NYSE: OLP

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2025 Activities

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In 2025, we:

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●acquired 13 industrial properties for an aggregate purchase price of $188.8 million, including $112.3 million in mortgage debt. These properties account for $12.5 million, or 15.1%, of our 2026 base rent and we anticipate that in 2026, these properties will generate $13.3 million of rental income (excluding tenant reimbursements), $8.4 million of depreciation and amortization expense and $6.5 million of interest expense.

●sold ten properties (i.e., seven retail, a restaurant, a veterinary hospital and a property ground leased to a multi-unit apartment complex owner/operator) for an aggregate net sales proceeds of $58.9 million and an aggregate net gain on sale of real estate of $18.7 million. The properties sold accounted for $2.4 million, or 2.4%, and $4.5 million, or 5.0%, of 2025 and 2024 rental income, net, respectively.

●sold two joint venture properties - our 50% share of the (i) net sales proceeds was $2.4 million and (ii) gain on sales was $991,000.

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Recent Developments

We purchased, on January 29, 2026, a 637,633 square foot portfolio comprised of ten industrial properties (the “Portfolio Acquisition”) located in seven markets and leased to six tenants each of which has a global or national presence, for $56.7 million, including new mortgage debt on six of the properties of $17.0 million bearing an interest rate of 5.53% and maturing in 2033. We also borrowed $30.0 million from our credit facility (which bears a fluctuating interest rate of 5.45% at January 29, 2026) in connection with this purchase. We anticipate paying down our credit facility debt from the net proceeds of property sales and mortgage financing on two of the unencumbered properties included in the Portfolio Acquisition. As of January 29, 2026, the base rent in 2026 for these properties is approximately $2.8 million, and we estimate that after giving effect to anticipated lease renewals (as to which no assurance can be provided), the 2026 base rent for these properties will be approximately $3.6 million. We also estimate that in 2026, these properties will generate $2.6 million of interest expense (including $1.7 million of such expense from the credit facility assuming an interest rate of 5.45% and that $30.0 million remains outstanding thereon).

As of February 27, 2026, $30.0 million is outstanding under our credit facility bearing a floating rate of interest of 5.42% per year.

Pending Transactions

We entered into a contract in:

●October 2025, to sell a vacant retail property located in Cary, North Carolina for $6.0 million. It is anticipated the (i) property will be sold in March 2026 and (ii) sale will result in a gain of approximately $2.5 million, which will be recognized as Gain on sale of real estate, net, in the consolidated statement of income for the quarter ending March 31, 2026. This property accounted for $192,000 and $460,000 of rental income, net, $93,000 and $93,000 of depreciation and amortization expense, and $45,000 and $110,000 of mortgage interest expense for 2025 and 2024, respectively.

●January 2026, to sell a retail property located in Newport News, Virginia for $4.2 million. It is anticipated the (i) property will be sold in April 2026 and (ii) sale will result in a gain of approximately $1.3 million, which will be recognized as Gain on sale of real estate, net, in the consolidated statements of income for the three and six months ending June 30, 2026. This property accounted for $360,000 and $340,000 of rental income, net, and $115,000 and $113,000 of depreciation and amortization expense for 2025 and 2024, respectively.

●January 2026, to purchase 14 acres of land for $800,000 adjacent to one of the Columbia, SC properties acquired in the Portfolio Acquisition.

Our Business Objective

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Our business objective is to increase stockholder value by:

●identifying opportunistic and strategic industrial property acquisitions consistent with our portfolio and our acquisition strategies;

●monitoring and maintaining our portfolio, and as appropriate, working with tenants to facilitate the continuation or expansion of their tenancies;

●managing our portfolio effectively, including opportunistic and strategic property sales;

●obtaining mortgage indebtedness (including refinancings) on favorable terms, ensuring that the cash flow generated by a property exceeds the debt service thereon and maintaining access to capital to finance property acquisitions; and

●maintaining and, over time, increasing our dividend.

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Acquisition Strategy

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We seek to acquire industrial properties throughout the U.S. that have locations, demographics and other investment attributes that we believe to be attractive. We generally focus on properties in secondary or tertiary markets (preferably markets in which we believe there is a limited supply for new industrial space or that have other barriers to entry), that are (or that we believe in the near term, will be) fully leased and that provide for periodic rent increases. In evaluating a potential acquisition, we blend fundamental real estate analysis with an evaluation of the prospective tenant’s credit worthiness analysis to make an assessment of profitable cash flows that will be realized in future periods.

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Generally, we hold the properties we acquire for an extended period of time. Our investment criteria are intended to identify properties from which increased asset value and overall return can be realized from an extended period of ownership. Although our investment criteria favor an extended period of ownership, we will dispose of a property if we regard the disposition of the property as an opportunity to realize the overall value of the property sooner or to avoid future risks by achieving a determinable return from the property.

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We identify properties through the network of contacts of our senior management, which contacts include real estate brokers, private equity firms, banks and law firms. In addition, we attend industry conferences and engage in direct solicitations.

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Our charter documents do not limit the number of properties in which we may invest, the amount or percentage of our assets that may be invested in any specific property or property type, or the concentration of investments in any region in the U.S. We do not intend to acquire properties located outside of the U.S. We will continue to form entities to acquire interests in real properties, either alone or with other investors, and we may acquire interests in joint ventures or other entities that own real property.

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It is our policy, and the policy of our affiliated entities, that any investment opportunity presented to us or to any of our affiliated entities that involves the acquisition of a net leased property, a ground lease (other than a ground lease of a multi-family property) or a community shopping center, will first be offered to us and may not be pursued by any of our affiliated entities unless we decline the opportunity. Further, to the extent our affiliates are unable or unwilling to pursue an acquisition of a multi-family property (including a ground lease of a multi-family property), we may pursue such transaction if it meets our investment objectives.

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Investment Evaluation

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In evaluating potential investments, we consider, among other criteria, the following:

●the current and projected cash flow of the property;

●the estimated return on equity to us;

●an evaluation of the property and improvements, given its location and use;

●an evaluation of the credit quality of the tenant;

●alternate uses or tenants for the property;

●local demographics (population and rental trends);

●the purpose for which the property is used;

●the terms of tenant leases, including the relationship between current rents and market rents;

●the potential to finance and/or refinance the property;

●the projected residual value of the property;

●the ability of the tenant to meet operational needs and lease obligations;

●potential for income and capital appreciation;

●occupancy of and demand for similar properties in the market area; and

●the ability of a tenant and the related property to withstand changing economic conditions and other challenges.

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Our Tenants

The following table sets forth information about our tenants by industry sector as of December 31, 2025:

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Number of

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Number of

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Building

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Percentage of

Type of Property

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Tenants

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Properties

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Square Feet

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2026 Base Rent (a)

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2026 Base Rent

Industrial

98

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69

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10,389,169

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$

66,896,000

80.9

Retail

36

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29

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1,177,147

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12,037,000

14.6

Other (b)

4

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5

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250,435

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3,736,000

4.5

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138

103

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11,816,751

$

82,669,000

100.0

(a)Our 2026 base rent represents, after giving effect to any abatements, concessions, deferrals or adjustments, the base rent payable to us in 2026 through the stated expiration of such leases, under leases in effect at December 31, 2025. Our 2026 base rent (i) includes $354,000 of base rent from a retail property in Newport News, Virginia which we anticipate will be sold in April 2026 and (ii) excludes $2.8 million of base rent from the Portfolio Acquisition.

(b)Includes an office property (located in Brooklyn, New York, leased to one tenant which accounts for $1.3 million, or 1.6%, of 2026 base rent), two theaters, a health and fitness center and a restaurant.

Our base rent for 2025, as reported in our Annual Report on Form 10-K for the year ended December 31, 2024 (under the title “2025 Contractual Rental Income) was $72 million.

Our Leases

Under most of our leases the tenant, in addition to its rental obligation, is generally (i) responsible, directly or indirectly, for expenses attributable to the operation of the property, such as real estate taxes and assessments, insurance and ordinary maintenance and repairs, (ii) responsible for maintaining the property and, following a casualty or partial condemnation, for restoring the property, (iii) obligated to indemnify us for claims arising with respect to the property, and (iv) responsible for maintaining insurance coverage for the property and naming us an additional insured. Under some leases, we are responsible for structural repairs, including foundation and slab, roof repair or replacement and restoration following a casualty event, and at several properties we are responsible for certain expenses related to the operation and maintenance of the property.

Many of our leases provide for periodic contractual rent increases, rent increases based on the consumer price index or for additional payments based on sales derived from the property subject to the lease (i.e., percentage rent). Our leases generally provide the tenant with one or more renewal options. At December 31, 2025, 2024 and 2023, the weighted average remaining term of our leases was 4.4 years, 5.0 years and 5.5 years, respectively.

The following table sets forth scheduled expirations of leases at our properties as of December 31, 2025:

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Number of

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Building

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Percentage of

Year of Lease Expiration (a)

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Leases

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Square Feet (b)

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2026 Base Rent

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2026 Base Rent

2026

12

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576,560

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$

2,567,000

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3.1

2027

34

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2,212,582

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15,141,000

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18.3

2028

24

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1,863,243

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13,228,000

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16.0

2029

20

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1,915,412

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11,792,000

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14.3

2030

25

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1,312,906

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12,606,000

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15.2

2031

15

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1,533,012

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9,160,000

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11.1

2032

7

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645,994

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5,004,000

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6.1

2033

10

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859,230

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8,033,000

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9.7

2034

6

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206,635

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2,077,000

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2.5

2035 and thereafter

4

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514,865

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3,061,000

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3.7

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157

11,640,439

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$

82,669,000

100.0

(a)Lease expirations do not give effect to the exercise of existing renewal options.

(b)Excludes an aggregate of 176,312 square feet of vacant space.

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Financing, Re-Renting and Disposition of Our Properties

Our credit facility, which expires on December 31, 2026, provides us with a source of funds that is used to acquire properties, payoff existing mortgages, and to a more limited extent, invest in joint ventures, improve properties and for working capital purposes. Generally, net proceeds received from the sale, financing or refinancing of properties are required to be used to repay amounts outstanding under our facility. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Credit Facility”.

We mortgage specific properties on a non-recourse basis, subject to standard carve-outs, to enhance the return on our investment in a specific property. Generally, the proceeds of mortgage loans are first applied to reduce indebtedness on our credit facility and the balance may be used for other general purposes, including property acquisitions, investments in joint ventures or other entities that own real property, and working capital.

With respect to properties we acquire on a free and clear basis, we usually seek to obtain long-term fixed-rate mortgage financing, when available at acceptable terms, shortly after the acquisition of such property to avoid the risk of fluctuating (i) interest rates and (ii) supply and demand in the credit and mortgage markets. We also will acquire a property that is subject to (and will assume) a fixed-rate mortgage. Many of our mortgages provide for amortization of part of the principal balance during the term, thereby reducing the refinancing risk at maturity. Some properties are financed on a cross-defaulted or cross-collateralized basis, and we may collateralize a single financing with more than one property.

Prior to the termination or expiration of leases relating to our properties, we explore re-renting or selling such property to maximize our return, considering, among other factors, the income potential and market value of such property. We acquire properties for long-term investment for income purposes and do not typically engage in the turnover of investments. We will consider the sale of a property if a sale appears advantageous in view of our investment objectives. If there is a substantial tax gain, we may seek to enter into a tax deferred transaction and reinvest the proceeds in another property. Cash realized from the sale of properties, net of required payoffs of the related mortgage debt, if any, required paydowns of our credit facility, and distributions to stockholders, is available for general working capital purposes and the acquisition of additional properties.

In 2025, we sold ten properties (i.e., seven retail, a restaurant, a veterinary hospital and a property ground leased to a multi-unit apartment complex owner/operator). Generally, we sold these properties due to one or more of the following considerations: our belief that such property had achieved its maximum potential value; our concern with respect to the long-term prospects for the tenant or the geographic sub-market; our concern in our ability, on acceptable terms, to refinance the property’s mortgage debt or re-lease the property; or in furtherance of our efforts to decrease the number of our non-industrial properties and recycle the net proceeds therefrom such sales to expand our industrial portfolio.

Competition

The market for industrial properties in the United States is highly competitive; we compete to acquire industrial properties with, among others, traded and non-traded public REITs, private equity firms, institutional investment funds, insurance companies and private individuals, many of whom have greater financial and other resources than we have, and the ability or willingness to accept more risk than we believe appropriate for us. We can provide no assurance that we will be able to compete successfully in acquiring or leasing industrial properties.

Regulation

Environmental

Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may be held strictly liable for all costs and liabilities relating to such hazardous substances. We generally obtain a Phase I environmental study (which involves inspection without soil sampling

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or ground water analysis) conducted by independent environmental consultants prior to acquiring a property and, in certain instances, have conducted additional investigations.

We do not believe that there are hazardous substances existing on our properties that would have a material adverse effect on our business, financial position or results of operations. We do not carry insurance coverage for the types of environmental risks described above.

We believe that we are in compliance, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, we have not been notified by any governmental authority of any noncompliance, liability or other claim in connection with any of our properties, that we believe would have a material adverse effect on our business, financial position or results of operations.

Americans with Disabilities Act of 1990

Our properties are required to comply with the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the “ADA”). The primary responsibility for complying with the ADA, (i.e., either us or our tenant) generally depends on the applicable lease, but we may incur costs if the tenant is responsible and does not comply. As of December 31, 2025, we have not been notified by any governmental authority, nor are we otherwise aware, of any non-compliance with the ADA that we believe would have a material adverse effect on our business, financial position or results of operations.

Other Regulations

State and local governmental authorities regulate the use of our properties. While many of our leases mandate that the tenant is primarily responsible for complying with such regulations, the tenant’s failure to comply could result in the imposition of fines or awards of damages on us, as the property owner, or restrictions on the ability to conduct business on such properties.

Human Capital Resources

As of December 31, 2025, we had nine full-time employees, including five full-time executive officers, and two employees who devote between 50% to 75% of their time to our activities. In addition, certain (i) executive, administrative, legal, accounting, clerical, property management, property acquisition, consulting (i.e., sale, leasing, brokerage, and mortgage financing), and construction supervisory services, which we refer to collectively as the “Services”, and (ii) facilities and other resources, are provided pursuant to a compensation and services agreement between us and Majestic Property.

In 2025, pursuant to the compensation and services agreement, we paid Majestic Property approximately $3.6 million for the Services plus $350,000 for our share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. Included in the $3.6 million is $1.6 million for property management services—the amount for the property management services is based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by us from net lease tenants and operating lease tenants, respectively. We do not pay Majestic Property for property management services with respect to properties managed by third parties. Based on our portfolio of properties at December 31, 2025, we estimate that the property management fee in 2026 will be approximately $1.7 million.

We provide a competitive benefits program to help meet the needs of our employees. In addition to salaries, the program includes annual cash bonuses, stock awards, contributions to a pension plan, healthcare and insurance benefits, health savings accounts, paid time off and family leave. Employees are given regular opportunities to participate in professional development programs, and we work with our employees to help them meet their personal and family needs. Most of our employees have a long tenure with us, which we believe is indicative of their satisfaction with our work environment.

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Information about our Executive Officers

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Set forth below is a list of our executive officers whose terms expire at our 2026 annual board of directors’ meeting. The business history of our executive officers, who are also directors, will be provided in our proxy statement to be filed with the SEC not later than April 30, 2026:

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NAME

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AGE

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POSITION WITH THE COMPANY

Matthew J. Gould*

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66

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Chairman of the Board

Fredric H. Gould*

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90

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Vice Chairman of the Board

Patrick J. Callan, Jr.

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63

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President, Chief Executive Officer and Director

Lawrence G. Ricketts, Jr.

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49

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Executive Vice President and Chief Operating Officer

Jeffrey A. Gould*

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60

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Senior Vice President and Director

Isaac Kalish**

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50

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Senior Vice President and Chief Financial Officer

David W. Kalish**

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78

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Senior Vice President—Finance

Mark H. Lundy

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63

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Senior Vice President

Israel Rosenzweig

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78

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Senior Vice President

Richard M. Figueroa

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58

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Senior Vice President

Justin Clair

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43

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Executive Vice President

Mili Mathew

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42

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Vice President—Finance and Chief Accounting Officer

Alysa Block

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65

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Treasurer

*

Matthew J. Gould and Jeffrey A. Gould are Fredric H. Gould’s sons.

**

Isaac Kalish is David W. Kalish’s son.

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Lawrence G. Ricketts, Jr. Mr. Ricketts has been our Chief Operating Officer since 2008, Executive Vice President since 2006 and served as Vice President from 1999 through 2006.

Isaac Kalish. Mr. Kalish has served as our Chief Financial Officer since 2024 as Senior Vice President since 2023 and as Vice President from 2013 through 2023. He has served as Treasurer of the managing general partner of Gould Investors since 2013 and as its Assistant Treasurer from 2012, as Senior Vice President since 2024, as Vice President and Treasurer of BRT Apartments Corp. since 2013 and 2014, respectively, and as its Assistant Treasurer from 2009 through 2013. He is a certified public accountant.

David W. Kalish. Mr. Kalish has served since 2024 as our Senior Vice President-Finance, and from 1990 to 2024, as Chief Financial Officer and Senior Vice President. Since 1998, he has served as Senior Vice President, Finance and from 1990 to 1998, as Chief Financial Officer of BRT Apartments. Since 1990, he has served as Senior Vice President and Chief Financial Officer of the managing general partner of Gould Investors. Mr. Kalish is a certified public accountant.

Mark H. Lundy. Mr. Lundy has served as our Senior Vice President since 2006 and as Vice President from 2000 through 2006. He has served as Senior Vice President of BRT Apartments since 2006, and as its Vice President from 1993 to 2006. Mr. Lundy has served as President and Chief Operating Officer of the managing general partner of Gould Investors since 2013 and as its Vice President from 1990 through 2012. He is an attorney admitted to practice in New York and the District of Columbia.

Israel Rosenzweig. Mr. Rosenzweig has served as our Senior Vice President since 1997. He has served as Chairman of the Board of Directors of BRT Apartments since 2013, as Vice Chairman of its Board of Directors from 2012 through 2013, and as its Senior Vice President from 1998 through 2012. Since 1997, he has served as a Vice President of the managing general partner of Gould Investors.

Richard M. Figueroa. Mr. Figueroa has served as our Senior Vice President since 2019, as Vice President from 2001 through 2019, as Vice President of BRT Apartments from 2002 through 2019 and as Vice President of the managing general partner of Gould Investors since 1999. Mr. Figueroa is an attorney admitted to practice in New York.

Justin Clair. Mr. Clair has served as Executive Vice President since 2024, as Senior Vice President—Acquisitions from 2019 through 2024, as Vice President from 2014 through 2019, as Assistant Vice President from 2010 through 2014, and has been employed by us since 2006.

Mili Mathew. Ms. Mathew has served as Chief Accounting Officer since 2024, Vice President—Finance, since 2023, as Assistant Vice President—Financial, from 2020 through 2023, and has been employed by us since 2014. Ms. Mathew is a certified public accountant.

Alysa Block. Ms. Block has been our Treasurer since 2007 and served as Assistant Treasurer from 1997 to 2007. Ms. Block also served as the Treasurer of BRT Apartments from 2008 through 2013, and as its Assistant Treasurer from 1997 to 2008.

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