UNITED STATES
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) August 25, 2005
ONE LIBERTY PROPERTIES, INC.
----------------------------
(Exact name of Registrant as specified in charter)
Maryland 001-09279 13-3147497
---------------------------------------------------------------------
(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
----------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code 516-466-3100
------------
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On August 25, 2005, the registrant entered into a Sale Agreement with Falk US
Property Income Fund, L.P., a Delaware limited partnership ("Seller"), pursuant
to which the Seller agreed to sell, and the registrant agreed to purchase, an
office building of approximately 100,000 square feet of space located in
northern New Jersey, for a purchase price of $30 Million. The Sale Agreement was
entered into at arms length and there is no relationship between the registrant
or any of its affiliates and the Seller or any of its affiliates.
Consummation of the transaction is conditioned upon satisfaction of specific
terms and conditions and delivery of specific documents. In addition, the
registrant has been afforded a due diligence period, pursuant to which the
registrant may, in its sole discretion, terminate the Sale Agreement.
As a condition to the registrant's obligations to close under the Sale
Agreement, a lease with respect to the premises with an unaffiliated tenant is
required to be in full force and effect as of the closing. The term of the lease
expires August 31, 2017, subject to two five-year renewal periods at tenant's
option. Currently, the annual rent under the lease is $1,781,556, which rent is
subject to annual increases. The lease, which is a net lease, is guaranteed by
the parent of the tenant.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
Date: August 30, 2005 By: /s/ Simeon Brinberg
-----------------------------------
Simeon Brinberg
Senior Vice President