One Liberty Properties (OLP) 10-K 14 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	ONE LIBERTY PROPERTIES INC
Entity Central Index Key	712,770
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 338
Entity Common Stock, Shares Outstanding		19,068,336
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Real estate investments, at cost
Land		$ 209,320	$ 211,432
Buildings and improvements		566,007	536,633
Total real estate investments, at cost		775,327	748,065
Less accumulated depreciation		108,953	96,852
Real estate investments, net		666,374	651,213
Investment in unconsolidated joint ventures		10,723	10,833
Cash and cash equivalents		13,766	17,420
Restricted cash		443	643
Unbilled rent receivable		14,125	13,797
Unamortized intangible lease assets, net		30,525	32,645
Escrow, deposits and other assets and receivables		6,630	6,894
Total assets	[1]	742,586	733,445
Liabilities:
Mortgages payable, net of $3,789 and $4,294 of deferred financing costs, respectively		393,157	394,898
Line of credit, net of $624 and $936 of deferred financing costs, respectively		8,776	9,064
Dividends payable		8,493	7,806
Accrued expenses and other liabilities		16,107	10,470
Unamortized intangible lease liabilities, net		17,551	19,280
Total liabilities	[1]	444,084	441,518
Commitments and contingencies
One Liberty Properties, Inc. stockholders' equity:
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 25,000 shares authorized; 18,261 and 17,600 shares issued and outstanding		18,261	17,600
Paid-in capital		275,087	262,511
Accumulated other comprehensive income (loss)		155	(1,479)
Accumulated undistributed net income		3,257	11,501
Total One Liberty Properties, Inc. stockholders' equity		296,760	290,133
Non-controlling interests in consolidated joint ventures	[1]	1,742	1,794
Total equity		298,502	291,927
Total liabilities and equity		$ 742,586	$ 733,445
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $17,844 and $17,844 of land, $31,789 and $32,535 of building and improvements, net of $3,811 and $2,732 of accumulated depreciation, $4,345 and $5,521 of other assets included in other line items, $32,252 and $33,121 of real estate debt, net, $2,885 and $3,093 of other liabilities included in other line items, and $1,742 and $1,794 of non-controlling interests as of December 31, 2017 and 2016, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands		Dec. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, shares authorized		12,500	12,500
Preferred stock, shares issued		0	0
Common stock, par value (in dollars per share)		$ 1	$ 1
Common stock, shares authorized		25,000	25,000
Common stock, shares issued		18,261	17,600
Common stock, shares outstanding		18,261	17,600
Land		$ 209,320,000	$ 211,432,000
Buildings and improvements		566,007,000	536,633,000
Accumulated depreciation		108,953,000	96,852,000
Non-controlling interest in joint venture	[1]	1,742,000	1,794,000
Consolidated VIE entities
Deferred financing costs		442,000	539,000
Land		17,844,000	17,844,000
Buildings and improvements		31,789,000	32,535,000
Accumulated depreciation		3,811,000	2,732,000
Other assets		4,345,000	5,521,000
Real estate debt, net		32,252,000	33,121,000
Other liabilities		2,885,000	3,093,000
Non-controlling interest in joint venture		1,742,000	1,794,000
Mortgages payable
Deferred financing costs		3,789,000	4,294,000
Accumulated depreciation		83,015,000
Facility
Deferred financing costs		$ 624,000	$ 936,000
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $17,844 and $17,844 of land, $31,789 and $32,535 of building and improvements, net of $3,811 and $2,732 of accumulated depreciation, $4,345 and $5,521 of other assets included in other line items, $32,252 and $33,121 of real estate debt, net, $2,885 and $3,093 of other liabilities included in other line items, and $1,742 and $1,794 of non-controlling interests as of December 31, 2017 and 2016, respectively.

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income, net	$ 68,244,000	$ 64,164,000	$ 58,973,000
Tenant reimbursements	7,672,000	6,424,000	3,852,000
Lease termination fees			2,886,000
Total revenues	75,916,000	70,588,000	65,711,000
Operating expenses:
Depreciation and amortization	20,993,000	18,164,000	16,384,000
General and administrative (see Note 12 for related party information)	11,279,000	10,693,000	9,527,000
Real estate expenses (see Note 12 for related party information)	10,736,000	8,931,000	6,047,000
Real estate acquisition costs (see Note 12 for related party information)		596,000	449,000
Federal excise and state taxes	481,000	203,000	343,000
Leasehold rent	308,000	308,000	308,000
Impairment loss	153,000
Total operating expenses	43,950,000	38,895,000	33,058,000
Operating income	31,966,000	31,693,000	32,653,000
Other income and expenses:
Equity in earnings of unconsolidated joint ventures (see Note 12 for related party information)	826,000	1,005,000	412,000
Purchase price fair value adjustment			960,000
Prepayment costs on debt		(577,000)	(568,000)
Other income	407,000	435,000	108,000
Interest:
Expense	(17,810,000)	(17,258,000)	(16,027,000)
Amortization and write-off of deferred financing costs	(977,000)	(904,000)	(1,023,000)
Income before gain on sale of real estate, net	14,412,000	14,394,000	16,515,000
Gain on sale of real estate, net	9,837,000	10,087,000	5,392,000
Net income	24,249,000	24,481,000	21,907,000
Net income attributable to non-controlling interests	(102,000)	(59,000)	(1,390,000)
Net income attributable to One Liberty Properties, Inc.	$ 24,147,000	$ 24,422,000	$ 20,517,000
Weighted average number of common shares outstanding:
Basic (in shares)	17,944	16,768	15,971
Diluted (in shares)	18,047	16,882	16,079
Basic (in dollars per share)	$ 1.29	$ 1.40	$ 1.23
Diluted (in dollars per share)	$ 1.28	$ 1.39	$ 1.22

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income
Net income	$ 24,249	$ 24,481	$ 21,907
Other comprehensive gain (loss)
Net unrealized gain on available-for-sale securities			3
Reclassification of gain on available-for-sale securities included in net income		(27)
Net unrealized gain (loss) on derivative instruments	1,565	2,879	(1,168)
One Liberty Properties Inc.'s share of joint ventures' net unrealized gain (loss) on derivative instruments	76	64	(1)
Other comprehensive gain (loss)	1,641	2,916	(1,166)
Comprehensive income	25,890	27,397	20,741
Net income attributable to non-controlling interests	(102)	(59)	(1,390)
Adjustment for derivative instruments attributable to non-controlling interests	(7)	(5)	29
Comprehensive income attributable to One Liberty Properties, Inc.	$ 25,781	$ 27,333	$ 19,380

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Undistributed Net Income	Non-Controlling Interests in Consolidated Joint Ventures	Total
Balances at Dec. 31, 2014	$ 15,728	$ 219,867	$ (3,195)	$ 21,876	$ 1,628	$ 255,904
Distributions - common stock
Cash - $ 1.74 per share,$1.66 per share and $1.58 per share for the year ended December 31, 2017, 2016 and 2014, respectively				(26,178)		(26,178)
Shares issued through equity offering program - net	295	6,162				6,457
Restricted stock vesting	72	(72)
Shares issued through dividend reinvestment plan	197	4,087				4,284
Contributions from non-controlling interests					713	713
Distributions to non-controlling interests					(1,829)	(1,829)
Compensation expense - restricted stock		2,334				2,334
Net income				20,517	1,390	21,907
Other comprehensive (loss) income			(1,195)		29	(1,166)
Balances at Dec. 31, 2015	16,292	232,378	(4,390)	16,215	1,931	262,426
Distributions - common stock
Cash - $ 1.74 per share,$1.66 per share and $1.58 per share for the year ended December 31, 2017, 2016 and 2014, respectively				(29,136)		(29,136)
Shares issued through equity offering program - net	1,080	24,707				25,787
Restricted stock vesting	86	(86)
Shares issued through dividend reinvestment plan	142	2,965				3,107
Contributions from non-controlling interests					80	80
Distributions to non-controlling interests					(271)	(271)
Purchase of non-controlling interest		(436)			(10)	(446)
Compensation expense - restricted stock		2,983				2,983
Net income				24,422	59	24,481
Other comprehensive (loss) income			2,911		5	2,916
Balances at Dec. 31, 2016	17,600	262,511	(1,479)	11,501	1,794	291,927
Distributions - common stock
Cash - $ 1.74 per share,$1.66 per share and $1.58 per share for the year ended December 31, 2017, 2016 and 2014, respectively				(32,391)		(32,391)
Shares issued through equity offering program - net	231	5,339				5,570
Restricted stock vesting	232	(232)
Shares issued through dividend reinvestment plan	198	4,336				4,534
Contributions from non-controlling interests					20	20
Distributions to non-controlling interests					(181)	(181)
Compensation expense - restricted stock		3,133				3,133
Net income				24,147	102	24,249
Other comprehensive (loss) income			1,634		7	1,641
Balances at Dec. 31, 2017	$ 18,261	$ 275,087	$ 155	$ 3,257	$ 1,742	$ 298,502

Consolidated Statements of Cha7

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Changes in Equity
Distributions - common stock, Cash per share (in dollars per share)	$ 1.74	$ 1.66	$ 1.58

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 24,249,000	$ 24,481,000	$ 21,907,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of real estate, net	(9,837,000)	(10,087,000)	(5,392,000)
Purchase price fair value adjustment			(960,000)
Gain on sale of available-for-sale securities		(27,000)
Impairment loss	153,000
Prepayment costs on debt		577,000	568,000
Increase in unbilled rent receivable	(794,000)	(2,286,000)	(1,448,000)
Write-off of unbilled rent receivable	362,000	7,000	566,000
Bad debt expense	291,000	98,000
Amortization and write-off of intangibles relating to leases, net	(897,000)	(712,000)	(723,000)
Amortization of restricted stock expense	3,133,000	2,983,000	2,334,000
Equity in earnings of unconsolidated joint ventures	(826,000)	(1,005,000)	(412,000)
Distributions of earnings from unconsolidated joint ventures	656,000	939,000	540,000
Depreciation and amortization	20,993,000	18,164,000	16,384,000
Amortization and write-off of deferred financing costs	977,000	904,000	1,023,000
Payment of leasing commissions	(168,000)	(1,050,000)	(716,000)
Decrease (Increase) in escrow, deposits, other assets and receivables	179,000	(731,000)	197,000
Increase (Decrease) in accrued expenses and other liabilities	6,086,000	(850,000)	616,000
Net cash provided by operating activities	44,557,000	31,405,000	34,484,000
Cash flows from investing activities:
Purchase of real estate	(43,537,000)	(118,589,000)	(67,445,000)
Improvements to real estate	(6,565,000)	(4,868,000)	(3,868,000)
Net proceeds from sale of real estate	26,301,000	42,312,000	16,025,000
Purchase of partner's interest in consolidated joint venture		(446,000)
Purchase of partner's interest in unconsolidated joint venture			(6,300,000)
Investment in unconsolidated joint ventures			(12,686,000)
Distributions of capital from unconsolidated joint ventures	357,000	647,000	776,000
Net proceeds from sale of available-for-sale securities		33,000
Net cash used in investing activities	(23,444,000)	(80,911,000)	(73,498,000)
Cash flows from financing activities:
Scheduled amortization payments of mortgages payable	(10,520,000)	(9,138,000)	(7,793,000)
Repayment of mortgages payable	(12,936,000)	(63,726,000)	(27,967,000)
Proceeds from mortgage financings	21,210,000	137,628,000	79,605,000
Proceeds from sale of common stock, net	5,570,000	25,787,000	6,457,000
Proceeds from bank line of credit	47,000,000	86,000,000	45,400,000
Repayment on bank line of credit	(47,600,000)	(94,250,000)	(40,400,000)
Issuance of shares through dividend reinvestment plan	4,534,000	3,107,000	4,284,000
Payment of financing costs	(160,000)	(2,220,000)	(897,000)
Prepayment costs on debt		(577,000)	(568,000)
Capital contributions from non-controlling interests	20,000	80,000	713,000
Distributions to non-controlling interests	(181,000)	(271,000)	(1,829,000)
Cash distributions to common stockholders	(31,704,000)	(28,230,000)	(25,599,000)
Net cash (used in) provided by financing activities	(24,767,000)	54,190,000	31,406,000
Net (decrease) increase in cash and cash equivalents	(3,654,000)	4,684,000	(7,608,000)
Cash and cash equivalents at beginning of year	17,420,000	12,736,000	20,344,000
Cash and cash equivalents at end of year	13,766,000	17,420,000	12,736,000
Supplemental disclosures of cash flow information:
Cash paid during the year for interest expense	17,777,000	17,310,000	15,986,000
Cash paid during the year for Federal excise tax, net		190,000	300,000
Supplemental schedule of non-cash investing and financing activities:
Mortgage debt extinguished upon conveyance of the Company's Morrow, Georgia property to mortgagee by deed-in-lieu of foreclosure			1,466,000
Consolidation of real estate investment			2,633,000
Purchase accounting allocation - intangible lease assets	4,009,000	8,194,000	5,776,000
Purchase accounting allocation - intangible lease liabilities	$ (158,000)	$ (6,288,000)	$ (5,365,000)

ORGANIZATION AND BACKGROUND

ORGANIZATION AND BACKGROUND	12 Months Ended
	Dec. 31, 2017
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND	NOTE 1—ORGANIZATION AND BACKGROUND One Liberty Properties, Inc. ("OLP") was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust ("REIT"). OLP acquires, owns and manages a geographically diversified portfolio of industrial, retail (including furniture stores and supermarkets), restaurant, health and fitness, and theater properties, many of which are subject to long-term net leases. As of December 31, 2017, OLP owns 119 properties, including six properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 119 properties are located in 30 states.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities ("VIEs") of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are hereinafter referred to as the "Company". Material intercompany items and transactions have been eliminated in consolidation. Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture's tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2017, there were no impairment charges related to the Company's investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor's investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company's consolidated financial condition and results of operations, in that they require management's most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company's real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company's future consolidated financial condition or results of operations. Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant's payment history and financial condition. Some of the leases provide for increases based on the Consumer Price Index and for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Certain ground leases provide for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company's properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with these properties are generally recorded on a gross basis when the Company is the primary obligor. During 2017, 2016 and 2015, the Company recorded reimbursements of expenses of $7,672,000, $6,424,000 and $3,852,000, respectively, which are reported as Tenant reimbursements in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the criteria under GAAP have been met. Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based on significant "unobservable" market inputs. Purchase Accounting for Acquisition of Real Estate In January 2017, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which requires an entity to evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company analyzed the real estate acquisitions made during 2017 and determined the gross assets acquired are concentrated in a single identifiable asset. Prior to January 1, 2017, the Company recorded acquired real estate investments as business combinations when the real estate was occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments were expensed as incurred. The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management's determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are likely to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., origination costs) is recorded to amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its contractual expiration date or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 38 years. Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset to its carrying amount. If the aggregate undiscounted cash flows are less than the asset's carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset's carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors. Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated. C ash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents. Escrows Real estate taxes, insurance and other escrows aggregating $460,000 and $387,000 at December 31, 2017 and 2016, respectively, are included in Escrow, deposits and other assets and receivables. Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $20,993,000, $18,164,000 and $16,384,000 during 2017, 2016 and 2015, respectively. Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2017 and 2016, accumulated amortization of such costs was $2,804,000 and $2,090,000, respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability. Income Taxes The Company is qualified as a real estate investment trust under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual. Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company's properties are located in 30 states. During 2017, 2016 and 2015, 13.2%, 12.9% and 13.0% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company's total revenues. No tenant contributed over 10% to the Company's total revenues during 2017, 2016 and 2015. Segment Reporting Substantially all of the Company's real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment. Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense shall be reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, we recognize compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company's Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award. Derivatives and Hedging Activities The Company's objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company's policy is to not enter into such transactions. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required rent and other payments. If the financial condition of a specific tenant were to deteriorate, adversely impacting its ability to make payments, additional allowances may be required. Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year's presentation. Such reclassifications primarily relate to change the presentation of Gain on sale of real estate, net on the consolidated statement of operations for the years ended December 31, 2016 and 2015. The Company has included a caption for Income before gain on sale of real estate, net, to present gains and losses on sales of properties in accordance with the Securities and Exchange Commission Rule 3-15(a) of Regulation S-X. The change was made for the years ended December 31, 2016 and 2015 because, as prescribed by ASC 360-10-45-5, such gains from sale of real estate were not included as a component of Operating income. Such change was determined to be immaterial to the consolidated financial statements. New Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the presentation and disclosure requirements for hedge accounting and changes how companies assess hedge effectiveness. This ASU is intended to more closely align hedge accounting with companies' risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope and application on the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company has evaluated the new guidance and determined there will be no impact on the consolidated financial statements as the Company will be electing the practical expedient which is forward-looking to future sales. In addition, none of the Company's prior sales were partial sales and all were under closed contracts. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Emerging Issues Task Force) , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amount generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current "incurred loss" model with an "expected loss" approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating this new standard. The Company anticipates adopting this guidance effective as of January 1, 2019 and will apply the modified retrospective approach. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In July 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which delays the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2014-09, ASU 2015-14 and ASU 2016-08 are herein collectively referred to as the "New Revenue Recognition Standards". The New Revenue Recognition Standards are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted but not before annual periods beginning after December 15, 2016. The Company anticipates adopting the New Revenue Recognition Standards effective as of January 1, 2018, and applying the cumulative-effect adoption method. The Company has evaluated its revenue streams, and as they are primarily related to leasing activities which are scoped out of the New Revenue Recognition Standards, it has determined that the adoption of such standards will not have a material impact on the consolidated financial statements and there will be no cumulative translation adjustments upon adoption.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2017
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	NOTE 3—EARNINGS PER COMMON SHARE Basic earnings per share was determined by dividing net income allocable to common stockholders for each year by the weighted average number of shares of common stock outstanding during the applicable year. Net income is also allocated to the unvested restricted stock outstanding during each year, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock. As of December 31, 2017, the shares of common stock underlying the restricted stock units awarded under the 2016 Incentive Plan are excluded from the basic earnings per share calculation, as these units are not participating securities. The restricted stock units issued pursuant to the 2009 and 2016 Incentive Plans are referred to as "RSUs". Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. See Note 13 for information regarding the Company's equity incentive plans. The diluted weighted average number of shares of common stock includes common stock underlying the RSUs awarded under the plans identified in the table below: Year Ended December 31, Number of 2017 2016 2015 2009 Incentive Plan — (a) 2016 Incentive Plan (b) — — (a) RSUs with respect to 113,584 shares vested on June 30, 2017 and such shares were issued in August 2017. (b) Includes 33,353 shares that would be issued pursuant to a return on capital performance metric and 38,125 shares that would be issued pursuant to a stockholder return metric, assuming the end of the quarterly period was the June 30, 2020 vesting date. The remaining 4,772 shares awarded pursuant to the capital performance metric (of a total of 38,125 that were awarded on September 26, 2017) are not included. There were no options outstanding to purchase shares of common stock or other rights exercisable for, or convertible into, common stock in 2017, 2016 and 2015. The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Numerator for basic and diluted earnings per share: Net income $ $ $ Less net income attributable to non-controlling interests ) ) ) Less earnings allocated to unvested restricted stock(a) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available for common stockholders: basic and diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: Weighted average number of common shares Effect of diluted securities: RSUs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted earnings per share: Weighted average number of shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.

REAL ESTATE INVESTMENTS AND MIN

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS	12 Months Ended
	Dec. 31, 2017
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS	NOTE 4—REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS Real Estate Acquisitions The following charts detail the Company's acquisitions of real estate during 2017 and 2016 (amounts in thousands): Description of Property Date Contract Terms of Third Party Forbo industrial facility, May 25, 2017 $ Cash and $5,190 mortgage(b) $ Saddle Creek Logistics industrial facility, June 9, 2017 All cash(c) Corporate Woods industrial facility, June 20, 2017 All cash(d) Dufresne Spencer Group industrial facility, October 10, 2017 All cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description of Property Date Contract Terms of Third Party Multi-tenant industrial facility, March 30, 2016 $ All cash $ Multi-tenant industrial facility, March 30, 2016 All cash Toro distribution facility, June 3, 2016 All cash 4 Advanced Auto retail stores, June 16, 2016 Cash and $4,300 mortgage(b) Land—The Briarbrook Village Apartments, August 2, 2016 All cash — (f) Burlington Coat and Micro Center retail stores, August 12, 2016 All cash Land—The Vue Apartments, August 16, 2016 All cash — (g) Famous Footwear distribution facility, September 1, 2016 Cash and $21,288 mortgage(b) Other costs(h) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Transaction costs incurred with these asset acquisitions were capitalized. (b) The new mortgage debt was obtained simultaneously with the acquisition of the property. (c) In August 2017, the Company obtained new mortgage debt of $7,200. (d) In July 2017, the Company obtained new mortgage debt of $8,820. (e) Included as an expense in Real estate acquisition costs in the accompanying consolidated statement of income. (f) Transaction costs aggregating $6 incurred with this asset acquisition were capitalized. (g) Transaction costs aggregating $5 incurred with this asset acquisition were capitalized. (h) Costs incurred for properties purchased in the previous year. The following charts detail the allocation of the purchase price for the Company's acquisitions of real estate during 2017 and 2016 (amounts in thousands): Intangible Lease Building Description of Property Land Building Asset Liability Total Forbo industrial facility, Huntersville, North Carolina $ $ $ $ $ — $ Saddle Creek Logistics industrial facility, Pittston, Pennsylvania — Corporate Woods industrial facility, Ankeny, Iowa ) Dufresne Spencer Group industrial facility, Memphis, Tennessee — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-tenant industrial facility, Greenville, South Carolina $ $ $ $ $ — $ Multi-tenant industrial facility, Greenville, South Carolina ) Toro distribution facility, El Paso, Texas — 4 Advanced Auto retail stores, Ohio ) Land—The Briarbrook Village Apartments, Wheaton, Illinois — — — — Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota ) Land—The Vue Apartments, Beachwood, Ohio — — — — Famous Footwear distribution facility, Lebanon, Tennessee ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2017, the weighted average amortization period for the 2017 acquisitions is 6.8 years and 12.2 years for the intangible lease assets and intangible lease liabilities, respectively. As of December 31, 2016, the weighted average amortization period for the 2016 acquisitions is 9.3 years and 13.0 years for the intangible lease assets and intangible lease liabilities, respectively. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 2) in the fair value hierarchy. At December 31, 2017 and 2016, accumulated amortization of intangible lease assets was $17,542,000 and $16,074,000, respectively, and accumulated amortization of intangible lease liabilities was $7,849,000 and $6,386,000, respectively. During 2017, 2016 and 2015, the Company recognized net rental income of $897,000, $712,000 and $723,000, respectively, for the amortization of the above/below market leases. During 2017, 2016 and 2015, the Company recognized amortization expense of $4,984,000, $3,612,000 and $3,467,000, respectively, relating to the amortization of the origination costs associated with in-place leases, which is included in Depreciation and amortization expense. The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2017 will be deducted from rental income through 2032 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2017 will be added to rental income through 2055 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The unamortized balance of origination costs associated with in-place leases at December 31, 2017 will be charged to amortization expense through 2055 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Future Rents The rental properties owned at December 31, 2017 are leased under operating leases with current expirations ranging from 2018 to 2037, with certain tenant renewal rights. The minimum future contractual rents do not include (i) straight-line rent or amortization of intangibles and (ii) rental income which can be deferred under the Company's ground leases on the basis of the respective property's operating performance. Such rents were $3,623,000, $2,379,000 and $1,458,000 during 2017, 2016 and 2015, respectively. The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2017 are as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unbilled Rent Receivable At December 31, 2017 and 2016, the Company's unbilled rent receivables aggregating $14,125,000 and $13,797,000, respectively, represent rent reported on a straight-line basis in excess of rental payments required under the respective leases. The unbilled rent receivable is to be billed and received pursuant to the lease terms during the next 24 years. During 2017 and 2016, the Company wrote off $105,000 and $2,060,000, respectively, of unbilled straight-line rent receivable related to the properties sold during such years, which reduced the gain on sale reported on the consolidated statements of income. During 2017, 2016 and 2015, the Company also wrote off $362,000, $7,000 and $89,000, respectively, of unbilled straight-line rent receivable related to properties at which the tenant filed for Chapter 11 bankruptcy. During 2015, the Company wrote off unbilled straight-line rent receivables of $477,000 related to lease terminations effected prior to lease expirations (see below). Lease Termination Fees In 2015, the Company received lease termination fees of $2,886,000 from tenants in lease buy-out transactions. In connection with the receipt of these fees, the Company wrote off an aggregate of $530,000 as offsets to rental income, representing the entire balance of the unbilled rent receivables and the intangible lease assets related to these tenants as of December 31, 2015. The Company re-leased substantially all of such spaces simultaneously with the termination of the leases. Purchase of Partner's 50% Interest In March 2015, the Company purchased for $6,300,000, its partner's 50% interest in an unconsolidated joint venture that owned a property in Lincoln, Nebraska, and as a result, the Company obtained a controlling financial interest. The payment was comprised of (i) $2,636,000 paid directly to the partner and (ii) $3,664,000, substantially all of which was used to pay off the partner's 50% share of the underlying joint venture mortgage. In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statement of income, representing the difference between the book value of its preexisting equity investment on the March 31, 2015 purchase date and the fair value of the net assets acquired.

SALES OF PROPERTIES AND IMPAIRM

SALES OF PROPERTIES AND IMPAIRMENT LOSS	12 Months Ended
	Dec. 31, 2017
SALES OF PROPERTIES AND IMPAIRMENT LOSS
SALES OF PROPERTIES AND IMPAIRMENT LOSS	NOTE 5—SALES OF PROPERTIES AND IMPAIRMENT LOSS Sales of Properties The following chart details the Company's sales of real estate during 2017 and 2016 (amounts in thousands): Description of Property Date Sold Gross Gain on Sale of Retail property, Greenwood Village, Colorado May 8, 2017 $ $ Retail property, Kansas City, Missouri(a) July 14, 2017 Retail property, Niles, Illinois August 31, 2017 Restaurant property, Ann Arbor, Michigan(a)(b) November 14, 2017 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio of eight retail properties, Louisiana and Mississippi February 1, 2016 $ $ Retail property, Killeen, Texas May 19, 2016 Land, Sandy Springs, Georgia June 15, 2016 Industrial property, Tomlinson, Pennsylvania June 30, 2016 Retail property, Island Park, NY December 22, 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Partial condemnation of land, Greenwood Village, Colorado(c) July 5, 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) See Note 11 for information on the payoff of the mortgage on this property and the early termination of the interest rate swap derivative. (b) See "—Impairment Loss" for additional information. (c) Represents amount received from the Colorado Department of Transportation ("CDOT"), as a result of a partial condemnation of land and easements obtained by CDOT. In January 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for $16,025,000, net of closing costs. The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the year ended December 31, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt). The non-controlling interest's share of income from the transaction was $1,320,000 and is included in net income attributable to non-controlling interests. Sale of Property Subsequent to December 31, 2017 On January 30, 2018, the Company sold a property located in Fort Bend, Texas and owned by a consolidated joint venture in which the Company held an 85% interest, for approximately $9,000,000, net of closing costs, and paid off the $4,400,000 mortgage. This property accounted for less than 1.2% of the Company's rental income, net, during 2017, 2016 and 2015. The Company anticipates recognizing a gain of approximately $2,400,000 during the three months ending March 31, 2018. The non-controlling interest's share of the gain from the transaction will be approximately $800,000. Impairment Loss In November 2017, the Company sold its property formerly tenanted by Joe's Crab Shack, located in Ann Arbor, Michigan. As the sales price was less than the net book value, the Company determined that the property was impaired and recorded an impairment loss of $153,000, representing the difference, at September 30, 2017, between the net sales price and the net book value. The impairment loss is included in the accompanying consolidated statement of income for the year ended December 31, 2017.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Dec. 31, 2017
ALLOWANCE FOR DOUBTFUL ACCOUNTS
ALLOWANCE FOR DOUBTFUL ACCOUNTS	NOTE 6—ALLOWANCE FOR DOUBTFUL ACCOUNTS At December 31, 2017 and 2016, there was no balance in the allowance for doubtful accounts. The Company records bad debt expense as a reduction of rental income and/or tenant reimbursements. The Company recorded bad debt expense of $291,000, $105,000 and $89,000 during 2017, 2016 and 2015, respectively. Such bad debt expense related to rental income and tenant reimbursements due from five tenants at properties that filed for Chapter 11 bankruptcy protection during such years. In relation to these tenants, the Company wrote off (i) $362,000, $7,000 and $89,000 of unbilled straight-line rent receivable as a reduction to rental income, (ii) $67,000, $0 and $124,000 of unamortized intangible lease assets and liabilities as an adjustment to rental income and (iii) $884,000, $0 and $380,000 of tenant origination costs as an increase to depreciation expense during 2017, 2016 and 2015, respectively. In 2017, the Company sold three of these properties, located in Greenwood Village, Colorado, Niles, Illinois and Ann Arbor, Michigan (see Note 5) and re-tenanted one property in Philadelphia, Pennsylvania. The Company has determined that no impairment charge is required with respect to the remaining property, which at December 31, 2017, had a net book value of $2,118,000.

VARIABLE INTEREST ENTITIES, CON

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2017
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES
VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES	NOTE 7—VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES Variable Interest Entities—Ground Leases The Company determined that with respect to the properties identified in the table below, it has a variable interest through its ground leases and the three owner/operators (which are affiliated with one another) are VIEs because their equity investment at risk is insufficient to finance its activities without additional subordinated financial support. The Company further determined that it is not the primary beneficiary of any of these VIEs because the Company has shared power over certain activities that most significantly impact the owner/operator's economic performance ( i.e. , shared rights on the sale of the property) and therefore, does not consolidate these VIEs for financial statement purposes. Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net. Such rental income amounted to $3,702,000, $2,361,000 and $1,280,000 during 2017, 2016 and 2015, respectively. Included in these amounts is rental income for a similarly structured transaction for a property located in Sandy Springs, Georgia, amounting to $308,000 and $419,000 during 2016 and 2015, respectively, which the Company sold in June 2016 (see Note 5). The following chart details the Company's VIEs through its ground leases and the aggregate carrying amount and maximum exposure to loss as of December 31, 2017 (dollars in thousands): Description of Property(a) Date Acquired Land # Units Owner/ Type of Carrying The Meadows Apartments, Lakemoor, Illinois March 24, 2015 $ $ (c) Land $ The Briarbrook Village Apartments, Wheaton, Illinois August 2, 2016 Land The Vue Apartments, Beachwood, Ohio August 16, 2016 Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Simultaneously with each purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operators of these properties. (b) Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party which, together with the Company's purchase of the land, provided substantially all of the funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator's mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. No other financial support has been provided by the Company to the owner/operator. (c) In November 2017, the owner/operator closed on a $7,556 supplemental mortgage (the original mortgage was for $43,824). In connection therewith, the Company agreed to subordinate its fee interest to this second mortgage in exchange for a payment by the owner/operator to the Company of $5,906 as a fixed rent payment which was recorded as deferred income and will be included in rental income over the term of the lease. Pursuant to the terms of the ground lease for the Wheaton, Illinois property, the owner/operator is obligated to make certain unit renovations as and when units become vacant. Cash reserves to cover such renovation work, received by the Company in conjunction with the purchase of the property, are disbursed when the unit renovations are completed. The related cash reserve balance for this property was $443,000 and $643,000 at December 31, 2017 and 2016, respectively, and is classified as Restricted cash on the consolidated balance sheets. Variable Interest Entities—Consolidated Joint Ventures With respect to the six consolidated joint ventures in which the Company holds between an 85% to 95% interest, the Company has determined that such ventures are VIEs because the non-controlling interests do not hold substantive kick-out or participating rights. In each of these six joint ventures, the Company has determined it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact each joint venture's performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company has consolidated the operations of these joint ventures for financial statement purposes. The joint ventures' creditors do not have recourse to the assets of the Company other than those held by these joint ventures. The following is a summary of the consolidated VIEs' carrying amounts and classification in the Company's consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2017 2016 Land $ 17,844 $ 17,844 Buildings and improvements, net of accumulated depreciation of $3,811 and $2,732, respectively Cash Unbilled rent receivable Unamortized intangible lease assets, net Escrow, deposits and other assets and receivables Mortgages payable, net of unamortized deferred financing costs of $442 and $539, respectively Accrued expenses and other liabilities Unamortized intangible lease liabilities, net Accumulated other comprehensive loss ) ) Non-controlling interests in consolidated joint ventures At December 31, 2017 and 2016, MCB Real Estate, LLC and its affiliates ("MCB") are the Company's joint venture partner in four consolidated joint ventures in which the Company has aggregate equity investments of approximately $9,705,000 and $10,522,000, respectively. The Company's equity investment in its two other consolidated joint ventures is approximately $7,395,000 and $7,440,000 at December 31, 2017 and 2016, respectively. In October 2016, the Company purchased MCB's 5% interest in a consolidated joint venture that owns a property in Deptford, New Jersey and obtained 100% ownership. The $436,000 difference between the purchase price paid of $446,000 and the non-controlling interest's share of the net assets of the property was accounted for as a reduction to paid-in capital. Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	12 Months Ended
	Dec. 31, 2017
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 8—INVESTMENT IN UNCONSOLIDATED JOINT VENTURES At December 31, 2017 and 2016, the Company's five unconsolidated joint ventures each owned and operated one property. The Company's equity investment in such unconsolidated joint ventures at such dates totaled $10,723,000 and $10,833,000, respectively. The Company recorded equity in earnings of $826,000, $1,005,000 and $412,000 during 2017, 2016 and 2015, respectively. At December 31, 2017, MCB is the Company's joint venture partner in one of these unconsolidated joint ventures in which the Company has an equity investment of $8,245,000.

OTHER INCOME

OTHER INCOME	12 Months Ended
	Dec. 31, 2017
OTHER INCOME
OTHER INCOME	NOTE 9—OTHER INCOME The year ended December 31, 2017 includes $243,000 paid to the Company by a former tenant in connection with the resolution of a dispute, and $74,000 that the Company received for easements on a sold property. The year ended December 31, 2016 includes $356,000 that the Company received for such easements.

DEBT OBLIGATIONS

DEBT OBLIGATIONS	12 Months Ended
	Dec. 31, 2017
DEBT OBLIGATIONS
DEBT OBLIGATIONS	NOTE 10—DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2017 2016 Mortgages payable, gross $ $ Unamortized deferred financing costs ) ) ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2017, there were 70 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $624,361,000 before accumulated depreciation of $83,015,000. After giving effect to the interest rate swap agreements (see Note 11), the mortgage payments bear interest at fixed rates ranging from 3.02% to 6.59%, and mature between 2018 and 2042. The weighted average interest rate on all mortgage debt was 4.22% and 4.27% at December 31, 2017 and 2016, respectively. Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): Year Ending December 31, 2018(a) $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Includes $4,423 related to a mortgage loan that was paid off on a property sold in January 2018. Line of Credit The Company has a credit facility with Manufacturers & Traders Trust Company, People's United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which the Company may borrow up to $100,000,000, subject to borrowing base requirements. The facility, which matures December 31, 2019, provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company's total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at December 31, 2017 and 2016. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.87%, 2.23% and 1.95% during 2017, 2016 and 2015, respectively. The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2017. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company's subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15,000,000 and 15% of the borrowing base and if used for working capital purposes, will not exceed $10,000,000. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2017 2016 Line of credit, gross $ $ Unamortized deferred financing costs ) ) ​ ​ ​ ​ ​ ​ ​ ​ Line of credit, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 5, 2018, there was an outstanding balance of $3,900,000 (before unamortized deferred financing costs) under the facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 11—FAIR VALUE MEASUREMENTS The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits and other assets and receivables (excluding interest rate swaps), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value. At December 31, 2017, the $397,103,000 estimated fair value of the Company's mortgages payable is more than their $396,946,000 carrying value (before unamortized deferred financing costs) by approximately $157,000, assuming a blended market interest rate of 4.25% based on the 8.7 year weighted average remaining term to maturity of the mortgages. At December 31, 2016, the $413,916,000 estimated fair value of the Company's mortgages payable is greater than their $399,192,000 carrying value (before unamortized deferred financing costs) by approximately $14,724,000, assuming a blended market interest rate of 3.74% based on the 9.3 year weighted average remaining term to maturity of the mortgages. At December 31, 2017 and 2016, the carrying amount of the Company's line of credit (before unamortized deferred financing costs) of $9,400,000 and $10,000,000, respectively, approximates its fair value. The fair value of the Company's mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value on a Recurring Basis The fair value of the Company's derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and Financial assets: Interest rate swaps $ Financial liabilities: Interest rate swaps $ The Company does not currently own any financial instruments that are measured on a recurring basis and that are classified as Level 1 or 3. The Company's objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Although the Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of December 31, 2017, the Company has assessed and determined the impact of the credit valuation adjustments on the overall valuation of its derivative positions is not significant. As a result, the Company determined its derivative valuation is classified in Level 2 of the fair value hierarchy. As of December 31, 2017, the Company had entered into 28 interest rate derivatives, all of which were interest rate swaps, related to 28 outstanding mortgage loans with an aggregate $132,965,000 notional amount and mature between 2018 and 2028 (weighted average remaining term to maturity of 7.0 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.02% to 5.38% and a weighted average interest rate of 4.11% at December 31, 2017). The fair value of the Company's derivatives in asset and liability positions are reflected as other assets or other liabilities on the consolidated balance sheets. During the year ended December 31, 2017, the Company discontinued hedge accounting on two of its interest rate swaps (see discussion following the table below). Three of the Company's unconsolidated joint ventures, in which wholly-owned subsidiaries of the Company are 50% partners, had two interest rate derivatives outstanding at December 31, 2017 with an aggregate $10,491,000 notional amount. These interest rate swaps, which were designated as cash flow hedges, have interest rates of 3.49% and 5.81% and mature in 2022 and 2018, respectively. The following table presents the effect of the Company's derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2017 2016 2015 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of (loss) gain recognized on derivatives in Other comprehensive income (loss) $ ) $ $ (3,722 ) Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Interest expense (1,786 ) (2,624 ) ) Unconsolidated Joint Ventures (Company's share) Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss) $ $ ) $ ) Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Equity in earnings of unconsolidated joint ventures ) ) ) During 2017, in connection with the sale of two properties located in Kansas City, Missouri and Ann Arbor, Michigan, the Company paid off the mortgages and terminated the related interest rate swaps. As the Company discontinued hedge accounting on these interest rate swaps as the hedged forecasted transactions became probable not to occur, the Company accelerated the reclassification of $201,000 from Accumulated other comprehensive income to Interest expense for the year ended December 31, 2017. No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company's cash flow hedges for the three years ended December 31, 2017. During the twelve months ending December 31, 2018, the Company estimates an additional $565,000 will be reclassified from Accumulated other comprehensive income as an increase to Interest expense and $7,000 will be reclassified from Accumulated other comprehensive income as a decrease to Equity in earnings of unconsolidated joint ventures. The derivative agreements in effect at December 31, 2017 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary's derivative obligation. In addition, the Company is a party to the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any. During the year ended December 31, 2016, the Company terminated three interest rate swaps in connection with the early payoff of the related mortgages, and during the year ended December 31, 2015, the Company terminated one interest rate swap in connection with the sale of its Cherry Hill, New Jersey property. The Company accelerated the reclassification of amounts in accumulated other comprehensive income to earnings as a result of these hedged forecasted transactions being terminated. The accelerated amounts were losses of $178,000 and $472,000 during 2016 and 2015, respectively, which are included in Prepayment costs on debt on the consolidated statements of income. As of December 31, 2017 and 2016, the fair value of the derivatives in a liability position, including accrued interest of $53,000 and $113,000, respectively, but excluding any adjustments for nonperformance risk, was approximately $1,638,000 and $2,951,000, respectively. In the event the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $1,638,000 and $2,951,000 as of December 31, 2017 and 2016, respectively. This termination liability value, net of adjustments for nonperformance risk of $93,000 and $143,000, is included in Accrued expenses and other liabilities on the consolidated balance sheet at December 31, 2017 and 2016, respectively. Available-for-sale securities During 2016, the Company sold its available-for-sale securities for $33,000 which had a cost of $5,300. The Company realized a gain on sale of $27,000, which was reclassified from Accumulated other comprehensive loss on the consolidated balance sheet into Other income on the consolidated statement of income.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12—RELATED PARTY TRANSACTIONS Compensation and Services Agreement Pursuant to the compensation and services agreement with Majestic Property Management Corp. ("Majestic"), the Company pays fees to Majestic and Majestic provides to the Company the services of all affiliated executive, administrative, legal, accounting, clerical and property management personnel, as well as property acquisition, sale and lease consulting and brokerage services, consulting services with respect to mortgage financings and construction supervisory services. Majestic is wholly-owned by the Company's vice-chairman and certain of the Company's executive officers are officers of, and are compensated by, Majestic. The fee the Company pays Majestic is negotiated each year by Majestic and the Compensation and Audit Committees of the Company's Board of Directors, and is approved by such committees and the independent directors. In consideration for the services described above, the Company paid Majestic $2,673,000 in 2017, $2,504,000 in 2016 and $2,339,000 in 2015. Included in these fees are $1,154,000 in 2017, $1,057,000 in 2016 and $892,500 in 2015, of property management costs. The property management fee portion of the compensation and services agreement is paid based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company does not pay Majestic property management fees with respect to properties managed by third parties. Majestic credits against the fees due to it under the compensation and services agreement any management or other fees received by it from any joint venture in which the Company is a joint venture partner. The compensation and services agreement also provides for an additional payment to Majestic of $216,000 in 2017, $196,000 in each of 2016 and 2015 for the Company's share of all direct office expenses, including rent, telephone, postage, computer services, internet usage and supplies. The Company does not pay any fees or expenses to Majestic for such services except for the fees described in this paragraph. In 2018, the fees paid to Majestic will remain the same as the 2017 fees (exclusive of the property management costs, which are calculated as described above). Executive officers and others providing services to the Company under the compensation and services agreement were awarded shares of restricted stock and RSUs under the Company's stock incentive plans (described in Note 13). The related expense charged to the Company's operations was $1,539,000, $1,480,000 and $1,245,000 in 2017, 2016 and 2015, respectively. The fees paid under the compensation and services agreement (except for the property management fees which are included in Real estate expenses) and the costs of the stock incentive plans are included in General and administrative expense on the consolidated statements of income for 2017, 2016 and 2015. Joint Venture Partners and Affiliates During 2017, 2016 and 2015, the Company paid an aggregate of $143,000, $185,000 and $198,000, respectively, to its joint venture partners or their affiliates (none of whom are officers, directors, or employees of the Company) of its consolidated joint ventures for property management and acquisition fees, which are included in Real estate expenses and Real estate acquisition costs on the consolidated statements of income. The Company's unconsolidated joint ventures paid management fees of $175,000, $176,000 and $409,000 to the other partner of the venture, which reduced Equity in earnings of unconsolidated joint ventures on the consolidated statements of income by $88,000, $88,000 and $205,000 during 2017, 2016 and 2015, respectively. In 2015, the Company received a $131,000 fee for obtaining the mortgage debt for the unconsolidated joint venture that acquired the Manahawkin, New Jersey property. Fifty percent of this income is included in Other income on the consolidated statement of income and the balance is recorded as a reduction to the investment. See Note 7 for information regarding the Company's purchase in October 2016, of MCB's 5% interest in a consolidated joint venture that owned a property in Deptford, New Jersey. Other During 2017, 2016 and 2015, the Company paid fees of (i) $276,000, $262,500 and $262,500, respectively, to the Company's chairman and (ii) $110,000, $105,000 and $105,000, respectively, to the Company's vice-chairman. There is no increase in the amounts to be paid to the Company's chairman and vice-chairman in 2018. These fees are included in General and administrative expense on the consolidated statements of income. At December 31, 2017 and 2016, Gould Investors L.P. ("Gould Investors"), owned 1,785,976 shares of the outstanding common stock of the Company, or approximately 9.5% and 9.8%, respectively. During 2015, Gould Investors purchased 81,211 shares of the Company's stock through the Company's dividend reinvestment plan, and did not purchase any such shares during 2017 and 2016. The Company obtains its property insurance in conjunction with Gould Investors and reimburses Gould Investors annually for the Company's insurance cost relating to its properties. Amounts reimbursed to Gould Investors were $790,000, $699,000 and $520,000 during 2017, 2016 and 2015, respectively. Included in Real estate expenses on the consolidated statements of income is insurance expense of $757,000, $645,000 and $339,000 during 2017, 2016 and 2015, respectively. The balance of the amounts reimbursed to Gould Investors represents prepaid insurance and is included in Other assets on the consolidated balance sheets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 13—STOCKHOLDERS' EQUITY Stock Based Compensation The Company's 2016 Incentive Plan ("Plan"), approved by the Company's stockholders in June 2016, permits the Company to grant, among other things, stock options, restricted stock, RSUs, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company's common stock is authorized for issuance pursuant to this Plan. As of December 31, 2017, (i) restricted stock awards with respect to 140,100 shares had been issued, of which 100 shares were forfeited and 3,000 shares had vested, and (ii) as further described below, RSUs with respect to 76,250 shares had been issued and are outstanding. On January 18, 2018, 144,750 restricted shares were issued pursuant to this Plan, having an aggregate value of approximately $3,664,000 and are scheduled to vest in January 2023. Under the Company's 2012 equity incentive plan, as of December 31, 2017, 500,700 shares had been issued, of which 3,350 shares were forfeited and 21,450 shares had vested. No additional awards may be granted under this plan. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. Unless earlier forfeited because the participant's relationship with the Company terminated, unvested restricted stock awards vest on the fifth anniversary of the grant date, and under certain circumstances may vest earlier. During 2017, the Company granted RSUs exchangeable for up to 76,250 shares of common stock upon satisfaction, through June 30, 2020, of specified conditions. Specifically, up to 50% of these RSUs vest upon achievement of metrics related to average annual total stockholder return (the "TSR Awards"), which metrics meet the definition of a market condition, and up to 50% vest upon achievement of metrics related to average annual return on capital (the "ROC Awards"), which metrics meet the definition of a performance condition. The holders of the RSUs are not entitled to dividends or to vote the underlying shares until such RSUs vest and shares are issued. Accordingly, the shares underlying these RSUs are not included in the shares shown as outstanding on the balance sheet. For the TSR awards, a third party appraiser prepared a Monte Carlo simulation pricing model to determine the fair value, which is recognized ratably over the service period. The Monte Carlo valuation consisted of computing the grant date fair value of the awards using the Company's simulated stock price. The per unit or share fair value was estimated using the following assumptions: an expected life of three years, a dividend rate of 7.16%, a risk-free interest rate of 1.14% - 1.64% and an expected price volatility of 16.57% - 19.16%. The expected price volatility was calculated based on the historical volatility and implied volatility. For the ROC awards, the fair value is based on the market value on the date of grant and the performance assumptions are re-evaluated quarterly. Expense is not recognized on the RSUs which the Company does not expect to vest as a result of service conditions or the Company's performance expectations. The total amount recorded as deferred compensation is $1,004,000, based on performance and market assumptions and will be charged to General and administrative expense through June 30, 2020. None of these RSUs were forfeited or vested during the year ended December 31, 2017. In 2010, RSUs exchangeable for up to 200,000 shares of common stock were awarded pursuant to the Company's 2009 equity incentive plan. The holders of RSUs were not entitled to dividends or to vote the underlying shares until the RSUs vested and the underlying shares were issued. Accordingly, for financial statement purposes, the shares underlying these RSUs were not included in the shares shown as outstanding on the balance sheet as of December 31, 2016. During 2017, 113,584 shares of common stock underlying the RSUs were deemed to have vested and were issued. RSUs with respect to the balance of 86,416 shares were forfeited. The following is a summary of the activity of the equity incentive plans: Years Ended December 31, 2017 2016 2015 Restricted stock: Number of shares Average per share grant price $ $ $ Deferred compensation to be recognized over vesting period $ $ $ Number of non-vested shares: Non-vested beginning of year Grants Vested during year ) ) ) Forfeitures ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested end of year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: Number of underlying shares — — Average per share grant price $ — — Deferred compensation to be recognized over vesting period $ — — Number of non-vested shares: Non-vested beginning of year Grants — — Vested during year ) — — Forfeitures ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested end of year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value of stock vested during the year (based on grant price) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of shares forfeited during the year (based on grant price) $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: Outstanding restricted stock grants $ $ $ Outstanding RSUs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2017, total compensation of $7,098,000 related to non-vested restricted stock awards and RSUs have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.2 years for the restricted stock and 2.5 years for the RSUs. Common Stock Dividend Distributions In 2017, 2016 and 2015, the Board of Directors declared an aggregate $1.74, $1.66, and $1.58 per share in cash distributions, respectively. On March 12, 2018, the Board of Directors declared a quarterly cash dividend of $.45 per share on the Company's common stock, totaling $8,581,000. The quarterly dividend is payable on April 6, 2018 to stockholders of record on March 27, 2018. Dividend Reinvestment Plan The Company's Dividend Reinvestment Plan (the "DRP") provides stockholders with the opportunity to reinvest all, or a portion of, their cash dividends paid on the Company's common stock in additional shares of its common stock, at a discount of up to 5% from the market price. The discount is determined in the Company's sole discretion. The Company is currently offering up to a 5% discount from market. The Company issued 198,000, 142,000, and 197,000 common shares under the DRP during 2017, 2016 and 2015, respectively. Shares Issued Through Equity Offering Program During 2017, the Company sold 231,000 shares for proceeds of $5,758,000, net of commissions of $58,000, and incurred offering costs of $188,000 for professional fees. During 2016, the Company sold 1,079,862 shares for proceeds of $25,947,000, net of commissions of $262,000, and incurred offering costs of $160,000 for professional fees. There were no sales subsequent to December 31, 2017.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14—COMMITMENTS AND CONTINGENCIES The Company maintains a non-contributory defined contribution pension plan covering eligible employees. Contributions by the Company are made through a money purchase plan, based upon a percent of the qualified employees' total salary (subject to the maximum amount allowed by law). Pension expense approximated $275,000, $273,000, and $266,000 for 2017, 2016 and 2015, respectively, and is included in General and administrative expense in the consolidated statements of income. The Company is contractually required (i) to expend approximately $7,800,000 through 2018 for building expansion and improvements at its property tenanted by L-3 Communications, located in Hauppauge, New York, of which $3,584,000 has been spent through December 31, 2017 and (ii) to reimburse Regal Cinemas, a tenant in Greensboro, North Carolina, $3,000,000 when the tenant completes specified improvements to the property. On January 26, 2018, the Company reimbursed this amount to the tenant. The Company pays, with respect to one of its real estate properties, annual fixed leasehold rent of $371,094 through July 2019 and $463,867 through March 3, 2020. The Company has the right to extend the lease for up to five 5-year renewal options and one seven month renewal option. As discussed in Note 7, the Company provided its land in Lakemoor and Wheaton, Illinois, and Beachwood, Ohio as collateral for the respective owner/operator's mortgage loans and accordingly, each land position is subordinated to the applicable mortgage. In the ordinary course of business, the Company is party to various legal actions which management believes are routine in nature and incidental to the operation of the Company's business. Management believes that the outcome of the proceedings will not have a material adverse effect upon the Company's consolidated financial statements taken as a whole.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
INCOME TAXES	NOTE 15—INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code, commencing with its taxable year ended December 31, 1983. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. As a REIT, the Company generally will not be subject to corporate level federal, state and local income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal, state and local income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. As of December 31, 2017, tax returns for the calendar years 2014 through 2017 remain subject to examination by the Internal Revenue Service and various state and local tax jurisdictions. During 2017, 2016 and 2015, the Company recorded federal excise tax expense of $0, $6,000 and $174,000, respectively, which is based on taxable income generated but not yet distributed. During 2017, 2016 and 2015, the Company did not incur any federal income tax expense. The Company does not have any deferred tax assets or liabilities at December 31, 2017 and 2016. During 2017, 2016 and 2015, 17%, 27% and 67%, respectively, of the distributions were treated as capital gain distributions, with the balance treated as ordinary income. The Company treats depreciation expense, straight-line rent adjustments and certain other items differently for tax purposes than for financial reporting purposes. Therefore, its dividends paid deduction differs from its financial statement income. The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): 2017 2016 2015 Dividends paid $ $ $ Dividend reinvestment plan(a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Spillover dividends designated to previous year ) ) ) Plus: Dividends designated from following year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends paid deduction $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS Subsequent events have been evaluated and, except as previously disclosed, there were no other events relative to the consolidated financial statements that require additional disclosure.

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2017
QUARTERLY FINANCIAL DATA (Unaudited):
QUARTERLY FINANCIAL DATA (Unaudited):	NOTE 17—QUARTERLY FINANCIAL DATA (Unaudited): (In Thousands, Except Per Share Data) Quarter Ended Total 2017 March 31 June 30 Sept. 30 Dec. 31 Total revenues $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding: Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share attributable to common stockholders: Basic $ .15 $ .54 $ .38 $ .22 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ .15 $ .54 $ .38 $ .22 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended Total 2016 March 31 June 30 Sept. 30 Dec. 31 Total revenues $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding: Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share attributable to common stockholders: Basic $ .19 $ .72 $ .24 $ .24 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ .18 $ .72 $ .24 $ .24 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Calculated on weighted average shares outstanding for the year.

Schedule III - Consolidated Rea

Schedule III - Consolidated Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Schedule III - Consolidated Real Estate and Accumulated Depreciation	ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES Schedule III—Consolidated Real Estate and Accumulated Depreciation December 31, 2017 (Amounts in Thousands) Cost Gross Amount at Which Carried Initial Cost to Company Building and Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Land Total Health & Fitness Tucker, GA $ — $ $ $ $ $ $ $ Health & Fitness Hamilton, OH — Health & Fitness Secaucus, NJ — Industrial Ronkonkoma, NY — Industrial Hauppauge, NY Industrial Fort Mill, SC Industrial Columbus, OH — Industrial West Palm Beach, FL — — Industrial New Hyde Park, NY Industrial Melville, NY Industrial Saco, ME — Industrial Baltimore, MD(2) — Industrial Durham, NC — Industrial Pinellas Park, FL — Industrial Miamisburg, OH Industrial Indianapolis, IN — Industrial Fort Mill, SC — Industrial New Hope, MN Industrial Louisville, KY Industrial Louisville, KY — — Industrial McCalla, AL — Industrial St. Louis, MO Industrial Greenville, SC Industrial Greenville, SC Industrial El Paso, TX Industrial Lebanon, TN Industrial Huntersville, NC — Industrial Pittston, PA Industrial Ankeny, IA — Industrial Memphis, TN — — Industrial Joppa, MD Office Brooklyn, NY Other Round Rock, TX — Other Lakemoor, IL — — — — — N/A Other Wheaton, IL — — — — — N/A Other Beachwood, OH — — — — — N/A Restaurant Hauppauge, NY — Restaurant Palmyra, PA — Cost Gross Amount at Which Carried Initial Cost to Company Building and Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Land Total Restaurant Reading, PA — Restaurant Reading, PA — Restaurant Hanover, PA — Restaurant Gettysburg, PA — Restaurant Trexlertown, PA — Restaurant Carrollton, GA — Restaurant Cartersville, GA — Restaurant Kennesaw, GA — Restaurant Lawrenceville, GA — Restaurant Concord, NC — Restaurant Myrtle Beach, SC — Restaurant Greensboro, NC — Restaurant Richmond, VA — — Restaurant Indianapolis, IN — Retail Seattle, WA — — Retail Rosenberg, TX — Retail Ft. Myers, FL — — Retail Houston, TX — Retail Selden, NY Retail Champaign, IL Retail El Paso, TX Retail Somerville, MA Retail Newark, DE Retail Knoxville, TN — Retail Onalaska, WI — Retail Hyannis, MA — Retail Marston Mills, MA — — Retail Everett, MA — — — — N/A Retail Kennesaw, GA Retail Royersford, PA Retail Monroeville, PA — — Retail Houston, TX — — Retail Houston, TX — — Retail Bolingbrook, IL — Retail Crystal Lake, IL — Retail Lawrence, KS — Retail Greensboro, NC Retail Highlands Ranch, CO — — Retail Woodbury, MN — Retail Lincoln, NE — Retail Cuyahoga Falls, OH — Retail Hilliard, OH — Retail Port Clinton, OH — Retail South Euclid, OH — Retail St Louis Park, MN — Cost Gross Amount at Which Carried Initial Cost to Company Building and Building & Accumulated Date of Date Type Location Encumbrances Land Improvements Land Total Retail Deptford, NJ Retail Cape Girardeau, MO — Retail Clemmons, NC — Retail Houston, TX Retail Littleton, CO Retail—Supermarket Philadelphia, PA Retail—Supermarket West Hartford, CT Retail—Supermarket West Hartford, CT — N/A Retail—Furniture Columbus, OH — Retail—Furniture Duluth, GA(3) — Retail—Furniture Fayetteville, GA(3) — Retail—Furniture Wichita, KS(3) — Retail—Furniture Lexington, KY(3) — Retail—Furniture Bluffton, SC(3) — Retail—Furniture Amarillo, TX(3) — Retail—Furniture Austin, TX(3) — Retail—Furniture Tyler, TX(3) — Retail—Furniture Newport News, VA(3) — Retail—Furniture Richmond, VA(3) — Retail—Furniture Virginia Beach, VA(3) — Retail—Furniture Gurnee, IL — — Retail—Furniture Naples, FL Retail—Office Supply Batavia, NY(4) — — Retail—Office Supply Lake Charles, LA(4) Retail—Office Supply Athens, GA(4) — Retail—Office Supply Chicago, IL(4) — Retail—Office Supply Cary, NC(4) — Retail—Office Supply Eugene, OR(4) — Retail—Office Supply El Paso, TX(4) — Theater Greensboro, NC — — — — Theater Indianapolis, IN ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company's benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building. Note 3—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross - collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia). Note 4—These seven properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in seven states (Illinois, Louisiana, North Carolina, Texas, Georgia, Oregon, and New York). ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES (a) Reconciliation of "Real Estate and Accumulated Depreciation" (Amounts in Thousands) Year Ended December 31, 2017 2016 2015 Investment in real estate (b): Balance, beginning of year $ $ $ Addition: Land, buildings and improvements Deduction: Properties sold/conveyed ) ) ) Deduction: Impairment loss ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (c) Accumulated depreciation (b): Balance, beginning of year $ $ $ Addition: Depreciation Deduction: Accumulated depreciation related to properties sold/conveyed ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (b) Includes properties held-for-sale in 2015. (c) The aggregate cost of the properties is approximately $13,260 higher for federal income tax purposes at December 31, 2017.

SIGNIFICANT ACCOUNTING POLICI27

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities ("VIEs") of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are hereinafter referred to as the "Company". Material intercompany items and transactions have been eliminated in consolidation.
Investment in Joint Ventures and Variable Interest Entities	Investment in Joint Ventures and Variable Interest Entities The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE. The Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement, to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where, among other things, the Company and its partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture's tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate as the Company considers these to be substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the joint venture or property. Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company shares power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the three years ended December 31, 2017, there were no impairment charges related to the Company's investments in unconsolidated joint ventures. The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor's investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management believes that the estimates and assumptions that are most important to the portrayal of the Company's consolidated financial condition and results of operations, in that they require management's most difficult, subjective or complex judgments, form the basis of the accounting policies deemed to be most significant to the Company. These significant accounting policies relate to revenues and the value of the Company's real estate portfolio, including investments in unconsolidated joint ventures. Management believes its estimates and assumptions related to these significant accounting policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences, there could be a material impact on the Company's future consolidated financial condition or results of operations.
Revenue Recognition	Revenue Recognition Rental income includes the base rent that each tenant is required to pay in accordance with the terms of their respective leases reported on a straight-line basis over the non-cancelable term of the lease. In determining, in its judgment, that the unbilled rent receivable applicable to each specific property is collectible, management reviews unbilled rent receivables on a quarterly basis and takes into consideration the tenant's payment history and financial condition. Some of the leases provide for increases based on the Consumer Price Index and for additional contingent rental revenue in the form of percentage rents. The percentage rents are based upon the level of sales achieved by the lessee and are recognized once the required sales levels are reached. Certain ground leases provide for rent which can be deferred and paid based on the operating performance of the property; therefore, this rent is recognized as rental income when the operating performance is achieved and the rent is received. Many of the Company's properties are subject to long-term net leases under which the tenant is typically responsible to pay directly to the vendor the real estate taxes, insurance, utilities and ordinary maintenance and repairs related to the property, and the Company is not the primary obligor with respect to such items. As a result, the revenue and expenses relating to these properties are recorded on a net basis. For certain properties, in addition to contractual base rent, the tenants pay their pro rata share of real estate taxes and operating expenses to the Company. The income and expenses associated with these properties are generally recorded on a gross basis when the Company is the primary obligor. During 2017, 2016 and 2015, the Company recorded reimbursements of expenses of $7,672,000, $6,424,000 and $3,852,000, respectively, which are reported as Tenant reimbursements in the accompanying consolidated statements of income. Gains and losses on the sale of real estate investments are recorded when the criteria under GAAP have been met.
Fair Value Measurements	Fair Value Measurements The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other "observable" market inputs and Level 3 assets/liabilities are valued based on significant "unobservable" market inputs.
Purchase Accounting for Acquisition of Real Estate	Purchase Accounting for Acquisition of Real Estate In January 2017, the Company adopted ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which requires an entity to evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that requirement is met, the asset group is accounted for as an asset acquisition and not a business combination. Transaction costs incurred with such asset acquisitions are capitalized to real estate assets and depreciated over the respectful useful lives. The Company analyzed the real estate acquisitions made during 2017 and determined the gross assets acquired are concentrated in a single identifiable asset. Prior to January 1, 2017, the Company recorded acquired real estate investments as business combinations when the real estate was occupied, at least in part, at acquisition. Costs directly related to the acquisition of such investments were expensed as incurred. The Company allocates the purchase price of real estate among land, building, improvements and intangibles, such as the value of above, below and at-market leases, and origination costs associated with in-place leases at the acquisition date. The Company assesses the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The value, as determined, is allocated to land, building and improvements based on management's determination of the relative fair values of these assets. The Company assesses the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions and tenant improvements. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include a consideration of the non-cancellable terms of the respective leases, as well as any applicable renewal period(s). The fair values associated with below-market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances at the time of the acquisitions. The values of above-market leases are amortized as a reduction to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of below-market leases are amortized as an increase to rental income over the terms of the respective non-cancellable lease periods. The portion of the values of the leases associated with below-market renewal options that management deemed are likely to be exercised by the tenant are amortized to rental income over such renewal periods. The value of other intangible assets ( i.e., origination costs) is recorded to amortization expense over the remaining terms of the respective leases. If a lease were to be terminated prior to its contractual expiration date or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. The estimated useful lives of intangible assets or liabilities generally range from one to 38 years.
Accounting for Long-Lived Assets and Impairment of Real Estate Owned	Accounting for Long-Lived Assets and Impairment of Real Estate Owned The Company reviews its real estate portfolio on a quarterly basis to ascertain if there are any indicators of impairment to the value of any of its real estate assets, including deferred costs and intangibles, to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines one or more of the following: the type of asset, the current financial statements or other available financial information of the tenant, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved, the timeliness of the payments made by the tenant under its lease, and any current communication with the tenant, including property inspection reports. For each real estate asset owned for which indicators of impairment exist, management performs a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset to its carrying amount. If the aggregate undiscounted cash flows are less than the asset's carrying amount, an impairment loss is recorded to the extent that the estimated fair value is less than the asset's carrying amount. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. The analysis includes an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, the effects of leasing demand, competition and other factors.
Properties Held-for-Sale	Properties Held-for-Sale Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate assets that are classified as held-for-sale are: (i) valued at the lower of carrying amount or the estimated fair value less costs to sell on an individual asset basis; and (ii) not depreciated.
Cash and Cash Equivalents	C ash and Cash Equivalents All highly liquid investments with original maturities of three months or less when purchased are considered to be cash equivalents.
Escrows	Escrows Real estate taxes, insurance and other escrows aggregating $460,000 and $387,000 at December 31, 2017 and 2016, respectively, are included in Escrow, deposits and other assets and receivables.
Depreciation and Amortization	Depreciation and Amortization Depreciation of buildings is computed on the straight-line method over an estimated useful life of 40 years. Depreciation of building improvements is computed on the straight-line method over the estimated useful life of the improvements. If the Company determines it is the owner of tenant improvements, the amounts funded to construct the tenant improvements are treated as a capital asset and depreciated over the lesser of the remaining lease term or the estimated useful life of the improvements on the straight-line method. Leasehold interest and the related ground lease payments are amortized over the initial lease term of the leasehold position. Depreciation expense (including amortization of a leasehold position, lease origination costs, and capitalized leasing commissions) was $20,993,000, $18,164,000 and $16,384,000 during 2017, 2016 and 2015, respectively.
Deferred Financing Costs	Deferred Financing Costs Mortgage and credit line costs are deferred and amortized on a straight-line basis over the terms of the respective debt obligations, which approximates the effective interest method. At December 31, 2017 and 2016, accumulated amortization of such costs was $2,804,000 and $2,090,000, respectively. The Company presents unamortized deferred financing costs as a direct deduction from the carrying amount of the associated debt liability.
Income Taxes	Income Taxes The Company is qualified as a real estate investment trust under the applicable provisions of the Internal Revenue Code. Under these provisions, the Company will not be subject to Federal, and generally, state and local income taxes, on amounts distributed to stockholders, provided it distributes at least 90% of its taxable income and meets certain other conditions. The Company follows a two-step approach for evaluating uncertain tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited. The Company has not identified any uncertain tax positions requiring accrual.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains cash accounts at various financial institutions. While the Company attempts to limit any financial exposure, substantially all of its deposit balances exceed federally insured limits. The Company has not experienced any losses on such accounts. The Company's properties are located in 30 states. During 2017, 2016 and 2015, 13.2%, 12.9% and 13.0% of total revenues, respectively, were attributable to real estate investments located in Texas which is the only state in which real estate investments contributed more than 10% to the Company's total revenues. No tenant contributed over 10% to the Company's total revenues during 2017, 2016 and 2015.
Segment Reporting	Segment Reporting Substantially all of the Company's real estate assets, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis. Therefore, the Company aggregates real estate assets for reporting purposes and operates in one reportable segment.
Stock Based Compensation	Stock Based Compensation The fair value of restricted stock grants and restricted stock units, determined as of the date of grant, is amortized into general and administrative expense over the respective vesting period. The deferred compensation to be recognized as expense is net of certain forfeiture and performance assumptions which are re-evaluated quarterly. The Company recognizes the effect of forfeitures when they occur and previously recognized compensation expense shall be reversed in the period the grant or unit is forfeited. For share-based awards with a performance or market measure, we recognize compensation expense over the requisite service period. The requisite service period begins on the date the compensation committee of the Company's Board of Directors authorizes the award, adopts any relevant performance measures and communicates the award.
Derivatives and Hedging Activities	Derivatives and Hedging Activities The Company's objective in using interest rate swaps is to add stability to interest expense. The Company does not use derivatives for trading or speculative purposes. The Company records all derivatives on the consolidated balance sheets at fair value using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. In addition, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. These counterparties are generally large financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in accumulated other comprehensive income (outside of earnings) and subsequently reclassified to earnings in the period in which the hedged transaction becomes ineffective. For derivatives not designated as cash flow hedges, changes in the fair value of the derivative are recognized directly in earnings in the period in which the change occurs; however, the Company's policy is to not enter into such transactions.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of a tenant to make required rent and other payments. If the financial condition of a specific tenant were to deteriorate, adversely impacting its ability to make payments, additional allowances may be required.
Reclassifications	Reclassifications Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current year's presentation. Such reclassifications primarily relate to change the presentation of Gain on sale of real estate, net on the consolidated statement of operations for the years ended December 31, 2016 and 2015. The Company has included a caption for Income before gain on sale of real estate, net, to present gains and losses on sales of properties in accordance with the Securities and Exchange Commission Rule 3-15(a) of Regulation S-X. The change was made for the years ended December 31, 2016 and 2015 because, as prescribed by ASC 360-10-45-5, such gains from sale of real estate were not included as a component of Operating income. Such change was determined to be immaterial to the consolidated financial statements.
New Accounting Pronouncements	New Accounting Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which amends the presentation and disclosure requirements for hedge accounting and changes how companies assess hedge effectiveness. This ASU is intended to more closely align hedge accounting with companies' risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the scope and application on the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company has evaluated the new guidance and determined there will be no impact on the consolidated financial statements as the Company will be electing the practical expedient which is forward-looking to future sales. In addition, none of the Company's prior sales were partial sales and all were under closed contracts. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Emerging Issues Task Force) , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amount generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current "incurred loss" model with an "expected loss" approach. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted after December 2018. The Company is evaluating the new guidance to determine if, and to the extent, it will impact the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating this new standard. The Company anticipates adopting this guidance effective as of January 1, 2019 and will apply the modified retrospective approach. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The standard can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In July 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which delays the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2014-09, ASU 2015-14 and ASU 2016-08 are herein collectively referred to as the "New Revenue Recognition Standards". The New Revenue Recognition Standards are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted but not before annual periods beginning after December 15, 2016. The Company anticipates adopting the New Revenue Recognition Standards effective as of January 1, 2018, and applying the cumulative-effect adoption method. The Company has evaluated its revenue streams, and as they are primarily related to leasing activities which are scoped out of the New Revenue Recognition Standards, it has determined that the adoption of such standards will not have a material impact on the consolidated financial statements and there will be no cumulative translation adjustments upon adoption.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
EARNINGS PER COMMON SHARE
Schedule of diluted weighted average number of shares of common stock includes common stock underlying RSUs awarded	Year Ended December 31, Number of 2017 2016 2015 2009 Incentive Plan — (a) 2016 Incentive Plan (b) — — (a) RSUs with respect to 113,584 shares vested on June 30, 2017 and such shares were issued in August 2017. (b) Includes 33,353 shares that would be issued pursuant to a return on capital performance metric and 38,125 shares that would be issued pursuant to a stockholder return metric, assuming the end of the quarterly period was the June 30, 2020 vesting date. The remaining 4,772 shares awarded pursuant to the capital performance metric (of a total of 38,125 that were awarded on September 26, 2017) are not included.
Schedule of reconciliation of the numerator and denominator of earnings per share calculations	The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts): Year Ended December 31, 2017 2016 2015 Numerator for basic and diluted earnings per share: Net income $ $ $ Less net income attributable to non-controlling interests ) ) ) Less earnings allocated to unvested restricted stock(a) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available for common stockholders: basic and diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic earnings per share: Weighted average number of common shares Effect of diluted securities: RSUs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted earnings per share: Weighted average number of shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, basic $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per common share, diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.

REAL ESTATE INVESTMENTS AND M29

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Tables)	12 Months Ended
	Dec. 31, 2017
REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS
Schedule of the Company's acquisitions of real estate	The following charts detail the Company's acquisitions of real estate during 2017 and 2016 (amounts in thousands): Description of Property Date Contract Terms of Third Party Forbo industrial facility, May 25, 2017 $ Cash and $5,190 mortgage(b) $ Saddle Creek Logistics industrial facility, June 9, 2017 All cash(c) Corporate Woods industrial facility, June 20, 2017 All cash(d) Dufresne Spencer Group industrial facility, October 10, 2017 All cash ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description of Property Date Contract Terms of Third Party Multi-tenant industrial facility, March 30, 2016 $ All cash $ Multi-tenant industrial facility, March 30, 2016 All cash Toro distribution facility, June 3, 2016 All cash 4 Advanced Auto retail stores, June 16, 2016 Cash and $4,300 mortgage(b) Land—The Briarbrook Village Apartments, August 2, 2016 All cash — (f) Burlington Coat and Micro Center retail stores, August 12, 2016 All cash Land—The Vue Apartments, August 16, 2016 All cash — (g) Famous Footwear distribution facility, September 1, 2016 Cash and $21,288 mortgage(b) Other costs(h) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Transaction costs incurred with these asset acquisitions were capitalized. (b) The new mortgage debt was obtained simultaneously with the acquisition of the property. (c) In August 2017, the Company obtained new mortgage debt of $7,200. (d) In July 2017, the Company obtained new mortgage debt of $8,820. (e) Included as an expense in Real estate acquisition costs in the accompanying consolidated statement of income. (f) Transaction costs aggregating $6 incurred with this asset acquisition were capitalized. (g) Transaction costs aggregating $5 incurred with this asset acquisition were capitalized. (h) Costs incurred for properties purchased in the previous year.
Schedule of allocation of the purchase price for the company's acquisitions of real estate	The following charts detail the allocation of the purchase price for the Company's acquisitions of real estate during 2017 and 2016 (amounts in thousands): Intangible Lease Building Description of Property Land Building Asset Liability Total Forbo industrial facility, Huntersville, North Carolina $ $ $ $ $ — $ Saddle Creek Logistics industrial facility, Pittston, Pennsylvania — Corporate Woods industrial facility, Ankeny, Iowa ) Dufresne Spencer Group industrial facility, Memphis, Tennessee — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multi-tenant industrial facility, Greenville, South Carolina $ $ $ $ $ — $ Multi-tenant industrial facility, Greenville, South Carolina ) Toro distribution facility, El Paso, Texas — 4 Advanced Auto retail stores, Ohio ) Land—The Briarbrook Village Apartments, Wheaton, Illinois — — — — Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota ) Land—The Vue Apartments, Beachwood, Ohio — — — — Famous Footwear distribution facility, Lebanon, Tennessee ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amortization of intangible lease assets as a result of acquired above market leases	The unamortized balance of intangible lease assets as a result of acquired above market leases at December 31, 2017 will be deducted from rental income through 2032 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amortization of intangible lease liabilities as a result of acquired below market leases	The unamortized balance of intangible lease liabilities as a result of acquired below market leases at December 31, 2017 will be added to rental income through 2055 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amortization of origination costs associated with in-place leases	The unamortized balance of origination costs associated with in-place leases at December 31, 2017 will be charged to amortization expense through 2055 as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of minimum future contractual rents to be received	The minimum future contractual rents to be received over the next five years and thereafter on non-cancellable operating leases in effect at December 31, 2017 are as follows (amounts in thousands): 2018 $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SALES OF PROPERTIES AND IMPAI30

SALES OF PROPERTIES AND IMPAIRMENT LOSS (Tables)	12 Months Ended
	Dec. 31, 2017
SALES OF PROPERTIES AND IMPAIRMENT LOSS
Schedule of sale of real estate property	The following chart details the Company's sales of real estate during 2017 and 2016 (amounts in thousands): Description of Property Date Sold Gross Gain on Sale of Retail property, Greenwood Village, Colorado May 8, 2017 $ $ Retail property, Kansas City, Missouri(a) July 14, 2017 Retail property, Niles, Illinois August 31, 2017 Restaurant property, Ann Arbor, Michigan(a)(b) November 14, 2017 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2017 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio of eight retail properties, Louisiana and Mississippi February 1, 2016 $ $ Retail property, Killeen, Texas May 19, 2016 Land, Sandy Springs, Georgia June 15, 2016 Industrial property, Tomlinson, Pennsylvania June 30, 2016 Retail property, Island Park, NY December 22, 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Partial condemnation of land, Greenwood Village, Colorado(c) July 5, 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals for 2016 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) See Note 11 for information on the payoff of the mortgage on this property and the early termination of the interest rate swap derivative. (b) See "—Impairment Loss" for additional information. (c) Represents amount received from the Colorado Department of Transportation ("CDOT"), as a result of a partial condemnation of land and easements obtained by CDOT.

VARIABLE INTEREST ENTITIES, C31

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2017
Unconsolidated JV
Schedule of Variable Interest Entities through Ground Leases and Carrying Amount and Maximum Exposure to Loss	The following chart details the Company's VIEs through its ground leases and the aggregate carrying amount and maximum exposure to loss as of December 31, 2017 (dollars in thousands): Description of Property(a) Date Acquired Land # Units Owner/ Type of Carrying The Meadows Apartments, Lakemoor, Illinois March 24, 2015 $ $ (c) Land $ The Briarbrook Village Apartments, Wheaton, Illinois August 2, 2016 Land The Vue Apartments, Beachwood, Ohio August 16, 2016 Land ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Simultaneously with each purchase, the Company entered into a triple net ground lease with affiliates of Strategic Properties of North America, the owner/operators of these properties. (b) Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party which, together with the Company's purchase of the land, provided substantially all of the funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator's mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. No other financial support has been provided by the Company to the owner/operator. (c) In November 2017, the owner/operator closed on a $7,556 supplemental mortgage (the original mortgage was for $43,824). In connection therewith, the Company agreed to subordinate its fee interest to this second mortgage in exchange for a payment by the owner/operator to the Company of $5,906 as a fixed rent payment which was recorded as deferred income and will be included in rental income over the term of the lease.
Consolidated JV
Summary of our variable interests in identified VIEs	The following is a summary of the consolidated VIEs' carrying amounts and classification in the Company's consolidated balance sheets, none of which are restricted (amounts in thousands): December 31, 2017 2016 Land $ $ Buildings and improvements, net of accumulated depreciation of $3,811 and $2,732, respectively Cash Unbilled rent receivable Unamortized intangible lease assets, net Escrow, deposits and other assets and receivables Mortgages payable, net of unamortized deferred financing costs of $442 and $539, respectively Accrued expenses and other liabilities Unamortized intangible lease liabilities, net Accumulated other comprehensive loss ) ) Non-controlling interests in consolidated joint ventures

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2017
DEBT OBLIGATIONS
Schedule of Mortgages payable, net	The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2017 2016 Mortgages payable, gross $ $ Unamortized deferred financing costs ) ) ​ ​ ​ ​ ​ ​ ​ ​ Mortgages payable, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of principal repayments	Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands): Year Ending December 31, 2018(a) $ 2019 2020 2021 2022 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Includes $4,423 related to a mortgage loan that was paid off on a property sold in January 2018.
Schedule of Line of credit, net	The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): December 31, 2017 2016 Line of credit, gross $ $ Unamortized deferred financing costs ) ) ​ ​ ​ ​ ​ ​ ​ ​ Line of credit, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENTS
Schedule of derivative financial instruments measured at fair value, using Level 2 inputs	The fair value of the Company's derivative financial instruments, using Level 2 inputs, was determined to be the following (amounts in thousands): As of Carrying and Financial assets: Interest rate swaps $ Financial liabilities: Interest rate swaps $
Schedule of effect of derivative financial instruments on statements of income	The following table presents the effect of the Company's derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands): Year Ended December 31, 2017 2016 2015 One Liberty Properties Inc. and Consolidated Subsidiaries Amount of (loss) gain recognized on derivatives in Other comprehensive income (loss) $ ) $ $ ) Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Interest expense (1,786 ) (2,624 ) ) Unconsolidated Joint Ventures (Company's share) Amount of gain (loss) recognized on derivatives in Other comprehensive income (loss) $ $ ) $ ) Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Equity in earnings of unconsolidated joint ventures ) ) )

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
STOCKHOLDERS' EQUITY
Summary of the activity of the equity incentive plans	The following is a summary of the activity of the equity incentive plans: Years Ended December 31, 2017 2016 2015 Restricted stock: Number of shares Average per share grant price $ $ $ Deferred compensation to be recognized over vesting period $ $ $ Number of non-vested shares: Non-vested beginning of year Grants Vested during year ) ) ) Forfeitures ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested end of year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RSU grants: Number of underlying shares — — Average per share grant price $ — — Deferred compensation to be recognized over vesting period $ — — Number of non-vested shares: Non-vested beginning of year Grants — — Vested during year ) — — Forfeitures ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-vested end of year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock and RSU grants: Weighted average per share value of non-vested shares (based on grant price) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value of stock vested during the year (based on grant price) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average per share value of shares forfeited during the year (based on grant price) $ $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations: Outstanding restricted stock grants $ $ $ Outstanding RSUs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total charge to operations $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
Schedule of reconciliation of cash dividends paid with the dividends paid deduction	The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands): 2017 2016 2015 Dividends paid $ $ $ Dividend reinvestment plan(a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Spillover dividends designated to previous year ) ) ) Plus: Dividends designated from following year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends paid deduction $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

QUARTERLY FINANCIAL DATA (Una36

QUARTERLY FINANCIAL DATA (Unaudited): (Tables)	12 Months Ended
	Dec. 31, 2017
QUARTERLY FINANCIAL DATA (Unaudited):
Schedule of Quarterly Financial Information	(In Thousands, Except Per Share Data) Quarter Ended Total 2017 March 31 June 30 Sept. 30 Dec. 31 Total revenues $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding: Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share attributable to common stockholders: Basic $ .15 $ .54 $ .38 $ .22 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ .15 $ .54 $ .38 $ .22 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended Total 2016 March 31 June 30 Sept. 30 Dec. 31 Total revenues $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sale of real estate, net $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to One Liberty Properties, Inc. $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares outstanding: Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share attributable to common stockholders: Basic $ .19 $ .72 $ .24 $ .24 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ .18 $ .72 $ .24 $ .24 $ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Calculated on weighted average shares outstanding for the year.

ORGANIZATION AND BACKGROUND (De

ORGANIZATION AND BACKGROUND (Details)	Dec. 31, 2017stateproperty
Organization and Background
Number of real estate properties	119
Number of states in which properties are located | state	30
Properties owned by consolidated joint ventures
Organization and Background
Number of real estate properties	6
Properties owned by unconsolidated joint ventures
Organization and Background
Number of real estate properties	5

SIGNIFICANT ACCOUNTING POLICI38

SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investment in Joint Ventures and Variable Interest Entities
Number of Unconsolidated Joint Venture VIEs | item	0
Recourse debt of joint venture	$ 0
Impairment charge relating to investments in unconsolidated joint ventures	0
Revenue Recognition
Additional rental income for the reimbursement of expenses	$ 7,672,000	$ 6,424,000	$ 3,852,000
Purchase Accounting for Acquisition of Real Estate
Estimated useful lives of intangible assets, minimum	1 year
Estimated useful lives of building and intangible assets, maximum	38 years
Escrow, Deposits and Other Assets and Receivables
Real estate taxes, insurance and other escrows	$ 460,000	$ 387,000

SIGNIFICANT ACCOUNTING POLICI39

SIGNIFICANT ACCOUNTING POLICIES - Depreciation and Amortization (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Depreciation and Amortization
Depreciation and amortization	$ 20,993,000	$ 18,164,000	$ 16,384,000
Deferred Financing Costs
Accumulated amortization of deferred financing costs	$ 2,804,000	$ 2,090,000
Commercial properties
Depreciation and Amortization
Estimated useful life	40 years

SIGNIFICANT ACCOUNTING POLICI40

SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2017statetenantitem	Dec. 31, 2016tenant	Dec. 31, 2015tenant
Concentration of Credit Risk
Number of states in which properties are located | state	30
Segment Reporting
Number of operating segments | item	1
Rental income | Geographic concentration | Texas
Concentration of Credit Risk
Concentration risk percentage	13.20%	12.90%	13.00%
Rental income | Customer concentration
Concentration of Credit Risk
Number of tenants contributed over 10% of total revenues | tenant	0	0	0

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Outstanding options at the end of the period (in shares)	0				0					0	0	0
Numerator for basic and diluted earnings per share:
Net income	$ 4,242	$ 7,128	$ 9,993	$ 2,886	$ 4,414	$ 4,323	$ 12,459	$ 3,285		$ 24,249	$ 24,481	$ 21,907
Less net income attributable to non-controlling interests										(102)	(59)	(1,390)
Less earnings allocated to unvested restricted stock										(1,072)	(999)	(852)
Net income available for common stockholders, basic										23,075	23,423	19,665
Net income available for common stockholders, diluted										$ 23,075	$ 23,423	$ 19,665
Denominator for basic earnings per share:
Weighted average number of common shares	18,198,000	18,000,000	17,824,000	17,751,000	17,255,000	16,845,000	16,579,000	16,388,000		17,944,000	16,768,000	15,971,000
Effect of diluted securities:
RSUs										103,000	114,000	108,000
Denominator for diluted earnings per share: weighted average number of shares										18,047,000	16,882,000	16,079,000
Earnings per common share, basic	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 0.24	$ 0.24	$ 0.72	$ 0.19		$ 1.29	$ 1.40	$ 1.23
Earnings per common share, diluted	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 0.24	$ 0.24	$ 0.72	$ 0.18		$ 1.28	$ 1.39	$ 1.22
Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests	$ 4,205	$ 7,105	$ 9,972	$ 2,865	$ 4,395	$ 4,299	$ 12,441	$ 3,287		$ 24,147	$ 24,422	$ 20,517
2009 Incentive Plan
Number of underlying shares										200,000
Effect of diluted securities:
RSUs									113,584		114,000	108,000
2016 Incentive Plan
Number of underlying shares										76,250
Number of shares included in diluted weighted average number of shares pursuant to return on capital performance metric										33,353
Number of shares included in diluted weighted average number of shares pursuant to stockholder return metric										38,125
Number of shares not included in diluted weighted average number of shares pursuant to return on capital performance metric										4,772
Effect of diluted securities:
RSUs										71,478

REAL ESTATE INVESTMENTS AND M42

REAL ESTATE INVESTMENTS AND MINIMUM FUTURE RENTALS (Details) - USD ($)	Mar. 31, 2015	Aug. 31, 2017	Jul. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Acquisitions
Contract purchase price (real estate)				$ 43,150,000	$ 118,578,000
Third Party Real Estate Acquisition Costs					596,000	$ 449,000
Third Party Real Estate Acquisition Costs				387,000
Allocation of purchase price for the company's real estate acquisitions
Land				3,531,000	35,484,000
Building				35,297,000	79,216,000
Building Improvements				858,000	1,983,000
Intangible Lease Asset				4,009,000	8,194,000
Intangible Lease Liability				(158,000)	(6,288,000)
Total				$ 43,537,000	$ 118,589,000
Weighted average amortization period for intangible lease assets				6 years 9 months 18 days	9 years 3 months 18 days
Weighted average amortization period for intangible lease liabilities				12 years 2 months 12 days	13 years
Above market lease accumulated amortization				$ 17,542,000	$ 16,074,000
Below market lease accumulated amortization				7,849,000	6,386,000
Net rental income due to amortization of the above/below market leases				897,000	712,000	723,000
Future amortization income of below market leases
Deferred rental income				3,623,000	2,379,000	1,458,000
Minimum future contractual rents to be received
2,018				64,412,000
2,019				62,360,000
2,020				60,035,000
2,021				56,965,000
2,022				47,434,000
Thereafter				176,838,000
Total				468,044,000
Unbilled Rent Receivable
Unbilled rent receivable				$ 14,125,000	13,797,000
Period during which amount of unbilled rent receivable is to be billed and received				24 years
Unbilled straight-line rent receivable written off related to property sold				$ 105,000	2,060,000
Unbilled rent straight-line rent receivable written off related to tenant filed bankruptcy				362,000	7,000	89,000
Unbilled straight-line rent receivable written off related to lease termination fees						477,000
Lease Termination Fees
Lease termination fee received from tenants in a lease buy-out transaction						2,886,000
Write-off of entire balance of the unbilled rent receivable and the intangible lease asset						530,000
Purchase of Partner's 50% Interest
Purchase of partner's interest in unconsolidated joint venture						6,300,000
Rental income
Future amortization income of below market leases
2,018				1,794,000
2,019				1,781,000
2,020				1,629,000
2,021				1,593,000
2,022				1,468,000
Thereafter				9,286,000
Total				17,551,000
Amortization expense
Allocation of purchase price for the company's real estate acquisitions
Amortization expense relating to origination costs				4,984,000	3,612,000	$ 3,467,000
Amortization of intangible lease assets
2,018				4,056,000
2,019				3,669,000
2,020				3,435,000
2,021				3,168,000
2,022				2,672,000
Thereafter				9,232,000
Total				26,232,000
Intangible lease asset - above market lease | Rental income
Amortization of intangible lease assets
2,018				748,000
2,019				646,000
2,020				620,000
2,021				614,000
2,022				448,000
Thereafter				1,217,000
Total				4,293,000
Forbo industrial facility, Huntersville, North Carolina
Real Estate Acquisitions
Contract purchase price (real estate)				8,700,000
Mortgage incurred				5,190,000
Third Party Real Estate Acquisition Costs				72,000
Allocation of purchase price for the company's real estate acquisitions
Land				1,046,000
Building				6,452,000
Building Improvements				222,000
Intangible Lease Asset				1,052,000
Total				8,772,000
Saddle Creek Logistics industrial facility, Pittston, Pennsylvania
Real Estate Acquisitions
Contract purchase price (real estate)				11,750,000
Mortgage incurred		$ 7,200,000
Third Party Real Estate Acquisition Costs				199,000
Allocation of purchase price for the company's real estate acquisitions
Land				999,000
Building				9,675,000
Building Improvements				247,000
Intangible Lease Asset				1,028,000
Total				11,949,000
Corporate Woods industrial facility, Ankeny, Iowa
Real Estate Acquisitions
Contract purchase price (real estate)				14,700,000
Mortgage incurred			$ 8,820,000
Third Party Real Estate Acquisition Costs				29,000
Allocation of purchase price for the company's real estate acquisitions
Land				1,351,000
Building				11,420,000
Building Improvements				187,000
Intangible Lease Asset				1,929,000
Intangible Lease Liability				(158,000)
Total				14,729,000
Dufresne Spencer Group industrial facility, Memphis, Tennessee
Real Estate Acquisitions
Contract purchase price (real estate)				8,000,000
Third Party Real Estate Acquisition Costs				87,000
Allocation of purchase price for the company's real estate acquisitions
Land				135,000
Building				7,750,000
Building Improvements				202,000
Total				$ 8,087,000
Multi-tenant industrial facility, Greenville, South Carolina - 1
Real Estate Acquisitions
Contract purchase price (real estate)					8,100,000
Third Party Real Estate Acquisition Costs					80,000
Allocation of purchase price for the company's real estate acquisitions
Land					693,000
Building					6,718,000
Building Improvements					175,000
Intangible Lease Asset					514,000
Total					8,100,000
Multi-tenant industrial facility, Greenville, South Carolina - 2
Real Estate Acquisitions
Contract purchase price (real estate)					8,950,000
Third Party Real Estate Acquisition Costs					81,000
Allocation of purchase price for the company's real estate acquisitions
Land					528,000
Building					7,893,000
Building Improvements					181,000
Intangible Lease Asset					441,000
Intangible Lease Liability					(93,000)
Total					8,950,000
Toro distribution facility, El Paso, Texas
Real Estate Acquisitions
Contract purchase price (real estate)					23,695,000
Third Party Real Estate Acquisition Costs					72,000
Allocation of purchase price for the company's real estate acquisitions
Land					3,691,000
Building					17,525,000
Building Improvements					379,000
Intangible Lease Asset					2,100,000
Total					23,695,000
4 Advanced Auto retail locations, Ohio
Real Estate Acquisitions
Contract purchase price (real estate)					6,523,000
Third Party Real Estate Acquisition Costs					80,000
Mortgage incurred					4,300,000
Allocation of purchase price for the company's real estate acquisitions
Land					653,000
Building					5,012,000
Building Improvements					189,000
Intangible Lease Asset					912,000
Intangible Lease Liability					(243,000)
Total					6,523,000
The Briarbrook Village Apartments Wheaton, Illinois
Real Estate Acquisitions
Contract purchase price (real estate)					10,530,000
Third Party Real Estate Acquisition Costs					6,000
Allocation of purchase price for the company's real estate acquisitions
Land					10,536,000
Total					10,536,000
Burlington Coat and Micro Center retail stores, St. Louis Park, Minnesota
Real Estate Acquisitions
Contract purchase price (real estate)					14,150,000
Third Party Real Estate Acquisition Costs					74,000
Allocation of purchase price for the company's real estate acquisitions
Land					3,388,000
Building					12,632,000
Building Improvements					456,000
Intangible Lease Asset					651,000
Intangible Lease Liability					(2,977,000)
Total					14,150,000
The Vue Apartments, Beachwood, Ohio
Real Estate Acquisitions
Contract purchase price (real estate)					13,896,000
Third Party Real Estate Acquisition Costs					5,000
Allocation of purchase price for the company's real estate acquisitions
Land					13,901,000
Total					13,901,000
Famous Footwear distribution facility, Lebanon, Tennessee
Real Estate Acquisitions
Contract purchase price (real estate)					32,734,000
Third Party Real Estate Acquisition Costs					195,000
Mortgage incurred					21,288,000
Allocation of purchase price for the company's real estate acquisitions
Land					2,094,000
Building					29,436,000
Building Improvements					603,000
Intangible Lease Asset					3,576,000
Intangible Lease Liability					(2,975,000)
Total					32,734,000
Represents the retail property located in Lincoln, Nebraska acquired by the entity.
Purchase of Partner's 50% Interest
Purchase of partner's interest in unconsolidated joint venture	$ 6,300,000
Contract price directly paid to the partner of unconsolidated joint venture	2,636,000
payment made to underlying mortgage of the unconsolidated joint venture	$ 3,664,000
Represents the retail property located in Lincoln, Nebraska acquired by the entity. | Unconsolidated joint ventures
Purchase of Partner's 50% Interest
Percentage of equity method investments acquired	50.00%
Represents the retail property located in Lincoln, Nebraska acquired by the entity. | Consolidated JV
Purchase of Partner's 50% Interest
Purchase price fair value adjustment	$ 960,000
Other (n)
Real Estate Acquisitions
Third Party Real Estate Acquisition Costs					$ 14,000

SALES OF PROPERTIES AND IMPAI43

SALES OF PROPERTIES AND IMPAIRMENT LOSS (Details)	Jan. 30, 2018USD ($)	Jan. 31, 2015USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)
Sale of Properties
Net Sales price					$ 27,050,000	$ 43,363,000
Gain on Sales of Real Estate, Net					9,837,000	10,087,000
Total sales price, net of closing costs					26,301,000	42,312,000	$ 16,025,000
Mortgage loan paid off					12,936,000	63,726,000	27,967,000
Impairment loss					153,000
Retail property, Greenwood Village, Colorado
Sale of Properties
Net Sales price					9,500,000
Gain on Sales of Real Estate, Net					6,568,000
Retail Property, Kansas City, Missouri
Sale of Properties
Net Sales price					10,250,000
Gain on Sales of Real Estate, Net					2,180,000
Retail Property, Niles Illinois
Sale of Properties
Net Sales price					5,000,000
Gain on Sales of Real Estate, Net					1,089,000
Restaurant property, Ann Arbor, Michigan
Sale of Properties
Net Sales price					$ 2,300,000
Portfolio of eight retail properties, Louisiana and Mississippi
Sale of Properties
Net Sales price						13,750,000
Gain on Sales of Real Estate, Net						$ 787,000
Number of real estate properties sold | property						8
Retail property, Killeen, Texas
Sale of Properties
Net Sales price						$ 3,100,000
Gain on Sales of Real Estate, Net						980,000
Land, Sandy Springs, Georgia
Sale of Properties
Net Sales price						8,858,000
Gain on Sales of Real Estate, Net						2,331,000
Industrial property, Tomlinson, Pennsylvania
Sale of Properties
Net Sales price						14,800,000
Gain on Sales of Real Estate, Net						5,660,000
Retail property, Island Park, NY
Sale of Properties
Net Sales price						2,702,000
Gain on Sales of Real Estate, Net						213,000
Properties excluding Partial condemnation of land, Greenwood Village, Colorado
Sale of Properties
Net Sales price						43,210,000
Gain on Sales of Real Estate, Net						9,971,000
Partial condemnation of land, Greenwood Village, Colorado
Sale of Properties
Net Sales price						153,000
Gain on Sales of Real Estate, Net						$ 116,000
Property located in Cherry Hill, NJ | Consolidated JV | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Gain on Sales of Real Estate, Net							$ 5,392,000
Total sales price, net of closing costs		$ 16,025,000
Mortgage balance paid off		7,376,000
Swap termination expense		472,000
Property located in Cherry Hill, NJ | Consolidated JV | Non-Controlling Interests in Consolidated Joint Ventures | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Non-controlling interest's share of the gain from the transaction		$ 1,320,000
Property located in Fort Bend, Texas | Consolidated JV | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Net Sales price	$ 9,000,000
Gain on Sales of Real Estate, Net			$ 2,400,000
Ownership percentage	85.00%
Mortgage loan paid off	$ 4,400,000
Rental revenue to property accounted percentage					1.20%	1.20%	1.20%
Property located in Fort Bend, Texas | Consolidated JV | Non-Controlling Interests in Consolidated Joint Ventures | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Sale of Properties
Non-controlling interest's share of the gain from the transaction	$ 800,000
Joe's Crab Shack restaurant Ann Arbor, Michigan
Sale of Properties
Impairment loss				$ 153,000

ALLOWANCE FOR DOUBTFUL ACCOUN44

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details)	12 Months Ended
	Dec. 31, 2017USD ($)tenantproperty	Dec. 31, 2016USD ($)tenant	Dec. 31, 2015USD ($)tenant
Allowance for Doubtful Accounts
Balance in allowance for doubtful accounts	$ 0	$ 0
Bad debt expense	$ 291,000	$ 98,000
Number of tenants related to rental income and reimbursements due recorded as bad debt expense | tenant	5	5	5
Write-off of unbilled rent receivable	$ 362,000	$ 7,000	$ 566,000
Number of properties sold | property	3
Number of properties re-tenanted | property	1
Impairment loss	$ 153,000
Net book value of property	2,118,000
Properties that filed for Chapter 11 bankruptcy
Allowance for Doubtful Accounts
Write-off of unbilled rent receivable	362,000	7,000	89,000
Write-off of unamortized intangible lease assets and liabilities	67,000	0	124,000
Write off of tenant origination costs	884,000	$ 0	$ 380,000
Impairment loss	$ 0

VARIABLE INTEREST ENTITIES, C45

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - Ground Leases (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2017USD ($)	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entities
Number of VIEs through ground leases | item		3
Owner/operator closed supplemental mortgage	$ 7,556,000
Owner/operator closed original mortgage	43,824,000
Fixed rent payment resulting from second mortgage	$ 5,906,000
Cash Reserves - ground lease		$ 443,000	$ 643,000
The Meadows Apartments, Lakemoor, Illinois; Briarbrook Village Apartments, Wheaton, Illinois and Vue Apartments, Beachwood, Ohio
Variable Interest Entities
Land Contract Purchase Price		$ 33,726,000
Units in Apartment Complex | item		1,186
Owner/ Operator Mortgage from Third Party		$ 158,235,000
Carrying Amount and Maximum Exposure to Loss		34,029,000
The Meadows Apartments, Lakemoor, Illinois
Variable Interest Entities
Land Contract Purchase Price		$ 9,300,000
Units in Apartment Complex | item		496
Owner/ Operator Mortgage from Third Party		$ 51,380,000
The Meadows Apartments, Lakemoor, Illinois | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		9,592,000
The Briarbrook Village Apartments Wheaton, Illinois
Variable Interest Entities
Land Contract Purchase Price		$ 10,530,000
Units in Apartment Complex | item		342
Owner/ Operator Mortgage from Third Party		$ 39,411,000
The Briarbrook Village Apartments Wheaton, Illinois | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		10,536,000
The Vue Apartments, Beachwood, Ohio
Variable Interest Entities
Land Contract Purchase Price		$ 13,896,000
Units in Apartment Complex | item		348
Owner/ Operator Mortgage from Third Party		$ 67,444,000
The Vue Apartments, Beachwood, Ohio | Land
Variable Interest Entities
Carrying Amount and Maximum Exposure to Loss		13,901,000
The Meadows Apartments, Lakemoor, Illinois; Briarbrook Village Apartments, Wheaton, Illinois; Vue Apartments, Beachwood, Ohio and River Crossing Apartments, Sandy Springs, Georgia
Variable Interest Entities
Revenue from the ground lease		$ 3,702,000	2,361,000	$ 1,280,000
River Crossing Apartments, Sandy Springs, Georgia
Variable Interest Entities
Revenue from the ground lease			$ 308,000	$ 419,000

VARIABLE INTEREST ENTITIES, C46

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - Consolidated Joint Ventures (Details) - Consolidated JV	12 Months Ended
	Dec. 31, 2017item
Variable Interest Entities
Number of joint ventures with controlling interest	6
Consolidated VIE entities
Variable Interest Entities
Number of joint ventures with controlling interest	6
Minimum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	85.00%
Maximum
Variable Interest Entities
Ownership interest in consolidated joint venture of the company (as a percent)	95.00%

VARIABLE INTEREST ENTITIES, C47

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - Summary of Consolidated VIE's (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Consolidated VIEs Carrying Amount of Assets and Liabilities
Land		$ 3,531	$ 35,484
Unbilled rent receivable		14,125	13,797
Unamortized intangible lease assets, net		30,525	32,645
Escrow, deposits and other assets and receivables		6,630	6,894
Mortgages payable, net of unamortized deferred financing costs of $442 and $539, respectively		393,157	394,898
Accrued expenses and other liabilities		16,107	10,470
Unamortized intangible lease liabilities, net		17,551	19,280
Accumulated other comprehensive income (loss)		155	(1,479)
Non-controlling interests in consolidated joint ventures	[1]	1,742	1,794
Consolidated VIE entities
Consolidated VIEs Carrying Amount of Assets and Liabilities
Restricted assets		0	0
Land		17,844	17,844
Buildings and improvements, net of accumulated depreciation of $3,811 and $2,732, respectively		31,789	32,535
Cash		1,145	1,796
Unbilled rent receivable		1,011	775
Unamortized intangible lease assets, net		1,241	1,595
Escrow, deposits and other assets and receivables		948	1,355
Mortgages payable, net of unamortized deferred financing costs of $442 and $539, respectively		32,252	33,121
Accrued expenses and other liabilities		870	893
Unamortized intangible lease liabilities, net		2,015	2,200
Accumulated other comprehensive income (loss)		(1)	(70)
Non-controlling interests in consolidated joint ventures		1,742	1,794
Accumulated depreciation		3,811	2,732
Unamortized deferred financing costs		$ 442	$ 539
[1]	The Company’s consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). See Note 7. The consolidated balance sheets include the following amounts related to the Company’s consolidated VIEs: $17,844 and $17,844 of land, $31,789 and $32,535 of building and improvements, net of $3,811 and $2,732 of accumulated depreciation, $4,345 and $5,521 of other assets included in other line items, $32,252 and $33,121 of real estate debt, net, $2,885 and $3,093 of other liabilities included in other line items, and $1,742 and $1,794 of non-controlling interests as of December 31, 2017 and 2016, respectively.

VARIABLE INTEREST ENTITIES, C48

VARIABLE INTEREST ENTITIES, CONTINGENT LIABILITIES AND CONSOLIDATED JOINT VENTURES - MCB Real Estate, LLC (Details)	Oct. 31, 2016USD ($)	Oct. 31, 2016	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Consolidated VIEs Carrying Amount of Assets and Liabilities
Investment in unconsolidated joint ventures			$ 10,723,000	$ 10,833,000
Purchase of non-controlling interest				(446,000)
Payment made to purchase partner's interest in consolidated joint venture				446,000
Consolidated JV
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of joint ventures with controlling interest | item			6
Other Consolidated JV
Consolidated VIEs Carrying Amount of Assets and Liabilities
Number of joint ventures with controlling interest | item			2
Investment in consolidated joint ventures			$ 7,395,000	7,440,000
MCB Real Estate LLC And Its Affiliates
Consolidated VIEs Carrying Amount of Assets and Liabilities
Investment in unconsolidated joint ventures			8,245,000
MCB Real Estate LLC And Its Affiliates | Consolidated JV
Consolidated VIEs Carrying Amount of Assets and Liabilities
Investment in unconsolidated joint ventures			$ 9,705,000	10,522,000
Number of joint ventures with controlling interest | item			4
MCB Real Estate LLC And Its Affiliates | Consolidated JV | Deptford, New Jersey
Consolidated VIEs Carrying Amount of Assets and Liabilities
Purchase of Minority Interest Percentage	5.00%	5.00%
Equity Method Investment Ownership Percentage Control Obtained	100.00%
Payment made to purchase partner's interest in consolidated joint venture	$ 446,000
Paid-in Capital
Consolidated VIEs Carrying Amount of Assets and Liabilities
Purchase of non-controlling interest				$ (436,000)
Paid-in Capital | MCB Real Estate LLC And Its Affiliates | Consolidated JV | Deptford, New Jersey
Consolidated VIEs Carrying Amount of Assets and Liabilities
Purchase of non-controlling interest	$ 436,000

INVESTMENT IN UNCONSOLIDATED 49

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Investment in Unconsolidated Joint Ventures
Number of unconsolidated joint ventures | item	5	5
Number of properties owned and operated by each unconsolidated joint venture | item	1	1
Investment in unconsolidated joint ventures	$ 10,723,000	$ 10,833,000
Equity in earnings of unconsolidated joint ventures	826,000	$ 1,005,000	$ 412,000
MCB Real Estate LLC And Its Affiliates
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures	$ 8,245,000

OTHER INCOME (Details)

OTHER INCOME (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OTHER INCOME
Income from resolution dispute	$ 243,000
Amount received for easements	$ 74,000	$ 356,000

DEBT OBLIGATIONS - Mortgage Pay

DEBT OBLIGATIONS - Mortgage Payable current (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Mortgages Payable
Mortgages payable, net	$ 393,157,000	$ 394,898,000
Mortgages payable
Mortgages Payable
Mortgages payable, gross	396,946,000	399,192,000
Unamortized deferred financing costs	(3,789,000)	(4,294,000)
Mortgages payable, net	$ 393,157,000	$ 394,898,000

DEBT OBLIGATIONS - Principal pa

DEBT OBLIGATIONS - Principal payments (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2018USD ($)	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
DEBT OBLIGATIONS
Aggregate gross carrying value of real estate investments		$ 775,327,000	$ 748,065,000
Accumulated depreciation		108,953,000	96,852,000
Repayment of the outstanding debt
Repayment of mortgages payable		$ 12,936,000	$ 63,726,000	$ 27,967,000
Mortgages payable
DEBT OBLIGATIONS
Number of debt instruments outstanding | item		70
Aggregate gross carrying value of real estate investments		$ 624,361,000
Accumulated depreciation		$ 83,015,000
Weighted average interest rate (as a percent)		4.22%	4.27%
Repayment of the outstanding debt
2,018		$ 24,871,000
2,019		14,610,000
2,020		11,901,000
2,021		20,742,000
2,022		43,771,000
Thereafter		281,051,000
Total		$ 396,946,000	$ 399,192,000
Repayment of mortgages payable	$ 4,423,000
Mortgages payable | Minimum | Interest rate swap
DEBT OBLIGATIONS
Annual fixed interest rate (as a percent)		3.02%
Mortgages payable | Maximum | Interest rate swap
DEBT OBLIGATIONS
Annual fixed interest rate (as a percent)		6.59%

DEBT OBLIGATIONS - Line of Cred

DEBT OBLIGATIONS - Line of Credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Mar. 05, 2018	Dec. 31, 2015
Line of Credit
Line of credit, net	$ 8,776,000	$ 9,064,000
Facility
Line of Credit
Unused facility fee (as a percent)	0.25%
Interest rate at end of period (as a percent)	2.87%	2.23%		1.95%
Percentage of permitted borrowing base available for specified purposes	15.00%
Line of credit, gross	$ 9,400,000	$ 10,000,000
Unamortized deferred financing costs	(624,000)	(936,000)
Facility | Maximum
Line of Credit
Amount of facility available for specified purposes	15,000,000
Amount of facility available for specified purposes if used for working capital purpose	10,000,000
Facility | Credit Facility
Line of Credit
Line of credit, gross	9,400,000	10,000,000	$ 3,900,000
Unamortized deferred financing costs	(624,000)	(936,000)
Line of credit, net	8,776,000	$ 9,064,000
Facility | Credit Facility | Maximum
Line of Credit
Borrowing capacity	$ 100,000,000
Facility | Credit Facility | LIBOR
Line of Credit
Spread on variable interest rate (as a percent)	1.75%	1.75%
Facility | Credit Facility | LIBOR | Maximum
Line of Credit
Spread on variable interest rate (as a percent)	3.00%
Facility | Credit Facility | LIBOR | Minimum
Line of Credit
Spread on variable interest rate (as a percent)	1.75%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Facility
Fair Value of Financial Instruments
Line of credit, gross	$ 9,400,000	$ 10,000,000
Recurring | Level 2 | Interest rate swap
Financial assets:
Derivative financial instruments	1,615,000	1,257,000
Financial liabilities:
Derivative financial instruments	1,492,000	2,695,000
Mortgages payable
Fair Value of Financial Instruments
Estimated fair value of mortgages payable	397,103,000	413,916,000
Carrying value of mortgage loans	396,946,000	399,192,000
Excess of fair value over carrying value	$ 157,000	$ 14,724,000
Blended or estimated market interest rate (as a percent)	4.25%	3.74%
Weighted average remaining term of the mortgages	8 years 8 months 12 days	9 years 3 months 18 days

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Rate Derivatives (Details) - Interest rate derivatives - Cash flow hedges	12 Months Ended
	Dec. 31, 2017USD ($)item
Fair Value Measurements
Number of interest rate derivatives held	28
Number of mortgage loans outstanding	28
Number of mortgage loans designated as cash flow hedges	28
Notional Amount | $	$ 132,965,000
Weighted average maturity	7 years
Weighted average annual interest rate (as a percent)	4.11%
Minimum
Fair Value Measurements
Fixed Interest Rate (as a percent)	3.02%
Maximum
Fair Value Measurements
Fixed Interest Rate (as a percent)	5.38%

FAIR VALUE MEASUREMENTS - Deriv

FAIR VALUE MEASUREMENTS - Derivative Instruments, Gain (Loss) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)propertyitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)item
Cash flow hedges
Reclassification of gain (loss)
Gain or loss recognized with respect to cash flow hedges' ineffectiveness		$ 0	$ 0	$ 0
Properties located in Kansas City, Missouri and Ann Arbor, Michigan
Reclassification of gain (loss)
Number of real estate properties sold | property		2
Properties located in Kansas City, Missouri and Ann Arbor, Michigan | Cash flow hedges
Reclassification of gain (loss)
Loss on derivative instrument reclassified into interest expense		$ 201,000
Interest rate swap | Cash flow hedges
Fair Value Measurements
Amount of (loss) gain recognized on derivatives in Other comprehensive income (loss)		(221,000)	255,000	(3,722,000)
Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Interest expense		$ (1,786,000)	(2,624,000)	$ (2,554,000)
Reclassification of gain (loss)
Number of interest rate derivative instruments terminated | item		3		1
Additional amount to be reclassified during the next twelve months	$ 565,000
Credit risk related contingent feature
Fair value of derivative in a liability position, including accrued interest but excluding adjustments for nonperformance risk		$ 1,638,000	2,951,000
Accrued interest on derivative in a liability position		53,000	113,000
Termination value of derivative agreement		$ 1,638,000	2,951,000
Interest rate swap | Cash flow hedges | Unconsolidated joint ventures
Fair Value Measurements
Number of unconsolidated joint ventures of the entity with interest rate derivatives outstanding | item		3
Percentage of ownership in unconsolidated joint venture		50.00%
Number interest rate derivatives outstanding | item		2
Notional Amount		$ 10,491,000
Amount of (loss) gain recognized on derivatives in Other comprehensive income (loss)		15,000	(31,000)	$ (109,000)
Amount of (loss) reclassification from Accumulated other comprehensive income (loss) into Equity in earnings of unconsolidated joint ventures		$ (61,000)	(95,000)	(108,000)
Reclassification of gain (loss)
Additional amount to be reclassified during the next twelve months	$ 7,000
Interest rate swap | Cash flow hedges | Unconsolidated joint ventures | Minimum
Fair Value Measurements
Fixed Interest Rate (as a percent)		3.49%
Interest rate swap | Cash flow hedges | Unconsolidated joint ventures | Maximum
Fair Value Measurements
Fixed Interest Rate (as a percent)		5.81%
Interest rate swap | Cash flow hedges | Prepayment costs on debt
Reclassification of gain (loss)
Loss on termination of interest rate swap			178,000	$ 472,000
Interest rate swap | Cash flow hedges | Accrued expenses and other liabilities
Credit risk related contingent feature
Adjustments for nonperformance risk		$ 93,000	$ 143,000

FAIR VALUE MEASUREMENTS - Avail

FAIR VALUE MEASUREMENTS - Available for Sale (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Available-for-sale securities
Aggregate cost of available-for-sale securities	$ 5,300
Gain on sale of available-for-sale securities	(27,000)
Recurring
Available-for-sale securities
Amount of available-for-sale securities sold	$ 33,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Oct. 31, 2016	Jan. 01, 2016	Oct. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction
Share based compensation charged to operations				$ 3,133,000	$ 2,983,000	$ 2,334,000
Deptford, New Jersey | Consolidated JV | MCB Real Estate LLC And Its Affiliates
Related Party Transaction
Purchase of Minority Interest Percentage	5.00%		5.00%
Gould Investors L.P.
Related Party Transaction
Number of common stock owned by the related party				1,785,976	1,785,976
Ownership percentage held by the related party				9.50%	9.80%
Number of shares purchased by the related party under the dividend reinvestment plan						81,211
Amount of insurance reimbursed				$ 790,000	$ 699,000	$ 520,000
Real estate insurance expense				757,000	645,000	339,000
Majestic
Related Party Transaction
Fees under compensation and services agreement				2,673,000	2,504,000	2,339,000
Property management costs allocated to real estate expenses annually				1,154,000	1,057,000	892,500
Additional payment for the entity's share of all direct office expenses				216,000	196,000	196,000
Chairman | General and administrative expense
Related Party Transaction
Fee paid				276,000	262,500	262,500
Vice Chairman | General and administrative expense
Related Party Transaction
Fee paid				110,000	105,000	105,000
Executive officers and others
Related Party Transaction
Share based compensation charged to operations				1,539,000	1,480,000	1,245,000
Joint venture partners
Related Party Transaction
Real estate management and acquisition costs				143,000	185,000	$ 198,000
Percentage of financing fees in Other Income						50.00%
Corporate joint venture
Related Party Transaction
Aggregate fees paid to other partners				175,000	176,000	$ 409,000
Decrease in equity earnings, joint venture transaction				$ 88,000	$ 88,000	205,000
Fee received						$ 131,000
Net lease tenants | Majestic
Related Party Transaction
Property management fee (as a percent)		1.50%
Operating lease tenants | Majestic
Related Party Transaction
Property management fee (as a percent)		2.00%

STOCKHOLDERS' EQUITY - Stock Ba

STOCKHOLDERS' EQUITY - Stock Based Compensation (Details) - USD ($)	Jan. 18, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total charge to operations:
Share based compensation charged to operations		$ 3,133,000	$ 2,983,000	$ 2,334,000
Compensation costs related to non-vested awards that have not yet been recognized		$ 7,098,000
Restricted stock
Stock Based Compensation
Vesting period		5 years
Summary of the activity of the incentive plans
Number of shares		140,100	139,225	129,975
Average per share grant price (in dollars per share)		$ 24.75	$ 21.74	$ 24.60
Deferred compensation to be recognized over vesting period		$ 3,467,000	$ 3,027,000	$ 3,197,000
Number of non-vested shares:
Non-vested beginning of year (in shares)		591,750	538,755	480,995
Grants (in shares)		140,100	139,225	129,975
Vested during year (in shares)		(118,450)	(85,730)	(72,215)
Forfeitures (in shares)		(500)	(500)
Non-vested end of year (in shares)		612,900	591,750	538,755
Restricted stock and RSU grants:
Weighted average per share value of non-vested shares (based on grant price) (in dollars per share)		$ 22.89	$ 17.95	$ 17.12
Value of stock vested during the year (based on grant price)		$ 3,008,000	$ 1,451,500	$ 612,000
Weighted average per share value of shares forfeited during the year (based on grant price) (in dollars per share)		$ 8.37	$ 21.05
Total charge to operations:
Share based compensation charged to operations		$ 2,966,000	$ 2,692,000	$ 2,204,000
Approximate weighted average vesting period		2 years 2 months 12 days
RSUs
Stock Based Compensation
Percentage of units to be vested on satisfaction of performance criteria of average total stockholder return		50.00%
Percent of number of units to be vested on satisfaction of performance criteria related to average annual return on capital		50.00%
Summary of the activity of the incentive plans
Number of shares		76,250
Average per share grant price (in dollars per share)		$ 24.03
Deferred compensation to be recognized over vesting period		$ 1,004,000
Number of non-vested shares:
Non-vested beginning of year (in shares)		200,000	200,000	200,000
Grants (in shares)		76,250
Vested during year (in shares)		(113,584)
Forfeitures (in shares)		(86,416)
Non-vested end of year (in shares)		76,250	200,000	200,000
Total charge to operations:
Share based compensation charged to operations		$ 167,000	$ 291,000	$ 130,000
Approximate weighted average vesting period		2 years 6 months
TSR awards
Stock Based Compensation
Expected life		3 years
Dividend rate		7.16%
Risk-free interest rate minimum		1.14%
Risk-free interest rate maximum		1.64%
Expected price volatility minimum		16.57%
Expected price volatility maximum		19.16%
2016 Incentive Plan
Stock Based Compensation
Number of shares authorized for issuance		750,000
Aggregate value of restricted shares granted	$ 3,664,000
Summary of the activity of the incentive plans
Number of shares	144,750
Number of non-vested shares:
Grants (in shares)	144,750
2016 Incentive Plan | Restricted stock
Summary of the activity of the incentive plans
Number of shares		140,100
Number of non-vested shares:
Grants (in shares)		140,100
Vested during year (in shares)		(3,000)
Forfeitures (in shares)		(100)
2016 Incentive Plan | RSUs
Summary of the activity of the incentive plans
Number of shares		76,250
Number of non-vested shares:
Grants (in shares)		76,250
Non-vested end of year (in shares)		76,250
2012 Incentive Plan
Stock Based Compensation
Shares issued pursuant to plan		500,700
Shares forfeited pursuant to Plan		3,350
Shares vested pursuant to plan		21,450
Pay-for-performance program | RSUs | General and administrative expense
Summary of the activity of the incentive plans
Deferred compensation to be recognized over vesting period		$ 1,004,000

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock Dividend Distributions (Details) - USD ($)	Mar. 12, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity
Cash distributions declared per share of common stock (in dollars per share)		$ 1.74	$ 1.66	$ 1.58
Cash dividend declared		$ 32,391,000	$ 29,136,000	$ 26,178,000
Dividend Reinvestment Plan
Common shares issued under Dividend Reinvestment Plan		198,000	142,000	197,000
Shares Issued Through Equity Offering Program
Number of shares sold (in shares)		231,000	1,079,862
Proceeds from sale of shares, net of commission and before offering costs		$ 5,758,000	$ 25,947,000
Payment of commissions on sale of shares		58,000	262,000
Payment of Offering Costs on Sale of Shares		$ 188,000	$ 160,000
Maximum
Dividend Reinvestment Plan
Discount rate (as a percent)		5.00%
Dividend Subsequent to Year End
Stockholders' Equity
Cash distributions declared per share of common stock (in dollars per share)	$ 0.45
Cash dividend declared	$ 8,581,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2018USD ($)
Pension expense	$ 275,000	$ 273,000	$ 266,000
Annual fixed leasehold rent for next five years	371,094
Annual fixed leasehold rent thereafter through March 3, 2020	$ 463,867
Number of 5-year extension options | item	5
Lease extension period for the first five renewal options	5 years
Number of seven month extension options | item	1
Lease extension period for the last renewal option	7 months
Building located In Hauppauge, New York
Contractual obligation	$ 3,584,000			$ 7,800,000
Regal Cinemas In Greensboro, North Carolina
Contractual obligation	$ 3,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES
Period of disqualification of REIT status	4 years
Federal excise tax expense	$ 0	$ 6,000	$ 174,000
Capital gain distributions (as a percent)	17.00%	27.00%	67.00%
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction:
Dividends paid	$ 32,393,000	$ 29,135,000	$ 26,179,000
Dividend reinvestment plan	252,000	181,000	228,000
Dividends before adjustment for previous and current year	32,645,000	29,316,000	26,407,000
Less: Spillover dividends designated to previous year	(11,916,000)	(15,209,000)	(18,177,000)
Plus: Dividends designated from following year	10,263,000	11,916,000	15,209,000
Dividends paid deduction	$ 30,992,000	$ 26,023,000	$ 23,439,000
Maximum
Reconciliation between Cash Dividends Paid and Dividends Paid Deduction:
Percentage of discount on common stock purchased through the dividend reinvestment plan	5.00%

QUARTERLY FINANCIAL DATA (Una63

QUARTERLY FINANCIAL DATA (Unaudited): (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
QUARTERLY FINANCIAL DATA (Unaudited):
Total revenues	$ 19,894	$ 19,137	$ 18,413	$ 18,472	$ 18,990	$ 18,021	$ 17,233	$ 16,344	$ 75,916	$ 70,588	$ 65,711
Gain on sale of real estate, net		3,269	6,568		263	119	8,918	787	9,837	10,087	5,392
Net income	4,242	7,128	9,993	2,886	4,414	4,323	12,459	3,285	24,249	24,481	21,907
Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests	$ 4,205	$ 7,105	$ 9,972	$ 2,865	$ 4,395	$ 4,299	$ 12,441	$ 3,287	$ 24,147	$ 24,422	$ 20,517
Weighted average number of common shares outstanding:
Basic (in shares)	18,198	18,000	17,824	17,751	17,255	16,845	16,579	16,388	17,944	16,768	15,971
Diluted (in shares)	18,269	18,079	17,938	17,865	17,369	16,962	16,686	16,495	18,047	16,882	16,079
Net income per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 0.24	$ 0.24	$ 0.72	$ 0.19	$ 1.29	$ 1.40	$ 1.23
Diluted (in dollars per share)	$ 0.22	$ 0.38	$ 0.54	$ 0.15	$ 0.24	$ 0.24	$ 0.72	$ 0.18	$ 1.28	$ 1.39	$ 1.22

Schedule III - Consolidated R64

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2017USD ($)propertyitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	$ 396,946,000
Initial Cost To Company
Land	209,320,000
Buildings and Improvements	537,860,000
Costs Capitalized Subsequent to Acquisition
Improvements	28,147,000
Gross Amount at Which Carried
Land	209,320,000
Buildings and Improvements	566,007,000
Total	775,327,000	$ 748,065,000	$ 662,182,000	$ 592,668,000
Accumulated Depreciation	$ 108,953,000	$ 96,852,000	$ 87,801,000	$ 77,643,000
Minimum
Other disclosure
Estimated useful lives of buildings and improvements	3 years
Maximum
Other disclosure
Estimated useful lives of buildings and improvements	40 years
Industrial
Other disclosure
Reduction to cost of land and buildings	$ 416,000
Retail
Other disclosure
Number of properties net leased to same tenant pursuant to separate leases | property	7
Number of properties containing cross default provisions | property	5
Number of states in which properties containing cross default provisions are located | item	7
Number of properties covered by one master lease and one loan secured by cross - collateralized mortgages | property	11
Number of states in which properties covered by one master lease and one loan secured by cross - collateralized mortgages are located | item	6
Real Estate in Tucker, GA | Health Clubs
Initial Cost To Company
Land	$ 807,000
Buildings and Improvements	3,027,000
Costs Capitalized Subsequent to Acquisition
Improvements	3,126,000
Gross Amount at Which Carried
Land	807,000
Buildings and Improvements	6,153,000
Total	6,960,000
Accumulated Depreciation	2,290,000
Real Estate in Hamilton, OH | Health Clubs
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,814,000
Initial Cost To Company
Land	1,483,000
Buildings and Improvements	5,953,000
Gross Amount at Which Carried
Land	1,483,000
Buildings and Improvements	5,953,000
Total	7,436,000
Accumulated Depreciation	1,096,000
Real Estate in Secaucus, NJ | Health Clubs
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,865,000
Initial Cost To Company
Land	5,449,000
Buildings and Improvements	9,873,000
Gross Amount at Which Carried
Land	5,449,000
Buildings and Improvements	9,873,000
Total	15,322,000
Accumulated Depreciation	1,253,000
Real Estate in Ronkonkoma, NY | Industrial
Initial Cost To Company
Land	1,042,000
Buildings and Improvements	4,171,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,517,000
Gross Amount at Which Carried
Land	1,042,000
Buildings and Improvements	6,688,000
Total	7,730,000
Accumulated Depreciation	2,181,000
Real Estate in Hauppauge, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,969,000
Initial Cost To Company
Land	1,951,000
Buildings and Improvements	10,954,000
Costs Capitalized Subsequent to Acquisition
Improvements	5,382,000
Gross Amount at Which Carried
Land	1,951,000
Buildings and Improvements	16,336,000
Total	18,287,000
Accumulated Depreciation	5,255,000
Real Estate 1 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,290,000
Initial Cost To Company
Land	1,840,000
Buildings and Improvements	12,687,000
Costs Capitalized Subsequent to Acquisition
Improvements	23,000
Gross Amount at Which Carried
Land	1,840,000
Buildings and Improvements	12,710,000
Total	14,550,000
Accumulated Depreciation	1,568,000
Real Estate in Columbus, OH | Industrial
Initial Cost To Company
Land	435,000
Buildings and Improvements	1,703,000
Costs Capitalized Subsequent to Acquisition
Improvements	27,000
Gross Amount at Which Carried
Land	435,000
Buildings and Improvements	1,730,000
Total	2,165,000
Accumulated Depreciation	734,000
Real Estate in West Palm Beach, FL | Industrial
Initial Cost To Company
Land	181,000
Buildings and Improvements	724,000
Gross Amount at Which Carried
Land	181,000
Buildings and Improvements	724,000
Total	905,000
Accumulated Depreciation	348,000
Real Estate in New Hyde Park, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,563,000
Initial Cost To Company
Land	182,000
Buildings and Improvements	728,000
Costs Capitalized Subsequent to Acquisition
Improvements	281,000
Gross Amount at Which Carried
Land	182,000
Buildings and Improvements	1,009,000
Total	1,191,000
Accumulated Depreciation	380,000
Real Estate in Melville, NY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,749,000
Initial Cost To Company
Land	774,000
Buildings and Improvements	3,029,000
Costs Capitalized Subsequent to Acquisition
Improvements	975,000
Gross Amount at Which Carried
Land	774,000
Buildings and Improvements	4,004,000
Total	4,778,000
Accumulated Depreciation	1,324,000
Real Estate in Saco, ME | Industrial
Initial Cost To Company
Land	1,027,000
Buildings and Improvements	3,623,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,050,000
Gross Amount at Which Carried
Land	1,027,000
Buildings and Improvements	5,673,000
Total	6,700,000
Accumulated Depreciation	1,063,000
Real Estate in Baltimore, MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	20,527,000
Initial Cost To Company
Land	6,474,000
Buildings and Improvements	25,282,000
Gross Amount at Which Carried
Land	6,474,000
Buildings and Improvements	25,282,000
Total	31,756,000
Accumulated Depreciation	6,979,000
Real Estate in Durham, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,788,000
Initial Cost To Company
Land	1,043,000
Buildings and Improvements	2,404,000
Gross Amount at Which Carried
Land	1,043,000
Buildings and Improvements	2,404,000
Total	3,447,000
Accumulated Depreciation	466,000
Real Estate in Pinellas Park, FL | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,384,000
Initial Cost To Company
Land	1,231,000
Buildings and Improvements	1,669,000
Gross Amount at Which Carried
Land	1,231,000
Buildings and Improvements	1,669,000
Total	2,900,000
Accumulated Depreciation	271,000
Real Estate in Miamisburg, OH | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	735,000
Initial Cost To Company
Land	165,000
Buildings and Improvements	1,348,000
Costs Capitalized Subsequent to Acquisition
Improvements	11,000
Gross Amount at Which Carried
Land	165,000
Buildings and Improvements	1,359,000
Total	1,524,000
Accumulated Depreciation	199,000
Real Estate in Indianapolis, IN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,933,000
Initial Cost To Company
Land	1,224,000
Buildings and Improvements	6,935,000
Gross Amount at Which Carried
Land	1,224,000
Buildings and Improvements	6,935,000
Total	8,159,000
Accumulated Depreciation	996,000
Real Estate 2 in Fort Mill, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	24,994,000
Initial Cost To Company
Land	1,804,000
Buildings and Improvements	33,650,000
Gross Amount at Which Carried
Land	1,804,000
Buildings and Improvements	33,650,000
Total	35,454,000
Accumulated Depreciation	5,123,000
Real Estate in New Hope, MN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,227,000
Initial Cost To Company
Land	881,000
Buildings and Improvements	6,064,000
Costs Capitalized Subsequent to Acquisition
Improvements	81,000
Gross Amount at Which Carried
Land	881,000
Buildings and Improvements	6,145,000
Total	7,026,000
Accumulated Depreciation	481,000
Real Estate 1 in Louisville, KY | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,389,000
Initial Cost To Company
Land	578,000
Buildings and Improvements	3,727,000
Costs Capitalized Subsequent to Acquisition
Improvements	4,000
Gross Amount at Which Carried
Land	578,000
Buildings and Improvements	3,731,000
Total	4,309,000
Accumulated Depreciation	274,000
Real Estate 2 in Louisville, KY | Industrial
Initial Cost To Company
Land	51,000
Buildings and Improvements	230,000
Gross Amount at Which Carried
Land	51,000
Buildings and Improvements	230,000
Total	281,000
Accumulated Depreciation	16,000
Real Estate in McCalla, Al | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	10,325,000
Initial Cost To Company
Land	1,588,000
Buildings and Improvements	14,682,000
Gross Amount at Which Carried
Land	1,588,000
Buildings and Improvements	14,682,000
Total	16,270,000
Accumulated Depreciation	921,000
Real Estate In St Louis, Mo | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,707,000
Initial Cost To Company
Land	3,728,000
Buildings and Improvements	13,006,000
Costs Capitalized Subsequent to Acquisition
Improvements	695,000
Gross Amount at Which Carried
Land	3,728,000
Buildings and Improvements	13,701,000
Total	17,429,000
Accumulated Depreciation	809,000
Real Estate 1 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,086,000
Initial Cost To Company
Land	693,000
Buildings and Improvements	6,893,000
Costs Capitalized Subsequent to Acquisition
Improvements	11,000
Gross Amount at Which Carried
Land	693,000
Buildings and Improvements	6,904,000
Total	7,597,000
Accumulated Depreciation	322,000
Real Estate 2 in Greenville, SC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,651,000
Initial Cost To Company
Land	528,000
Buildings and Improvements	8,074,000
Costs Capitalized Subsequent to Acquisition
Improvements	6,000
Gross Amount at Which Carried
Land	528,000
Buildings and Improvements	8,080,000
Total	8,608,000
Accumulated Depreciation	375,000
Real Estate in El Paso, TX | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	14,487,000
Initial Cost To Company
Land	3,691,000
Buildings and Improvements	17,904,000
Costs Capitalized Subsequent to Acquisition
Improvements	324,000
Gross Amount at Which Carried
Land	3,691,000
Buildings and Improvements	18,228,000
Total	21,919,000
Accumulated Depreciation	737,000
Real Estate in Lebanon, TN | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	21,288,000
Initial Cost To Company
Land	2,094,000
Buildings and Improvements	30,039,000
Costs Capitalized Subsequent to Acquisition
Improvements	14,000
Gross Amount at Which Carried
Land	2,094,000
Buildings and Improvements	30,053,000
Total	32,147,000
Accumulated Depreciation	1,004,000
Real Estate in Huntersville, NC | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,116,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	6,674,000
Gross Amount at Which Carried
Land	1,046,000
Buildings and Improvements	6,674,000
Total	7,720,000
Accumulated Depreciation	111,000
Real Estate in Pittston, PA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	7,142,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	9,922,000
Costs Capitalized Subsequent to Acquisition
Improvements	250,000
Gross Amount at Which Carried
Land	999,000
Buildings and Improvements	10,172,000
Total	11,171,000
Accumulated Depreciation	146,000
Real Estate in Ankeny, IA | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	8,729,000
Initial Cost To Company
Land	1,351,000
Buildings and Improvements	11,607,000
Gross Amount at Which Carried
Land	1,351,000
Buildings and Improvements	11,607,000
Total	12,958,000
Accumulated Depreciation	162,000
Real Estate in Memphis, TN | Industrial
Initial Cost To Company
Land	135,000
Buildings and Improvements	7,952,000
Gross Amount at Which Carried
Land	135,000
Buildings and Improvements	7,952,000
Total	8,087,000
Accumulated Depreciation	43,000
Real Estate in Joppa MD | Industrial
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	9,600,000
Initial Cost To Company
Land	3,815,000
Buildings and Improvements	8,142,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,473,000
Gross Amount at Which Carried
Land	3,815,000
Buildings and Improvements	9,615,000
Total	13,430,000
Accumulated Depreciation	836,000
Real Estate in Brooklyn, NY | Office
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,532,000
Initial Cost To Company
Land	1,381,000
Buildings and Improvements	5,447,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,870,000
Gross Amount at Which Carried
Land	1,381,000
Buildings and Improvements	8,317,000
Total	9,698,000
Accumulated Depreciation	3,641,000
Real Estate in Round Rock, TX | Other
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	13,892,000
Initial Cost To Company
Land	1,678,000
Buildings and Improvements	16,670,000
Gross Amount at Which Carried
Land	1,678,000
Buildings and Improvements	16,670,000
Total	18,348,000
Accumulated Depreciation	1,840,000
Real Estate in Lakemoor, IL | Other
Initial Cost To Company
Land	9,592,000
Gross Amount at Which Carried
Land	9,592,000
Total	9,592,000
Real Estate in Wheaton, IL | Other
Initial Cost To Company
Land	10,536,000
Gross Amount at Which Carried
Land	10,536,000
Total	10,536,000
Real Estate in Beachwood, OH | Other
Initial Cost To Company
Land	13,901,000
Gross Amount at Which Carried
Land	13,901,000
Total	13,901,000
Real Estate 1 in Hauppauge, NY | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,736,000
Initial Cost To Company
Land	725,000
Buildings and Improvements	2,963,000
Gross Amount at Which Carried
Land	725,000
Buildings and Improvements	2,963,000
Total	3,688,000
Accumulated Depreciation	898,000
Real Estate in Palmyra, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	735,000
Initial Cost To Company
Land	650,000
Buildings and Improvements	650,000
Gross Amount at Which Carried
Land	650,000
Buildings and Improvements	650,000
Total	1,300,000
Accumulated Depreciation	121,000
Real Estate 1 in Reading, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	726,000
Initial Cost To Company
Land	655,000
Buildings and Improvements	625,000
Gross Amount at Which Carried
Land	655,000
Buildings and Improvements	625,000
Total	1,280,000
Accumulated Depreciation	116,000
Real Estate 2 in Reading, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	714,000
Initial Cost To Company
Land	618,000
Buildings and Improvements	643,000
Gross Amount at Which Carried
Land	618,000
Buildings and Improvements	643,000
Total	1,261,000
Accumulated Depreciation	121,000
Real Estate in Hanover, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	803,000
Initial Cost To Company
Land	736,000
Buildings and Improvements	686,000
Gross Amount at Which Carried
Land	736,000
Buildings and Improvements	686,000
Total	1,422,000
Accumulated Depreciation	126,000
Real Estate in Gettysburg, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	823,000
Initial Cost To Company
Land	754,000
Buildings and Improvements	704,000
Gross Amount at Which Carried
Land	754,000
Buildings and Improvements	704,000
Total	1,458,000
Accumulated Depreciation	130,000
Real Estate in Trexlertown, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	700,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	439,000
Gross Amount at Which Carried
Land	800,000
Buildings and Improvements	439,000
Total	1,239,000
Accumulated Depreciation	81,000
Real Estate in Carrollton, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,569,000
Initial Cost To Company
Land	796,000
Buildings and Improvements	1,458,000
Gross Amount at Which Carried
Land	796,000
Buildings and Improvements	1,458,000
Total	2,254,000
Accumulated Depreciation	250,000
Real Estate in Cartersville, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,484,000
Initial Cost To Company
Land	786,000
Buildings and Improvements	1,346,000
Gross Amount at Which Carried
Land	786,000
Buildings and Improvements	1,346,000
Total	2,132,000
Accumulated Depreciation	245,000
Real Estate 1 in Kennesaw, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,216,000
Initial Cost To Company
Land	702,000
Buildings and Improvements	916,000
Gross Amount at Which Carried
Land	702,000
Buildings and Improvements	916,000
Total	1,618,000
Accumulated Depreciation	161,000
Real Estate in Lawrenceville, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,167,000
Initial Cost To Company
Land	866,000
Buildings and Improvements	899,000
Gross Amount at Which Carried
Land	866,000
Buildings and Improvements	899,000
Total	1,765,000
Accumulated Depreciation	204,000
Real Estate in Concord, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,529,000
Initial Cost To Company
Land	999,000
Buildings and Improvements	1,076,000
Gross Amount at Which Carried
Land	999,000
Buildings and Improvements	1,076,000
Total	2,075,000
Accumulated Depreciation	143,000
Real Estate in Myrtle Beach, SC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,529,000
Initial Cost To Company
Land	1,102,000
Buildings and Improvements	1,161,000
Gross Amount at Which Carried
Land	1,102,000
Buildings and Improvements	1,161,000
Total	2,263,000
Accumulated Depreciation	161,000
Real Estate in Greensboro, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,253,000
Initial Cost To Company
Land	1,770,000
Buildings and Improvements	1,237,000
Gross Amount at Which Carried
Land	1,770,000
Buildings and Improvements	1,237,000
Total	3,007,000
Accumulated Depreciation	156,000
Real Estate in Richmond, VA | Retail
Initial Cost To Company
Land	1,680,000
Buildings and Improvements	1,341,000
Gross Amount at Which Carried
Land	1,680,000
Buildings and Improvements	1,341,000
Total	3,021,000
Accumulated Depreciation	162,000
Real Estate 1 in Indianapolis, IN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	928,000
Initial Cost To Company
Land	853,000
Buildings and Improvements	1,465,000
Gross Amount at Which Carried
Land	853,000
Buildings and Improvements	1,465,000
Total	2,318,000
Accumulated Depreciation	169,000
Real Estate in Seattle, WA | Retail
Initial Cost To Company
Land	201,000
Buildings and Improvements	189,000
Gross Amount at Which Carried
Land	201,000
Buildings and Improvements	189,000
Total	390,000
Accumulated Depreciation	143,000
Real Estate in Rosenberg, TX | Retail
Initial Cost To Company
Land	216,000
Buildings and Improvements	863,000
Costs Capitalized Subsequent to Acquisition
Improvements	66,000
Gross Amount at Which Carried
Land	216,000
Buildings and Improvements	929,000
Total	1,145,000
Accumulated Depreciation	500,000
Real Estate in Ft. Myers, FL | Retail
Initial Cost To Company
Land	1,013,000
Buildings and Improvements	4,054,000
Gross Amount at Which Carried
Land	1,013,000
Buildings and Improvements	4,054,000
Total	5,067,000
Accumulated Depreciation	2,141,000
Real Estate 1 in Houston, TX | Retail
Initial Cost To Company
Land	396,000
Buildings and Improvements	1,583,000
Costs Capitalized Subsequent to Acquisition
Improvements	30,000
Gross Amount at Which Carried
Land	396,000
Buildings and Improvements	1,613,000
Total	2,009,000
Accumulated Depreciation	800,000
Real Estate in Selden, NY | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,889,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	2,287,000
Costs Capitalized Subsequent to Acquisition
Improvements	150,000
Gross Amount at Which Carried
Land	572,000
Buildings and Improvements	2,437,000
Total	3,009,000
Accumulated Depreciation	1,132,000
Real Estate in Champaign, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,580,000
Initial Cost To Company
Land	791,000
Buildings and Improvements	3,165,000
Costs Capitalized Subsequent to Acquisition
Improvements	308,000
Gross Amount at Which Carried
Land	791,000
Buildings and Improvements	3,473,000
Total	4,264,000
Accumulated Depreciation	1,553,000
Real Estate 1 in El Paso, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,086,000
Initial Cost To Company
Land	2,821,000
Buildings and Improvements	11,123,000
Costs Capitalized Subsequent to Acquisition
Improvements	2,544,000
Gross Amount at Which Carried
Land	2,821,000
Buildings and Improvements	13,667,000
Total	16,488,000
Accumulated Depreciation	5,567,000
Real Estate in Somerville, MA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,774,000
Initial Cost To Company
Land	510,000
Buildings and Improvements	1,993,000
Costs Capitalized Subsequent to Acquisition
Improvements	24,000
Gross Amount at Which Carried
Land	510,000
Buildings and Improvements	2,017,000
Total	2,527,000
Accumulated Depreciation	749,000
Real Estate in Newark, DE | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,716,000
Initial Cost To Company
Land	935,000
Buildings and Improvements	3,643,000
Costs Capitalized Subsequent to Acquisition
Improvements	43,000
Gross Amount at Which Carried
Land	935,000
Buildings and Improvements	3,686,000
Total	4,621,000
Accumulated Depreciation	1,318,000
Real Estate in Knoxville, TN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	9,112,000
Initial Cost To Company
Land	2,290,000
Buildings and Improvements	8,855,000
Gross Amount at Which Carried
Land	2,290,000
Buildings and Improvements	8,855,000
Total	11,145,000
Accumulated Depreciation	3,053,000
Real Estate in Onalaska, WI | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,539,000
Initial Cost To Company
Land	753,000
Buildings and Improvements	3,099,000
Gross Amount at Which Carried
Land	753,000
Buildings and Improvements	3,099,000
Total	3,852,000
Accumulated Depreciation	1,017,000
Real Estate in Hyannis, MA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	131,000
Initial Cost To Company
Land	802,000
Buildings and Improvements	2,324,000
Gross Amount at Which Carried
Land	802,000
Buildings and Improvements	2,324,000
Total	3,126,000
Accumulated Depreciation	579,000
Real Estate in Marston Mills, MA | Retail
Initial Cost To Company
Land	461,000
Buildings and Improvements	2,313,000
Gross Amount at Which Carried
Land	461,000
Buildings and Improvements	2,313,000
Total	2,774,000
Accumulated Depreciation	571,000
Real Estate in Everett, MA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,178,000
Initial Cost To Company
Land	1,935,000
Gross Amount at Which Carried
Land	1,935,000
Total	1,935,000
Real Estate 2 in Kennesaw, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,373,000
Initial Cost To Company
Land	1,501,000
Buildings and Improvements	4,349,000
Costs Capitalized Subsequent to Acquisition
Improvements	1,138,000
Gross Amount at Which Carried
Land	1,501,000
Buildings and Improvements	5,487,000
Total	6,988,000
Accumulated Depreciation	1,148,000
Real Estate in Royersford, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	19,750,000
Initial Cost To Company
Land	19,538,000
Buildings and Improvements	3,150,000
Costs Capitalized Subsequent to Acquisition
Improvements	424,000
Gross Amount at Which Carried
Land	19,538,000
Buildings and Improvements	3,574,000
Total	23,112,000
Accumulated Depreciation	707,000
Real Estate in Monroeville, PA | Retail
Initial Cost To Company
Land	450,000
Buildings and Improvements	863,000
Gross Amount at Which Carried
Land	450,000
Buildings and Improvements	863,000
Total	1,313,000
Accumulated Depreciation	164,000
Real Estate 2 in Houston, TX | Retail
Initial Cost To Company
Land	1,962,000
Buildings and Improvements	1,540,000
Gross Amount at Which Carried
Land	1,962,000
Buildings and Improvements	1,540,000
Total	3,502,000
Accumulated Depreciation	315,000
Real Estate 3 in Houston, TX | Retail
Initial Cost To Company
Land	2,002,000
Buildings and Improvements	1,800,000
Gross Amount at Which Carried
Land	2,002,000
Buildings and Improvements	1,800,000
Total	3,802,000
Accumulated Depreciation	362,000
Real Estate in Bolingbrook, IL | Retail
Initial Cost To Company
Land	834,000
Buildings and Improvements	1,887,000
Costs Capitalized Subsequent to Acquisition
Improvements	101,000
Gross Amount at Which Carried
Land	834,000
Buildings and Improvements	1,988,000
Total	2,822,000
Accumulated Depreciation	368,000
Real Estate in Crystal Lake, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,696,000
Initial Cost To Company
Land	615,000
Buildings and Improvements	1,899,000
Gross Amount at Which Carried
Land	615,000
Buildings and Improvements	1,899,000
Total	2,514,000
Accumulated Depreciation	396,000
Real Estate in Lawrence, KS | Retail
Initial Cost To Company
Land	134,000
Buildings and Improvements	938,000
Costs Capitalized Subsequent to Acquisition
Improvements	22,000
Gross Amount at Which Carried
Land	134,000
Buildings and Improvements	960,000
Total	1,094,000
Accumulated Depreciation	138,000
Real Estate 2 in Greensboro, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,365,000
Initial Cost To Company
Land	1,046,000
Buildings and Improvements	1,552,000
Costs Capitalized Subsequent to Acquisition
Improvements	29,000
Gross Amount at Which Carried
Land	1,046,000
Buildings and Improvements	1,581,000
Total	2,627,000
Accumulated Depreciation	182,000
Real Estate in Highlands Ranch, CO | Retail
Initial Cost To Company
Land	2,361,000
Buildings and Improvements	2,924,000
Gross Amount at Which Carried
Land	2,361,000
Buildings and Improvements	2,924,000
Total	5,285,000
Accumulated Depreciation	307,000
Real Estate in Woodbury, MN | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,957,000
Initial Cost To Company
Land	1,190,000
Buildings and Improvements	4,003,000
Gross Amount at Which Carried
Land	1,190,000
Buildings and Improvements	4,003,000
Total	5,193,000
Accumulated Depreciation	413,000
Real Estate in Lincoln, NE | Retail
Initial Cost To Company
Land	3,768,000
Buildings and Improvements	11,832,000
Costs Capitalized Subsequent to Acquisition
Improvements	30,000
Gross Amount at Which Carried
Land	3,768,000
Buildings and Improvements	11,862,000
Total	15,630,000
Accumulated Depreciation	888,000
Real Estate in Cuyahoga Falls, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,114,000
Initial Cost To Company
Land	71,000
Buildings and Improvements	1,371,000
Gross Amount at Which Carried
Land	71,000
Buildings and Improvements	1,371,000
Total	1,442,000
Accumulated Depreciation	55,000
Real Estate in Hilliard, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	987,000
Initial Cost To Company
Land	300,000
Buildings and Improvements	1,077,000
Gross Amount at Which Carried
Land	300,000
Buildings and Improvements	1,077,000
Total	1,377,000
Accumulated Depreciation	45,000
Real Estate in Port Clinton, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	955,000
Initial Cost To Company
Land	52,000
Buildings and Improvements	1,187,000
Gross Amount at Which Carried
Land	52,000
Buildings and Improvements	1,187,000
Total	1,239,000
Accumulated Depreciation	49,000
Real Estate in South Euclid, OH | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,083,000
Initial Cost To Company
Land	230,000
Buildings and Improvements	1,566,000
Gross Amount at Which Carried
Land	230,000
Buildings and Improvements	1,566,000
Total	1,796,000
Accumulated Depreciation	63,000
Real Estate in St Louis Park, MN | Retail
Initial Cost To Company
Land	3,388,000
Buildings and Improvements	13,088,000
Costs Capitalized Subsequent to Acquisition
Improvements	141,000
Gross Amount at Which Carried
Land	3,388,000
Buildings and Improvements	13,229,000
Total	16,617,000
Accumulated Depreciation	483,000
Real Estate in Deptford, NJ | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,718,000
Initial Cost To Company
Land	572,000
Buildings and Improvements	1,779,000
Costs Capitalized Subsequent to Acquisition
Improvements	705,000
Gross Amount at Which Carried
Land	572,000
Buildings and Improvements	2,484,000
Total	3,056,000
Accumulated Depreciation	556,000
Real Estate in Cape Girardeau, MO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,199,000
Initial Cost To Company
Land	545,000
Buildings and Improvements	1,547,000
Gross Amount at Which Carried
Land	545,000
Buildings and Improvements	1,547,000
Total	2,092,000
Accumulated Depreciation	229,000
Real Estate in Clemmons, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,119,000
Initial Cost To Company
Land	2,564,000
Buildings and Improvements	3,293,000
Gross Amount at Which Carried
Land	2,564,000
Buildings and Improvements	3,293,000
Total	5,857,000
Accumulated Depreciation	561,000
Real Estate 4 in Houston, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,423,000
Initial Cost To Company
Land	3,121,000
Buildings and Improvements	3,767,000
Costs Capitalized Subsequent to Acquisition
Improvements	179,000
Gross Amount at Which Carried
Land	3,121,000
Buildings and Improvements	3,946,000
Total	7,067,000
Accumulated Depreciation	700,000
Real Estate in Littleton, CO | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	11,077,000
Initial Cost To Company
Land	6,005,000
Buildings and Improvements	11,272,000
Costs Capitalized Subsequent to Acquisition
Improvements	206,000
Gross Amount at Which Carried
Land	6,005,000
Buildings and Improvements	11,478,000
Total	17,483,000
Accumulated Depreciation	975,000
Real Estate in Philadelphia, PA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,276,000
Initial Cost To Company
Land	1,793,000
Buildings and Improvements	5,640,000
Costs Capitalized Subsequent to Acquisition
Improvements	80,000
Gross Amount at Which Carried
Land	1,793,000
Buildings and Improvements	5,720,000
Total	7,513,000
Accumulated Depreciation	511,000
Real Estate 1 in West Hartford, CT | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	17,211,000
Initial Cost To Company
Land	9,296,000
Buildings and Improvements	4,813,000
Costs Capitalized Subsequent to Acquisition
Improvements	261,000
Gross Amount at Which Carried
Land	9,296,000
Buildings and Improvements	5,074,000
Total	14,370,000
Accumulated Depreciation	1,055,000
Real Estate 2 in West Hartford, CT | Retail
Initial Cost To Company
Land	2,881,000
Buildings and Improvements	94,000
Costs Capitalized Subsequent to Acquisition
Improvements	326,000
Gross Amount at Which Carried
Land	2,881,000
Buildings and Improvements	420,000
Total	3,301,000
Accumulated Depreciation	148,000
Real Estate 1 in Columbus, OH | Retail
Initial Cost To Company
Land	1,445,000
Buildings and Improvements	5,431,000
Costs Capitalized Subsequent to Acquisition
Improvements	413,000
Gross Amount at Which Carried
Land	1,445,000
Buildings and Improvements	5,844,000
Total	7,289,000
Accumulated Depreciation	2,914,000
Real Estate in Duluth, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,558,000
Initial Cost To Company
Land	778,000
Buildings and Improvements	3,436,000
Gross Amount at Which Carried
Land	778,000
Buildings and Improvements	3,436,000
Total	4,214,000
Accumulated Depreciation	1,006,000
Real Estate in Fayetteville, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,956,000
Initial Cost To Company
Land	976,000
Buildings and Improvements	4,308,000
Gross Amount at Which Carried
Land	976,000
Buildings and Improvements	4,308,000
Total	5,284,000
Accumulated Depreciation	1,262,000
Real Estate in Wichita, KS | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,382,000
Initial Cost To Company
Land	1,189,000
Buildings and Improvements	5,248,000
Gross Amount at Which Carried
Land	1,189,000
Buildings and Improvements	5,248,000
Total	6,437,000
Accumulated Depreciation	1,537,000
Real Estate in Lexington, KY | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,602,000
Initial Cost To Company
Land	800,000
Buildings and Improvements	3,532,000
Gross Amount at Which Carried
Land	800,000
Buildings and Improvements	3,532,000
Total	4,332,000
Accumulated Depreciation	1,034,000
Real Estate in Bluffton, SC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,180,000
Initial Cost To Company
Land	589,000
Buildings and Improvements	2,600,000
Gross Amount at Which Carried
Land	589,000
Buildings and Improvements	2,600,000
Total	3,189,000
Accumulated Depreciation	761,000
Real Estate in Amarillo, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,723,000
Initial Cost To Company
Land	860,000
Buildings and Improvements	3,810,000
Gross Amount at Which Carried
Land	860,000
Buildings and Improvements	3,810,000
Total	4,670,000
Accumulated Depreciation	1,112,000
Real Estate in Austin, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,179,000
Initial Cost To Company
Land	1,587,000
Buildings and Improvements	7,010,000
Gross Amount at Which Carried
Land	1,587,000
Buildings and Improvements	7,010,000
Total	8,597,000
Accumulated Depreciation	2,052,000
Real Estate in Tyler, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,066,000
Initial Cost To Company
Land	1,031,000
Buildings and Improvements	4,554,000
Gross Amount at Which Carried
Land	1,031,000
Buildings and Improvements	4,554,000
Total	5,585,000
Accumulated Depreciation	1,333,000
Real Estate in Newport News, VA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,505,000
Initial Cost To Company
Land	751,000
Buildings and Improvements	3,316,000
Gross Amount at Which Carried
Land	751,000
Buildings and Improvements	3,316,000
Total	4,067,000
Accumulated Depreciation	971,000
Real Estate 1 in Richmond, VA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,736,000
Initial Cost To Company
Land	867,000
Buildings and Improvements	3,829,000
Gross Amount at Which Carried
Land	867,000
Buildings and Improvements	3,829,000
Total	4,696,000
Accumulated Depreciation	1,121,000
Real Estate in Virginia Beach, VA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	1,711,000
Initial Cost To Company
Land	854,000
Buildings and Improvements	3,770,000
Gross Amount at Which Carried
Land	854,000
Buildings and Improvements	3,770,000
Total	4,624,000
Accumulated Depreciation	1,104,000
Real Estate in Gurnee, IL | Retail
Initial Cost To Company
Land	834,000
Buildings and Improvements	3,635,000
Gross Amount at Which Carried
Land	834,000
Buildings and Improvements	3,635,000
Total	4,469,000
Accumulated Depreciation	1,026,000
Real Estate in Naples, FL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,069,000
Initial Cost To Company
Land	3,070,000
Buildings and Improvements	2,846,000
Costs Capitalized Subsequent to Acquisition
Improvements	189,000
Gross Amount at Which Carried
Land	3,070,000
Buildings and Improvements	3,035,000
Total	6,105,000
Accumulated Depreciation	700,000
Real Estate in Batavia, NY | Retail
Initial Cost To Company
Land	515,000
Buildings and Improvements	2,061,000
Gross Amount at Which Carried
Land	515,000
Buildings and Improvements	2,061,000
Total	2,576,000
Accumulated Depreciation	972,000
Real Estate in Lake Charles, LA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	5,146,000
Initial Cost To Company
Land	1,167,000
Buildings and Improvements	4,669,000
Costs Capitalized Subsequent to Acquisition
Improvements	599,000
Gross Amount at Which Carried
Land	1,167,000
Buildings and Improvements	5,268,000
Total	6,435,000
Accumulated Depreciation	2,014,000
Real Estate 1 in Athens, GA | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,772,000
Initial Cost To Company
Land	1,130,000
Buildings and Improvements	4,340,000
Gross Amount at Which Carried
Land	1,130,000
Buildings and Improvements	4,340,000
Total	5,470,000
Accumulated Depreciation	1,478,000
Real Estate in Chicago, IL | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,735,000
Initial Cost To Company
Land	3,877,000
Buildings and Improvements	2,256,000
Gross Amount at Which Carried
Land	3,877,000
Buildings and Improvements	2,256,000
Total	6,133,000
Accumulated Depreciation	524,000
Real Estate in Cary, NC | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	3,151,000
Initial Cost To Company
Land	1,129,000
Buildings and Improvements	3,736,000
Gross Amount at Which Carried
Land	1,129,000
Buildings and Improvements	3,736,000
Total	4,865,000
Accumulated Depreciation	868,000
Real Estate in Eugene, OR | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,805,000
Initial Cost To Company
Land	1,952,000
Buildings and Improvements	2,096,000
Gross Amount at Which Carried
Land	1,952,000
Buildings and Improvements	2,096,000
Total	4,048,000
Accumulated Depreciation	487,000
Real Estate 2 in El Paso, TX | Retail
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	2,451,000
Initial Cost To Company
Land	1,035,000
Buildings and Improvements	2,700,000
Gross Amount at Which Carried
Land	1,035,000
Buildings and Improvements	2,700,000
Total	3,735,000
Accumulated Depreciation	627,000
Real Estate 1 in Greensboro, NC | Theatre
Initial Cost To Company
Buildings and Improvements	8,328,000
Gross Amount at Which Carried
Buildings and Improvements	8,328,000
Total	8,328,000
Accumulated Depreciation	7,170,000
Real Estate 3 in Indianapolis, IN | Theatre
Schedule III - Consolidated Real Estate and Accumulated Depreciation
Encumbrances	4,217,000
Initial Cost To Company
Land	3,099,000
Buildings and Improvements	5,225,000
Costs Capitalized Subsequent to Acquisition
Improvements	19,000
Gross Amount at Which Carried
Land	3,099,000
Buildings and Improvements	5,244,000
Total	8,343,000
Accumulated Depreciation	$ 451,000

Schedule III - Consolidated R65

Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate:
Balance, beginning of year	$ 748,065	$ 662,182	$ 592,668
Addition: Land, buildings and improvements	47,207	121,564	83,643
Deduction: Properties sold/conveyed	(19,792)	(35,681)	(14,129)
Deduction: Impairment loss	(153)
Balance, end of year	775,327	748,065	662,182
Accumulated depreciation:
Balance, beginning of year	96,852	87,801	77,643
Addition: Depreciation	15,689	14,247	12,680
Deduction: Accumulated depreciation related to properties sold/conveyed	(3,588)	(5,196)	(2,522)
Balance, end of year	108,953	$ 96,852	$ 87,801
Other disclosure
Amount by which aggregate cost of the properties is higher for federal income tax purposes	$ 13,260