GREAT NECK, N.Y., Dec. 11, 2019 (GLOBE NEWSWIRE) -- One Liberty Properties, Inc. (NYSE: OLP) an acquirer, owner and manager of a geographically diversified portfolio of net leased properties, today announced that it sold an 87,500 square foot assisted living facility in Round Rock, Texas, for a sales price of $16.6 million, of which $13.2 million was used to repay the mortgage debt associated with the property.

The Company anticipates that during the three months ending December 31, 2019, it will recognize an approximate $435,000 gain from this sale, without giving effect to a $625,000 mortgage swap termination fee. Net of the fee and excluding the effect of a 2018 write-off related to this property, the sale will result in a net loss of approximately $190,000. The Company will also recognize, in the quarter ending December 31, 2019, $584,000 in rental income reflecting its application of the security deposit of the tenant-debtor.

The Company intends to continue to pursue legal action against the guarantor of the lease for the damages it sustained.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty commented, “We remain active and diligent in the management of our portfolio, steadily improving upon the quality of our assets and durability of our cash flows, as demonstrated by this transaction. We believe this transaction simplifies our asset base, allowing us to focus on continuing to source quality industrial acquisitions that will create value for our stockholders.”

About One Liberty Properties:

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial, retail, restaurant, health and fitness and theater properties. Many of these properties are subject to long-term net leases under which the tenant is typically responsible for real estate taxes, insurance and ordinary maintenance and repairs.