written by reader OLP

By cccbill, March 17, 2020

Anybody have an opinion on One Liberty Partners. I own and am considering more but have concerns over why it’s fallen off the cliff.

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Travis Johnson, Stock Gumshoe
March 18, 2020 12:59 pm

It’s a tough one, essentially all of their tenants are currently closed so the question is whether or not those tenants (movie theaters, fitness clubs, restaurants, etc.) can survive the coronavirus shutdown and pay their rent. Whether the stock downturn exaggerates that risk or not is a judgement call, and we’re all really guessing at this point.

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Travis Johnson, Stock Gumshoe
March 18, 2020 4:10 pm
Reply to  cccbill

Maybe that’s part of the reason it has fallen sharply, I haven’t been following them and didn’t know they had moved away from those entertainment/dining properties into more industrial stuff, though they still have a lot of restaurant properties. Will be an interesting few months, but the industrial/distribution stuff should be more solid.

Looks like FFO dropped last year, probably due to the move to industrial properties (which were popular last year), and they haven’t raised the dividend in a couple years, but the dividend is just barely covered by AFFO so is probably relatively safe, and it’s very high after the price drop at about 14% now. Sounds pretty compelling, though these days almost everything sounds pretty compelling. Thanks for following up.

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