One Liberty Properties Sells Office Property For $40M And Acquires Two Properties For $ 16.7M

One Liberty Properties, Inc.(NYSE: OLP) recently sold an office property in Parsippany, NJ forapproximately $40 million. The gain on the sale for financial statementpurposes will be approximately $10 million and approximately $21 million forfederal income tax purposes (in each case without giving effect to a $1.6million mortgage pre-payment penalty). In October 2014, the Company acquired two properties for approximately $16.7million. The first is a 58,000 square foot stadium style theater located inIndianapolis, Indiana for approximately $9 million. The property is leasedthrough 2027, without giving effect to renewal options, to Regal Cinemas,Inc. The Company also added through a joint venture in which it has a 90% equityinterest, a 57,000 square foot supermarket located in Philadelphia,Pennsylvania for approximately $7.7 million, including approximately $4.6million of mortgage debt maturing in 2021 with an annual interest rate of3.885%. The property is leased through 2021, without giving effect torenewal options, to Pathmark. The aggregate annual base rent payable at thedate of acquisition with respect to these two acquired properties isapproximately $1.3 million. Patrick J. Callan, Jr., President and Chief Executive Officer of OneLiberty, said, "We continue to refine our portfolio through effectivecapital recycling efforts, marked by the sale of an asset we believedreached full value and enabled us to generate an attractive return for ourinvestors. We are pursuing acquisition transaction(s) which may allow us todefer all or a portion of the gain for Federal income tax purposes, thoughno assurance can be given that we will be successful in this regard. We alsoare pleased to have added two assets that we believe will continue tocontribute to our cash flow in the future. We will continue to pursueadditional opportunities to deploy capital to match our long termobjectives."