/share declined to $0.42 and AFFO/share held at $0.46 as higher interest and operating expenses offset rental growth .
Wall Street consensus (S&P Global) for Q3 2025 was EPS $0.26 and revenue $24.18M; OLP delivered a material EPS beat and a modest revenue miss. EPS surprise +$0.22; revenue -$0.41M. Values retrieved from S&P Global.
Industrial portfolio mix reached approximately 80% of ABR at quarter-end, with post-quarter acquisitions and a signed $53.5M multi-tenant portfolio accelerating the industrial transition .
Balance sheet liquidity of ~$109.4M (Oct 31) supports continued capital recycling and accretive acquisitions; quarterly dividend maintained at $0.45/share (131st consecutive) .

What Went Well and What Went Wrong

Portfolio transformation: “Approximately 80% of our ABR generated from [industrial] at quarter end,” with ~$189M of 2025 acquisitions completed/to be completed; management highlights accretive opportunities to enhance cash flow .
Capital recycling: $16.3M net proceeds from four non-core property sales with a $9.1M gain; $2.4M proceeds and ~$0.991M equity in earnings from JV sales .
Pipeline execution and liquidity: Closed a $23.0M Oakdale, MN industrial asset (estimated ~~$1.5M ABR, 4% annual increases) and signed a $53.5M six-building portfolio (~~$3.4M ABR, 2–3% increases), backed by ~$109.4M available liquidity .

FFO/share compression: FFO/share declined to $0.42 from $0.43 YoY and from $0.45 in Q2, as higher interest and real estate operating expenses outpaced rental income gains .
Interest expense headwind: Interest expense rose to $5.617M vs. $4.932M YoY and $5.847M in Q2, reflecting higher average debt balances and rates .
Non-cash items and dilution: A $1.3M impairment tied to a non-core asset sale and higher weighted-average shares (+~214k YoY) weighed on per-share metrics despite AFFO stability .

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Revenues ($USD Millions)	$22.211	$24.170	$24.545	$23.771
Net Income ($USD Millions)	$5.189	$4.169	$9.418	$11.105
Diluted EPS (GAAP) ($USD)	$0.23	$0.18	$0.39	$0.48
FFO ($USD Millions)	$9.193	$9.573	$9.695	$9.057
FFO per share - diluted ($USD)	$0.43	$0.44	$0.45	$0.42
AFFO ($USD Millions)	$9.899	$10.510	$10.621	$10.072
AFFO per share - diluted ($USD)	$0.46	$0.48	$0.49	$0.46

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Net Income Margin %	23.32%*	17.17%*	34.37%*	42.27%*
EBITDA Margin %	60.92%*	60.42%*	62.00%*	61.99%*
EBIT Margin %	35.48%*	35.28%*	36.17%*	36.74%*

Values retrieved from S&P Global.

KPI	Q3 2025
Industrial ABR Mix (%)	~80%
Lease renewals/extensions (sq ft)	281,000
Gain on sale of real estate ($USD Millions)	$9.071
Impairment loss ($USD Millions)	$1.300
Interest expense ($USD Millions)	$5.617
Weighted avg diluted shares (000s)	20,946
Cash & Equivalents ($USD Millions)	$18.8
Mortgages payable, net ($USD Millions)	$458.7
Stockholders’ equity ($USD Millions)	$305.6
Available liquidity at 10/31/25 ($USD Millions)	~$109.4

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Q3 2025 (paid Oct 6)	$0.45	$0.45	Maintained
Operating guidance (Revenue, margins, tax, OpEx)	2025	None provided	None provided	N/A
Acquisition ABR – Oakdale, MN	Post-close (2026 ABR basis)	N/A	~$1.5M ABR; 4% annual increases	New disclosure
Acquisition ABR – Pittsburgh 6-building	Expected close by YE25	N/A	~$3.4M ABR; 2–3% annual increases; ~$32.4M mortgage at 5.45%	New disclosure

Note: Company did not provide quantitative revenue/margin guidance; disclosures relate to specific asset ABR expectations and capital structure.

No Q3 2025 earnings call transcript was found in company documents or public sources; analysis below uses management press releases.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Industrial portfolio focus	“Approximately 75% of base rent… from industrial” (Q1) and continued transformation, accretive growth (Q2)	~80% of ABR industrial; ~$189M 2025 acquisitions	Strengthening industrial mix
Capital recycling	Q1: sale of two non-industrial assets ($1.1M gain) ; Q2: sale of three retail assets ($6.5M gain)	Q3: $16.3M net proceeds; $9.1M gain; JV sales $2.4M proceeds	Ongoing recycling
Interest and cost structure	Q1/Q2 noted higher interest and real estate expenses	Higher interest expense ($5.617M); FFO/share down	Persistent headwind
Dispositions/Impairments	Q2: prior-year impairment $1.1M	Q3: $1.3M impairment tied to non-core sale	Episodic
Liquidity for growth	Q1/Q2 liquidity ~$96–115M	Liquidity ~$109.4M (10/31)	Stable funding capacity

“Our portfolio transformation towards industrial properties continues, with approximately 80% of our ABR generated from this sector at quarter end… we are well positioned to continue our disciplined pursuit of additional accretive acquisition opportunities that we believe will further enhance cash flow.” — Patrick J. Callan, Jr., President & CEO .

Key strategic messages:

Scaling industrial platform via accretive acquisitions funded by non-core asset sales and available liquidity .
Emphasis on cash flow stability and disciplined capital allocation amid higher interest costs .

Earnings call transcript was not available; no Q&A details could be assessed after document and internet search.

Q3 2025 EPS (GAAP) vs. consensus: Actual $0.48 vs. $0.26 estimate; beat by $0.22. Values retrieved from S&P Global.
Q3 2025 Revenue vs. consensus: Actual $23.771M vs. $24.178M estimate; miss by $0.407M (1.7%). Values retrieved from S&P Global.
Estimate coverage: EPS estimates (n=1), Revenue estimates (n=2). Values retrieved from S&P Global.
Context: Management cited higher rental income from acquisitions/dispositions but higher interest and operating costs pressured FFO; GAAP EPS benefited from realized gains on sales .

Industrial mix and ABR: Industrial ABR reached ~80%; continued acquisitions ($23.0M closed; $53.5M signed) should further tilt cash flows toward industrial leases with fixed escalators .
Earnings quality: GAAP EPS uplifted by $9.1M gain on sales; FFO/share declined and AFFO/share flat, underscoring interest expense and op-ex headwinds despite rental growth .
Balance sheet and liquidity: ~$109.4M liquidity positions OLP to fund signed pipeline while maintaining dividend; mortgages largely fixed-rate with near-term interest-only structures on new loans (5.10%–5.77%) .
Capital recycling strategy: Ongoing non-core dispositions and JV exits provide proceeds to redeploy into higher-yield industrial assets; watch execution of the $53.5M portfolio closing by YE25 .
Estimate adjustments: Post-quarter, analysts may raise GAAP EPS for gains, but FFO/AFFO trajectories hinge on interest costs and timing of acquisitions; monitor per-share metrics given share count drift from equity incentive and DRIP .
Dividend durability: Quarterly dividend maintained at $0.45/share; track AFFO coverage and incremental ABR as portfolio mix shifts .
Risk watch: Interest expense, impairment risk on dispositions, and execution risk on the Pittsburgh portfolio closing and financing terms remain focal points .

Citations: Press release and 8-K data . Values retrieved from S&P Global where noted.