SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 28, 2000
ONE LIBERTY PROPERTIES, INC.
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(Exact name of registrant as specified in charter)
Maryland 0-11083 13-3147497
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(State or other (Commission file No.) (IRS Employer
jurisdiction of I.D. No.)
incorporation)
60 Cutter Mill Road, Suite 303, Great Neck, New York 11021
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
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Item 2. Acquisition or Disposition of Assets.
On December 28, 2000, in an ordinary course of a business sale and
leaseback transaction, a wholly owned subsidiary of Registrant acquired an
approximately 150,000 square foot flex building situated on approximately 17.4
acres located in Hauppauge, New York. The purchase price was $13.65 million, all
cash. In connection with the transaction $7 million was drawn down under the
Registrant's Revolving Credit Facility with European American Bank. Reference is
made to Registrant's Form 8-K dated March 24, 2000 for the terms of the
Revolving Credit Facility between Registrant and European American Bank. The
site consists of a two-story flex building and is net leased to L-3
Communications Corporation, a wholly owned subsidiary of L-3 Communications
Holdings, Inc. (NYSE "LLC"). The initial term of the lease will expire in 2014
and the lease provides the tenant with three renewal options of five years each.
The total current net annual rent is $1,480,000. There are fixed increases in
net rent of 2.5% per annum.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
By:/s/David W. Kalish
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Chief Financial Officer
and Vice President