Executive Summary

Q4 2024 total revenues were $23.9M (+5% YoY) and diluted EPS was $0.49; FFO/share rose to $0.46 and AFFO/share was $0.50 . Management emphasized progress transforming into an industrial-focused REIT, with over 75% of base rent expected to be industrial post a pending Q1 2025 closing .
Year-over-year net income declined due to lower gain-on-sale ($6.7M vs $12.0M in Q4 2023), while core FFO improved on revenue growth despite higher real estate expenses rebilled to tenants .
Portfolio repositioning accelerated: three industrial properties acquired in 2024 ($44.7M), three more in Q1 2025 ($62.3M), plus a definitive agreement for a $26.0M acquisition; available liquidity at 2/28/25 was $110.1M .
Dividend maintained at $0.45/share (129th consecutive), consistent with a December 2024 declaration of $0.45/share (128th consecutive), supporting income stability as reallocation to industrial continues .

What Went Well and What Went Wrong

What Went Well

Industrial pivot gaining critical mass: “we will have added $133 million of industrial assets since the beginning of 2024, with over 75% of our base rent representing this asset class,” strengthening cash flow stability .
Q4 FFO/share increased to $0.46 from $0.45 YoY; AFFO/share held at $0.50, aided by revenue growth and rebilled real estate expenses .
Robust transaction execution: 2024 dispositions generated $18.0M net gain; subsequent Q1 2025 acquisitions add estimated $3.8M base rent and comparable interest costs in 2025, enhancing scale in targeted markets .

What Went Wrong

YoY EPS decline ($0.49 vs $0.71) driven by lower gain-on-sale in Q4 2024 ($6.7M vs $12.0M), masking underlying FFO progress .
Real estate expenses increased ($5.23M Q4 vs $4.31M prior-year Q4), compressing operating leverage, even though a substantial portion is rebilled to tenants .
Interest expense trended higher ($5.06M Q4 vs $4.80M prior-year Q4), reflecting higher rate environment and debt load during portfolio rotation .

Financial Results

Sequential quarterly comparison (Q2 → Q3 → Q4 2024)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenues ($USD Millions)	$21.800	$22.211	$23.856
Operating Income ($USD Millions)	$14.398	$10.002	$15.497
Net Income Attributable ($USD Millions)	$9.553	$5.177	$10.532
Diluted EPS ($)	$0.45	$0.23	$0.49
FFO per Share - Diluted ($)	$0.43	$0.43	$0.46
AFFO per Share - Diluted ($)	$0.48	$0.46	$0.50
Gain on Sale of Real Estate ($USD Millions)	$7.448	$2.115	$6.660
Total Operating Expenses ($USD Millions)	$14.850	$14.324	$15.019
Real Estate Expenses ($USD Millions)	$3.976	$4.231	$5.227
Interest Expense ($USD Millions)	$4.750	$4.932	$5.064

Year-over-year Q4 comparison

Metric	Q4 2023	Q4 2024
Total Revenues ($USD Millions)	$22.741	$23.856
Operating Income ($USD Millions)	$20.373	$15.497
Net Income Attributable ($USD Millions)	$14.962	$10.532
Diluted EPS ($)	$0.71	$0.49
FFO per Share - Diluted ($)	$0.45	$0.46
AFFO per Share - Diluted ($)	$0.50	$0.50
Gain on Sale of Real Estate ($USD Millions)	$11.962	$6.660

Balance sheet and liquidity

Metric	Q2 2024 (6/30)	Q3 2024 (9/30)	Q4 2024 (12/31)
Cash & Equivalents ($USD Millions)	$35.020	$25.684	$42.315
Total Assets ($USD Millions)	$759.230	$768.846	$766.954
Total Debt (Mortgages Payable, net) ($USD Millions)	$415.470	$426.139	$420.555
Stockholders’ Equity ($USD Millions)	$307.295	$304.177	$307.425
Available Liquidity (as of date)	N/A	~$129.8M (11/1/24)	$110.1M (2/28/25)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per Share	Q1 2025	$0.45 (Dec 12, 2024 declaration)	$0.45 (Mar 5, 2025 declaration)	Maintained
Base Rent – Mobile, AL assets	FY 2025	N/A	~$3.0M base rent; ~$1.7M interest expense	New disclosure
Base Rent – Wichita, KS asset	FY 2025	N/A	~$0.8M base rent; ~$0.413M interest expense	New disclosure
Base Rent – Council Bluffs, IA asset (pending)	FY 2025	N/A	~$1.5M base rent; ~$0.8M interest expense; financing at ~6.42% (subject to closing)	New disclosure
Portfolio Mix	Post-Q1 2025	~70% industrial base rent (Q3)	>75% industrial base rent after pending acquisition	Raised target mix

Note: The company does not provide formal revenue/EPS guidance; disclosures center on transactions, rent contribution, interest expense, liquidity, and dividend policy .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available in our document corpus or via external sources; themes are drawn from management press releases across quarters.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Industrial portfolio pivot	After two additional acquisitions, >69% of base rent expected to be industrial	~70% of base rent industrial; $33M Council Bluffs acquisition closed	>75% of base rent expected to be industrial post Q1 2025 closing	Strengthening
Acquisitions & pipeline	Two industrial purchases ($11.7M) and contracts for two more ($61.6M)	Closed $33M Council Bluffs; multiple sale agreements	Three 2024 acquisitions ($44.7M); three in Q1 2025 ($62.3M); $26M definitive agreement	Accelerating
Dispositions & gains	Six properties sold; $7.4M gain	Three sold; $2.1M gain; additional signed sale agreements	2024 net gain-on-sale $18.0M; Q4 gain $6.7M	Ongoing
Operating expenses & tenant reimbursements	Impairment $1.1M; lower G&A YoY	Total OpEx flat YoY	Real estate expenses up; substantial portion rebilled to tenants	Slight pressure, mitigated
Liquidity & credit facility	Liquidity ~$134.1M (8/1/24)	Liquidity ~$129.8M (11/1/24)	Liquidity $110.1M (2/28/25)	Adequate, variable
Interest expense & rates	Interest expense modestly higher YoY	Interest expense up YoY	Interest expense up YoY; new mortgages ~6.09%–6.42%	Elevated rates persist

Management Commentary

“We are proud of our successful efforts…to transform this company into an industrial property owner…we will have added $133 million of industrial assets since the beginning of 2024, with over 75% of our base rent representing this asset class.” — Patrick J. Callan, Jr., President & CEO .
“We continue to evolve the portfolio towards industrial assets, with approximately 70% of our base rent being derived from this property sector.” — Patrick J. Callan, Jr. (Q3 release) .
“We are pleased that during the second quarter, we added two industrial properties… and entered into contracts to add…another two industrial properties…[enhancing] the quality and stability of our cashflow.” — Patrick J. Callan, Jr. (Q2 release) .

Q&A Highlights

No Q4 2024 earnings call transcript was found; Q&A themes and clarifications are unavailable based on our searches and document catalog [ListDocuments returned none for earnings-call-transcript; InternetSearch did not surface a transcript link].

Estimates Context

S&P Global Wall Street consensus estimates were unavailable due to an SPGI request limit; comparisons below use third-party proxies and should be treated as indicative, not definitive.
For Q4 2024, third-party estimates indicate EPS estimate ~$0.14 and revenue estimate ~$23.07M; reported EPS was $0.50 and revenue was $23.86M — a significant beat on both EPS and revenue. Bolded to highlight magnitude.

Metric	Q4 2024 Third-Party Proxy Estimate	Q4 2024 Actual	Comparison
Diluted EPS ($)	~$0.14	$0.50	Beat
Total Revenues ($USD Millions)	~$23.074	$23.856	Beat

Note: SPGI consensus estimates were unavailable from S&P Global in this session. Values above are proxies from public sources, not SPGI.

Key Takeaways for Investors

Industrial weighting is set to exceed 75% of base rent post closing, improving durability of cash flows and reducing cyclicality associated with non-industrial assets .
Underlying FFO/share improved YoY in Q4 despite lower gains on sale; AFFO/share remained steady, supporting dividend sustainability at $0.45/share .
Elevated real estate expenses and interest costs are headwinds; tenant reimbursements mitigate real estate expense impact, while recent mortgages carry mid-6% rates .
Transaction engine remains active: 2024 dispositions harvested value ($18.0M net gain) and funded portfolio shift; Q1 2025 acquisitions add ~$3.8M base rent (Mobile + Wichita) and expand in adjacency markets (Council Bluffs) .
Liquidity of $110.1M (as of 2/28/25) plus $100M credit capacity provides flexibility to pursue accretive deals amid higher-rate backdrop .
Near-term trading: stock may react positively to industrial mix expansion and beats vs third-party estimates; watch subsequent quarters for realization of base-rent accruals from new assets and any further dispositions .
Medium-term thesis: industrial net lease tilt, disciplined capital recycling, and dividend continuity provide a stable return profile; risks include rate sensitivity, lease roll dynamics, and pace of execution on the acquisition pipeline .

ONE LIBERTY PROPERTIES INC (OLP)·Q4 2024 Earnings Summary