- OLP is a diversified net lease REIT that has been shifting its portfolio mix more toward industrial properties in recent years, mostly through dispositions of non-industrial properties.
- On the surface, OLP looks like a low-quality REIT, having acquired properties at well above the average cap rate for industrial properties in the last few years.
- Fundamentally, the picture is mixed for OLP. Industrial is strong right now, but portfolio occupancy has been slipping.
- Despite these drawbacks, OLP has a very impressive track record of long-term outperformance against peer W. P. Carey as well as the broad REIT index.
For further details see:
One Liberty Properties: Surprisingly Strong Track Record Despite Drawbacks