Investment Thesis
One Liberty Properties (OLP) delivered a mixed quarter as the company saw its revenue increased year over year but its occupancy rate declined. The company has a portfolio of industrial properties that should continue to enjoy favorable industry fundamentals. Its retail portfolio may continue to face some headwinds but is generally more resilient to the rise of e-commerce. The company currently pays a 6.2%-yielding dividend and is trading at an attractive valuation. We believe it is a good candidate for investors seeking both dividend income and capital appreciation.
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