Cash flow quality is obscured by non-cash charges, with an FFO to Net Income ratio of 3.60 in 2026Q1, while recurring capital expenditures rose to $1.8M in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 37.77M | 37.52M | 39.06M | 53.2M | 44.2M | 48.66M | 35.44M | 36.24M | 42.65M | 44.56M | 31.41M | 33.92M | 31.8M | 26.94M | 22.31M | 21.8M | 18.91M | 21.69M | 19.44M | 17.88M | 38.93M | 14.77M | 16.36M | 11.61M | 8.34M | 6.76M | 5.87M | 5.84M | 5.81M | 2.98M | 4.23M |
| Operating CF Growth % | -20.07% | -3.94% | -26.58% | 20.36% | -9.17% | 37.31% | -2.22% | -15.01% | -4.29% | 41.88% | -7.4% | 6.64% | 18.06% | 20.72% | 2.35% | 15.31% | -12.83% | 11.6% | 8.68% | -54.06% | 163.57% | -9.74% | 40.99% | 39.09% | 23.36% | 15.19% | 0.57% | 0.51% | 95.16% | -29.67% | 27.13% |
| Operating CF / Revenue % | 39.34% | 38.59% | 43.13% | 58.69% | 47.93% | 58.81% | 43.25% | 43.25% | 53.9% | 58.69% | 44.49% | 51.61% | 52.59% | 52.84% | 49.86% | 48.19% | 45.16% | 53.17% | 48.18% | 48.59% | 116.65% | 51.92% | 61.68% | 58.63% | 53.13% | 44.15% | 46.35% | 57.36% | 57.33% | 47.36% | 76.79% |
| Net Income | 24.44M | 27.11M | 10.53M | 28.32M | 40.74M | 37.53M | 26.14M | 16.78M | 21.56M | 24.25M | 24.48M | 21.91M | 22.21M | 17.92M | 32.31M | 13.72M | 41.87M | 19.64M | 4.89M | 10.59M | 36.42M | 21.28M | 10.97M | 8.53M | 5.88M | 4.74M | 4.13M | 4.82M | 5.29M | 2.38M | 2.17M |
| Depreciation & Amortization | 27.74M | 26.2M | 24.41M | 24.91M | 23.78M | 22.83M | 22.96M | 22.03M | 22.31M | 20.1M | 17.45M | 15.66M | 14.39M | 11.88M | 9.97M | 9.7M | 8.88M | 9.09M | 8.97M | 8.25M | 7.09M | 5.91M | 4.76M | 3.47M | 2.88M | 2.9M | 2.36M | 1.65M | 1.38M | 1.02M | 712.59K |
| Stock-Based Compensation | 1.29M | 0 | 4.96M | 0 | 0 | 0 | 0 | 0 | 3.51M | 3.13M | 2.98M | 2.33M | 1.83M | 1.44M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -11.19M | -9.57M | 767K | -2.55M | -12.25M | -19.24M | -9.48M | 1.54M | -31K | -5.26M | -6.66M | -3.02M | -6.46M | -2.98M | -19.54M | -1.06M | -31.94M | -5.38M | 4.54M | -494K | -4.48M | -10.91M | 545K | -956K | -930K | -832K | -450K | -623K | 345.62K | -129.38K | 452.78K |
| Working Capital Changes | -9.23M | -6.21M | -1.61M | 2.52M | -8.08M | 7.54M | -4.19M | -4.11M | -1.19M | 5.47M | -3.87M | -635K | 1.65M | 110K | -421K | -554K | 97K | -1.66M | 1.03M | -460K | -106K | -1.51M | 86K | 564K | 518K | -44K | -164K | 0 | -1.2M | -302.16K | 893.08K |
| Cash from Investing | -85.68M | -122.88M | 9.71M | 25.81M | -25.32M | 23.3M | 32K | -12.94M | -59.66M | -23.44M | -80.91M | -73.5M | -13.76M | -91.69M | -12.91M | -18.44M | -29.09M | 17.33M | -55.45M | 416K | -44.71M | -16.51M | -61.58M | -18.61M | -48.06M | -5.7M | -39.36M | -10.76M | -6.71M | -5.96M | -16.99M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 25K | 10K | 0 | 0 | 20K | -446K | -18.99M | 0 | 13.44M | 0 | 0 | 0 | 24.01M | 2.98M | 551K | 21.26M | -8.8M | -13.15M | -984K | -19.54M | 0 | 0 | 210K | 1.42M | 0 | 0 |
| Purchase of Investments | -134.88M | 0 | 0 | -10.16M | -51.91M | -26.28M | -28.5M | -50.18M | -80.29M | -43.54M | 42.31M | -80.13M | 0 | -110.25M | 0 | -669K | -1.75M | -10.69M | -379K | -559K | -2.92M | 93.54M | 1.3M | -10K | -157K | -6.5M | 0 | -885K | -935.21K | 0 | 0 |
| Sale of Investments | 31.37M | 0 | 0 | 40.84M | 30.25M | 52.69M | 29.41M | 40.76M | 27.09M | 26.3M | 33K | 16.02M | 266K | 19K | 373K | 95K | 7.34M | 4.5M | 525K | 843K | 348K | 5K | 3.44M | 2.41M | 1.52M | 201K | 156K | 1.2M | 282.21K | 0 | 0 |
| Other Investing | 21.05M | -122.88M | 9.71M | 0 | 918K | 975K | 150K | 0 | -59.66M | 26.66M | 647K | 16.8M | 43.84M | 5.29M | -12.85M | 11.54M | 4.14M | 86K | 1.44M | 4K | 16.23M | -41.82M | -3.44M | 4.3M | -4M | 749K | 12.48M | 215K | 5.7M | 4.1M | 2.95M |
| Cash from Financing | 58.1M | 54.97M | -32.88M | -56.69M | -28.27M | -68.86M | -33.87M | -28.07M | 19.08M | -24.77M | 54.19M | 31.41M | -14.33M | 66.81M | -7.49M | 1.58M | -10.12M | -21.93M | 21.23M | -26.58M | 13.05M | 22.43M | 5.32M | 50.33M | 40.05M | -846K | 24.31M | -2.93M | 18.38M | 2.11M | 11.39M |
| Dividends Paid | -19.77M | -39.01M | -38.46M | -38.13M | -37.85M | -37.32M | -29.44M | -35.42M | -34.42M | -31.7M | -28.23M | -25.6M | -23.6M | -21.45M | -19.48M | -18.09M | -10.56M | -2.94M | -14.64M | -21.17M | -13.09M | -12.97M | -13.02M | -8.53M | -6.67M | -3.49M | -4.63M | -5.92M | -3.59M | -3.1M | -3.02M |
| Common Dividends | -19.63M | -39.01M | -38.46M | 0 | 0 | 0 | 0 | 0 | -34.42M | -31.7M | -28.23M | -25.6M | -23.6M | -21.45M | -19.48M | -18.09M | -10.56M | -2.94M | -14.64M | -21.17M | -13.09M | -12.97M | -13.02M | -7.5M | -5.63M | -2.71M | -3.59M | -4.43M | -2.3M | -1.81M | -1.73M |
| Debt Issuance (Net) | 2M | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 945K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 696K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | -9.64M | -5.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -103K | -1.42M | -1.83M | -3.21M | 0 | 0 | 0 | -16.81M | 0 | 0 | -91K | -2.5M | 0 | 0 | 0 |
| Other Financing | -12.41M | -4.29M | -1.4M | -233K | 2.34M | 520K | -40K | 4.96M | -2.38M | -321K | -2.41M | -1.68M | -1.37M | 12.93M | -1.83M | -424K | -1.6M | 0 | 7.74M | -333K | -6.55M | 600K | -949K | 55.72M | 45.41M | -9.81M | 10.32M | 199K | 18.44M | -200K | -3.47M |
| Net Change in Cash | 10.22M | -30.4M | 15.89M | 19.71M | -9.45M | 3.46M | 1.67M | -5.28M | 2.06M | -3.65M | 4.68M | -7.61M | 3.71M | 2.05M | 1.91M | 4.94M | -20.3M | 17.09M | -14.79M | -8.28M | 7.26M | 20.7M | -39.89M | 43.32M | 339K | 216K | -9.18M | -7.84M | 17.48M | -872.22K | -1.37M |
| Exchange Rate Effect | 38K | 0 | 0 | -2.6M | -57K | 357K | 75K | -511K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 14.43M | 45.48M | 29.59M | 6.72M | 16.16M | 12.71M | 11.03M | 16.31M | 14.67M | 17.42M | 12.74M | 20.34M | 16.63M | 14.58M | 12.67M | 7.73M | 28.04M | 10.95M | 25.74M | 34.01M | 26.75M | 6.05M | 45.94M | 2.62M | 2.29M | 2.07M | 11.25M | 19.09M | 1.61M | 2.48M | 3.84M |
| Cash at End | 20.44M | 15.08M | 45.48M | 26.43M | 6.72M | 16.16M | 12.71M | 11.03M | 16.73M | 13.77M | 17.42M | 12.74M | 20.34M | 16.63M | 14.58M | 12.67M | 7.73M | 28.04M | 10.95M | 25.74M | 34.01M | 26.75M | 6.05M | 45.94M | 2.62M | 2.29M | 2.07M | 11.25M | 19.09M | 1.61M | 2.48M |
| Free Cash Flow | 34.55M | 37.52M | 39.06M | 48.33M | 39.62M | 44.55M | 34.4M | 32.73M | 35.34M | -5.54M | -92.05M | -37.4M | -26.06M | 26.74M | 21.88M | -7.61M | -19.91M | 21.12M | -40.57M | 17.46M | -40.71M | -44.66M | -33.37M | -12.72M | -17.54M | 6.61M | -46.12M | -5.66M | -7.36M | -7.08M | -15.71M |
| FCF Growth % | -11.47% | -3.94% | -19.18% | 21.97% | -11.06% | 29.51% | 5.11% | -7.38% | 737.24% | 93.98% | -146.15% | -43.49% | -197.48% | 22.22% | 387.39% | 61.76% | -194.26% | 152.05% | -332.36% | 142.89% | 8.84% | -33.82% | -162.33% | 27.46% | -365.21% | 114.34% | -714.88% | 23.12% | -3.97% | 54.92% | -3104.57% |
| FCF / Revenue % | 35.98% | 38.59% | 43.13% | 53.32% | 42.97% | 53.85% | 41.99% | 39.06% | 44.66% | -7.3% | -130.41% | -56.91% | -43.09% | 52.45% | 48.88% | -16.83% | -47.54% | 51.75% | -100.57% | 47.44% | -121.99% | -157% | -125.8% | -64.26% | -111.66% | 43.16% | -364.05% | -55.6% | -72.66% | -112.68% | -285% |
Portfolio transition execution risk
According to the provided financial data, OLP's FFO to Net Income ratio reached 3.60 in 2026Q1, indicating that non-cash depreciation charges continue to heavily distort GAAP earnings and mask the underlying cash generation volatility inherent in the company's current portfolio repositioning strategy.
The significant spread between GAAP operating cash flow and FFO suggests that investors should prioritize FFO as the primary gauge of operational health. The erratic nature of this conversion ratio over the last ten quarters implies that non-recurring items or accounting adjustments are frequently clouding the true cash-generating capacity of the underlying assets.
Based on reported figures, the dividend payout ratio relative to AFFO has fluctuated wildly, reaching an unsustainable 0.02 in 2026Q1, which suggests that the company's ability to maintain current distribution levels is increasingly dependent on non-recurring capital events rather than stable recurring cash flow.
The inconsistency in AFFO reporting, with multiple quarters showing data unavailable, complicates a clear assessment of dividend safety. Investors should monitor whether the current dividend policy is being supported by asset sales rather than organic rental growth, as the lack of a consistent AFFO buffer warrants significant caution.
As reported in financial statements, OLP's recurring capital expenditures reached $1.8M in 2026Q1, a notable increase that may indicate rising maintenance requirements as the company attempts to stabilize its legacy retail and theater assets during the ongoing portfolio transition.
Elevated maintenance capex relative to historical levels suggests that the cost of keeping legacy properties operational may be higher than anticipated. This capital drain directly reduces the AFFO available for distribution and may hinder the company's ability to fund new industrial acquisitions without external financing.
Analysis of the provided data reveals that GAAP Net Income consistently understates the REIT's cash-based performance, with FFO frequently exceeding Net Income by a wide margin, highlighting the significant impact of non-cash depreciation on the company's reported bottom-line profitability.
The reliance on FFO to normalize these distortions is essential, yet the volatility in FFO itself suggests that the underlying business model is currently in a state of flux. Investors should be wary of using GAAP metrics to evaluate OLP, as they fail to capture the true cash-flow reality of the net-lease business model.
Quick answers to the most common questions about buying OLP stock.
One Liberty Properties, Inc. (OLP) generated $37.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
One Liberty Properties, Inc. (OLP) generated $37.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
One Liberty Properties, Inc. (OLP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, One Liberty Properties, Inc. (OLP) returned $39.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.